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First Asset CanBanc Split Corp.: Press Release

TORONTO, January 6, 2009 - First Asset CanBanc Split Corp. (TSX: CBU.PR.A) (the "Fund") confirms the previously announced distribution of $0.08832 per Preferred Share for the quarter ending December 31, 2008. The distribution will be paid on January 15, 2009 to Preferred Shareholders of record on December 31, 2008 and has been pro-rated from the Closing Date of November 12, 2008.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.