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First Asset REIT Income Fund: Press Release

TORONTO, January 21, 2009 - First Asset REIT Income Fund (TSX: RIT.UN) announces a distribution of $0.05 per Unit for the month ending January 31, 2009. The distribution will be paid on or before February 13, 2009 to unitholders of record on January 30, 2009.

The Manager of the Fund also announces that in light of the prevailing market conditions, until further notice it will be assessing and announcing distributions on a monthly basis instead of announcing an annual indicative distribution amount.

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