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First Asset REIT Income Fund: Press Release

TORONTO, April 21, 2009 - First Asset REIT Income Fund (TSX: RIT.UN) announces a distribution of $0.05 per Unit for the month ending April 30, 2009. The distribution will be paid on or before May 15, 2009 to unitholders of record on April 30, 2009.

Consistent with the Manager's belief that the equity markets represent significant value at current levels, the Manager has commenced selectively deploying the Fund's cash position, which represented as much as approximately 25% of net assets during the market downturn, in high quality Real Estate Investment Trusts and expects to reduce the Fund's cash position to below 10% in the near future.

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