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First Asset REIT Income Fund Update on Warrants Offering

Toronto, July 14, 2009 - First Asset REIT Income Fund (TSX: RIT.UN) wishes to provide unitholders and warrant holders with the following information in respect of the Fund's warrant offering. One warrant entitles the holder thereof to purchase one unit of the Fund at the exercise price.

Fund: First Asset REIT Income Fund
Fund Ticker Symbol: RIT.UN
Exercise Price: $7.00
Fund NAV per Unit: $7.94*
Expiry Date and Time: 5:00 pm (Toronto Time) on July 23, 2009.

Warrant holders should contact their broker or investment advisor in advance of the Expiry Date and Time as each broker or investment advisor may require additional lead time to process a request.

* As at close of business, July 13, 2009 (undiluted)

Each holder of warrants who subscribes for units under the subscription privilege may also subscribe for additional units available from unexercised Warrants (if any). To apply for the additional units under the Additional Subscription Privilege, you must forward your request to your broker or investment advisor prior to the Expiry Date and Time.

For further information, please contact your financial advisor, call First Asset's investor relations line at 416-642-1289 (toll-free at 1-877-642-1289) or visit our website at www.firstasset.com.

This offering is only made by prospectus. The prospectus relating to this offering dated February 18, 2009 contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor. Investors should read the prospectus before making an investment decision.