Press Releases

First Asset REIT Income Fund Announces Normal Course Issuer Bid For Units

TORONTO, ONTARIO--(Dec. 24, 2007) - First Asset REIT Income Fund (the "Trust") (TSX:RIT.UN) announced today the acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 958,942 Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 9,589,429 Units as of the date hereof. Purchases of Units under the NCIB may commence on January 2, 2008. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All Units purchased by the Trust pursuant to the NCIB will be cancelled. The NCIB will expire on January 1, 2009.

On December 28, 2006, the Trust announced that it was making a Normal Course Issuer Bid, which commenced on January 2, 2007, to purchase up to 879,152 units through the facilities of the TSX. Under the bid, which expires on January 1, 2008, an aggregate of 138,800 Units were repurchased and cancelled at an average price of $13.4135 per Unit excluding commissions.

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