Press Releases

First Asset REIT Income Fund: Press Release

TORONTO, November 19, 2008 - First Asset REIT Income Fund (TSX: RIT.UN) announces a distribution of $0.05 per Unit for the month ending November 30, 2008. The distribution will be paid on or before December 15, 2008 to unitholders of record on November 28, 2008.

This further reduction of the distribution reflects the extraordinary conditions that global markets are currently experiencing and the Manager's belief that under such market conditions, the Fund should adopt a much more defensive position, which includes, among other things, preserving cash levels. The Fund holds a cash position of approximately 31%. In addition, the Fund is not currently employing leverage. The appropriate level of distributions will be assessed on an on-going basis.

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