Press Releases

First Asset REIT Income Fund: Press Release

TORONTO, December 18, 2008 - First Asset REIT Income Fund (TSX:RIT.UN) (the "Fund") announces an estimated distribution of $0.05 per Unit for the month ending December 31, 2008. The distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

The Fund continues to adopt a defensive position, which includes, among other things, preserving cash levels. The Fund holds a net cash position of approximately 27%. 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, First Asset at 416- 642-1289 or 1-877-642-1289 or visit www.firstasset.com