Communiqués de presse

First Asset REIT Income Fund Files Final Prospectus on Warrants Offering

Toronto, February 18, 2009 - First Asset REIT Income Fund (TSX: RIT.UN) is pleased to announce that it has filed a final short form prospectus relating to an offering of warrants to unitholders of the Fund. Each unitholder of record on March 2, 2009 will receive one warrant for each unit held. One warrant will entitle the holder to purchase a unit of the Fund at an exercise price of $7.00 (being the most recently published net asset value per unit prior to the date of the final short form prospectus) on or before July 23, 2009, the expiry date. The Fund has applied to list the warrants under the ticker symbol RIT.WT and the units issuable on the exercise thereof on the TSX. It is expected that the warrants will commence trading on February 26, 2009 and will remain trading until noon (Toronto time) on the expiry date July 23, 2009.

Successful completion of the warrants offering will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and it is also expected to increase the trading liquidity of the units and reduce the ongoing management expense ratio of the Fund.

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