Faircourt Income Split Trust, Faircourt Split Five Trust, Faircourt Split Seven Trust and Income & Growth Split Trust (the "Funds") announce completion of mergers and exchange of preferred securities


    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER
    UNITED STATES WIRE SERVICES/

    TORONTO, Jan. 31 /CNW/ - (FCI.PR.A; FCI.UN; FCF.PR.A; FCF.UN; FCN.PR.A;
FCN.UN; FIG.PR.A; FIG.UN) - Faircourt Asset Management Inc. is pleased to
announce the completion of the merger of Faircourt Income Split Trust ("Income
Split"), Faircourt Split Five Trust ("Split Five") and Faircourt Split Seven
Trust ("Split Seven") into Income & Growth Split Trust, effective January 31,
2007 (the "Merger"). The Merger was approved by Unitholders and Preferred
Securityholders of the Funds at adjourned special meetings held on January 16,
2007 for Unitholders and January 23, 2007 for Preferred Securityholders,
respectively. Income & Growth Split Trust, as the continuing trust, has
changed its name to "Faircourt Income & Growth Split Trust" (the "Continuing
Fund"), and will continue trading on the Toronto Stock Exchange under the
symbols "FIG.UN" for the Units and "FIG.PR.A" for the Preferred Securities.
    The Exchange Ratio for the units was based on the net asset value per
unit of each of Income Split, Split Five and Split Seven relative to Income &
Growth Split Trust determined as at the close of trading on January 30, 2007.
The net asset values per unit and Exchange Ratios are as follows:Trading
    Trust                           Symbol     Jan-30 NAV    Exchange Ratio
    -------------------------------------------------------------------------
    Income & Growth Split Trust     FIG.UN     $14.66470     N/A

    Faircourt Income Split Trust    FCI.UN     $8.92360      0.60851

    Faircourt Split Five Trust      FCF.UN     $24.26570     1.65470

    Faircourt Split Seven Trust     FCN.UN     $20.83190     1.42055As units are recorded on a book-based system, no action by unitholders is
required in respect of the Merger. No fractional units of the Continuing Fund
were issued, and all fractional interests were rounded down to the nearest
whole number.
    The Merger was implemented on a tax deferred roll-over basis for
unitholders (but not for holders of preferred securities) such that it was not
a taxable event for unitholders. Unitholders of each of Income Split, Split
Five and Split Seven are not required to take any action in order to be
recognized as a unitholder of the Continuing Fund.
    In addition, in connection with the Merger, the preferred securities of
each of Income Split, Split Five and Split Seven were exchanged on a
one-for-one basis for 6.25% preferred securities of the Continuing Fund (the
"Exchange"). Again, as preferred securities are recorded on a book-based
system, no action is required by holders of the preferred securities to be
recognized as a preferred securityholder of the Continuing Fund.



For further information: on the Funds, please visit
www.faircourtassetmgt.com or please contact Faircourt Client Service at (416)
364-8989 or 1-800-831-0304