Faircourt Asset Management Inc. Announces Distribution Suspension for FIG.UN

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

TORONTO, July 22 /CNW/ - Faircourt Asset Management Inc., as Manager of Faircourt Income & Growth Split Trust (TSX: FIG.UN, FIG.PR.A) announces today that in accordance with the terms of the Trust Indenture governing the Preferred Securities and the maintenance of a minimum 1.4 times asset coverage to be maintained by the Trust, dated November 17, 2004, the monthly distribution on the Trust Unit (TSX: FIG.UN) will be suspended until further notice. The Trust's ability to continue variable distributions, as announced on April 19, 2010, is dependent on market conditions, the results of the annual redemption, and the Trust's asset coverage levels and would be evaluated by the Manager on a monthly basis.

This announcement does not affect the quarterly distributions related to the Preferred Securities of either Trust (TSX: FIG.PR.A).

Faircourt Income & Growth Split Trust is designed to provide levered exposure to a portfolio comprised of Income Trusts, North American Dividend Paying Equities, as well as other income generating securities.

Acuity Investment Management Inc. is the Investment Advisor for Faircourt Income & Growth Split Trust.

%SEDAR: 00021240E

SOURCE FAIRCOURT INCOME & GROWTH SPLIT TRUST

For further information: For further information: on the Faircourt Funds, please visit www.faircourtassetmgt.com or please contact: Charles Taerk, President and CEO or Douglas Waterson, CFO & Portfolio Manager at (416) 364-8989 or 1-800-831-0304

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FAIRCOURT INCOME & GROWTH SPLIT TRUST

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Faircourt Asset Management Inc.

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