Faircourt Income & Growth Split Trust Announces Partial Redemption of Preferred Securities



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

    TORONTO, Feb. 1 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Income & Growth Split Trust (TSX: FIG.UN; FIG.PR.A), announces today
that $30,000,000 of aggregate principal amount of preferred securities will be
redeemed.
    Given the challenges facing global equity markets and resulting
volatility, the Manager believes that to maintain appropriate balance in the
fund between the Trust Units and Preferred Securities, redemptions are
necessary. Therefore, the Manager announces that $30,000,000 in aggregate
principal amount of the Trust's 6.25% outstanding Preferred Securities (the
"Preferred Securities") will be redeemed on March 2, 2008 (the "Redemption
Date"). The scheduled Redemption Date of March 2, 2008 falls on a Sunday and
payment will therefore be made in full on the next business day, March 3,
2008.
    Proceeds from the Preferred Securities redemption will amount to $10.1062
for each $10.00 principal amount of Securities, being equal to the aggregate
of (i) $10.00 (the "Redemption Price"), and (ii) all accrued and unpaid
interest hereon to but excluding the Redemption Date (collectively, the "Total
Redemption Price"). The notice date of the Preferred Securities redemption is
February 1, 2008. The Total Redemption Price for all Preferred Securities
being redeemed is $30,318,600
    The Preferred Securities are being redeemed pursuant to the terms of the
Trust Indenture governing the Preferred Securities, which permit a partial
redemption at such time as the principal amount of the Preferred Securities
exceeds 40% of the Total Assets of the Trust.
    The interest upon the principal amount of Preferred Securities called for
redemption shall cease to be payable from and after the Redemption Date,
unless payment of the Total Redemption Price shall not be made on presentation
for surrender of such Securities on or after the Redemption Date or prior to
the setting aside of the Total Redemption Price pursuant to the Indenture.
    Securities will be redeemed pro rata from each beneficial holder of
Securities pursuant to the procedures of CDS Clearing and Depository Services
Inc. Beneficial holders of Preferred Securities should contact their broker
with any questions regarding the redemption.

    %SEDAR: 00021240E




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 at (416) 364-8989 or 1-800-831-0304

Organization Profile

FAIRCOURT INCOME & GROWTH SPLIT TRUST

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Faircourt Asset Management Inc.

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