Faircourt Split Trust Announces Net Asset Value for Annual Redemption and Partial Redemption of Preferred Securities



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

    TORONTO, Oct. 2 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Split Trust (the "Trust") (TSX: FCS.UN; FCS.PR.A), announces today
that Securityholders who tendered their Combined Units ("consists of one Trust
Unit and one Preferred Security") for redemption on September 28, 2007 will be
entitled to receive $21.0655 per Combined Unit, which is equal to the Net
Asset Value per Trust Unit, plus the $10.00 principal amount of the Preferred
Security, plus all accrued and unpaid interest hereon to but excluding the
Payment Date. Payment will be made in full on October 22, 2007 (the "Payment
Date").
    In connection with the annual redemption of the Trust, 483,911 Trust
Units were submitted for redemption without matching Preferred Securities.
Based on the terms of the annual redemption as detailed in the Final
Prospectus dated February 27, 2006, and in order to maintain appropriate
balance in the Trust between the Trust Units and Preferred Securities, the
Manager announces that $4,839,110 in aggregate principal amount of the Trust's
5.75% outstanding Preferred Securities (the "Preferred Securities") will be
redeemed on October 22, 2007 (the "Redemption Date") at a price of $10.5347
for each $10.00 principal amount of Securities, being equal to the aggregate
of (i) $10.5000 (the "Redemption Price"), and (ii) all accrued and unpaid
interest hereon to but excluding the Redemption Date. The notice date of the
Preferred Securities redemption is October 3, 2007. Unitholders who submitted
unmatched Trust Units will receive $10.5308 per Trust Unit ($11.0308 Net Asset
Value per Trust Unit less the $0.5000 call premium on the Preferred
Securities)
    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.
    Preferred Securities will be redeemed pro rata from each beneficial
holder of Preferred Securities pursuant to the procedures of The Canadian
Depository for Securities Limited. Beneficial holders of Preferred Securities
should contact their broker with any questions regarding the redemption.

    This press release is not for distribution in the United States or over
    United States wire services.





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

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Faircourt Asset Management Inc.

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Faircourt Split Trust

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