Faircourt Asset Management Inc. Announces Year End Results for Faircourt Split Trust


    TORONTO, March 30 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Split Trust (TSX: FCS.UN; FCS.PR.A) (the "Trust"), is pleased to
announce the annual audited financial results for the Trust for the period
ended December 31, 2006.
    The Trust commenced operations on March 16, 2006, with the issuance of
2.76 million Preferred Securities and 2.76 million Trust Units, raising net
proceeds of $64.96 million. The Trust's net assets amounted to $32.03 million
as at December 31, 2006. Net investment income for the period from
March 16, 2006, date of commencement of operations, to December 31, 2006 (the
"Period") amounted to $1.51 million, or $0.54 per Trust Unit. During the
period, the Trust realized $1.05 million of capital losses, or $0.37 per Trust
Unit, while unrealized value on investments decreased by $4.58 million, or
$1.63 per Trust Unit. As a result, the NAV began at inception at $13.54 (net
of cost of issue) and ended the period at a level of $11.35 on December 31,
2006. Closed end trusts may trade above, at or below their NAV per unit. At
December 31, 2006, the Trust Units were trading at a discount of 11.0% to the
underlying NAV.
    As at December 31, 2006, the Trust maintained a diversified portfolio of
52 positions. Business and industrial funds comprised 27.9% of the market
value of the Trust's investment portfolio; commodity-based and energy services
trusts comprised 19.4%; pipelines and power generation funds comprised 4.5%;
REITs comprised 4.1%; and dividend paying equities comprised 44.1%.
    As at December 31, 2006, the Trust had 2,821,307 Preferred Securities
outstanding representing a total liability of $28.21 million. The Preferred
Securities of the Trust continued to provide an attractive annualized yield of
5.75% on the original subscription price, and a stable alternative to other
fixed income securities. At December 31, 2006, the Preferred Securities were
trading at $10.00 per Preferred Security.

    The Investment Advisor to the Trust is Faircourt Asset Management Inc
("Faircourt"). Faircourt designs, distributes and markets innovative, tax
efficient structured investment products to Canadian retail investors. As at
December 31, 2006, Faircourt, together with its affiliates, had assets under
administration totaling approximately $600 million. Faircourt currently
provides management services to two TSX listed closed-end funds, a mutual fund
and a pooled fund. Faircourt also provides marketing and administrative
support and other services to a continuing program of Principal Protected
Notes, issued by a Canadian chartered bank.

    %SEDAR: 00023268E

For further information:

For further information: on Faircourt Split Trust, please visit
www.faircourtassetmgt.com or contact: Charles Taerk, President, or Douglas
Waterson, CFO, at (416) 364-8989 or 1-800-831-030

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