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


    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 30, 2008 will be
entitled to receive $16.3239 per Combined Unit, which is equal to the Net
Asset Value per Trust Unit calculated using a three day volume weighted
average price for exchange-traded securities held by the Trust, determined as
of September 30, 2008 less costs of funding the redemption, including
commissions, 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, 2008 (the "Payment Date").
    In connection with the annual redemption of the Trust, 149,777 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, the Manager announces that $1,497,770 in
aggregate principal amount of the Trust's 5.75% outstanding Preferred
Securities (the "Preferred Securities") will be redeemed on October 22, 2008
(the "Redemption Date") at a price of $10.4097 for each $10.00 principal
amount of Securities, being equal to the aggregate of (i) $10.3750 (the
"Redemption Price"), and (ii) all accrued and unpaid interest hereon to but
excluding the Redemption Date. The record date of the Preferred Securities
partial redemption is October 13, 2008. Unitholders who submitted unmatched
Trust Units will receive $5.9142 per Trust Unit ($6.2892 Net Asset Value per
Trust Unit less the $0.3750 call premium on the Preferred Securities). Payment
will be made in full on October 22, 2008 (the "Payment Date").
    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 CDS Clearing
and Depository Services Inc. Beneficial holders of Preferred Securities should
contact their broker with any questions regarding the redemption.

    %SEDAR: 00023268E

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

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Faircourt Split Trust

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Faircourt Asset Management Inc.

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