Faircourt Split Trust Announces Partial Redemption of Preferred Securities


    TORONTO, Oct. 3 /CNW/ - Further to the press release issued October 2,
2007, Faircourt Asset Management Inc., the Manager of Faircourt Split Trust
(the "Trust") (TSX: FCS.UN; FCS.PR.A), announces today that in connection with
the annual redemption of the Trust, an additional 216,029 Trust Units were
submitted for redemption without matching Preferred Securities prior to the
redemption deadline. 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 an additional $2,160,290 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 4,
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.

    %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 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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