JovFunds announces notice of intention to purchase units on behalf of certain JovFunds closed-end funds

    TORONTO, July 23 /CNW/ - JovFunds Management Inc., Trustee of Deans
Knight Income and Growth Fund (TSX: DKI.UN), Fairway Diversified Income and
Growth Trust (TSX: FDT.UN) and Long Reserve Life Resource Fund (TSX: LRF.UN)
(individually a "Fund" and collectively the "Funds") announces that, to enable
each Fund to execute its market purchase program if and when required, and to
permit each Fund to otherwise acquire Units in the Fund, each Fund has filed
with the Toronto Stock Exchange ("TSX") a notice of intention ("Notice") to
make normal course purchases of its Units. The TSX has accepted the Notice for
each Fund.
    Under the normal course issuer bid, each Fund may purchase up to
approximately 10% of the public float of Units. Purchases of Units may
commence on July 25, 2008, and will terminate on July 24, 2009, or on such
earlier date as a Fund may complete its purchases pursuant to the Notice.
Purchases will be made in the open market through the facilities of the TSX in
accordance with its rules and policies. The price that a Fund will pay for any
such Units may not exceed the net asset value per Unit. Any Units purchased by
the Funds will be cancelled. All such purchases would be accretive and enhance
returns to continuing unitholders.
    For each Fund, the relevant number of Units outstanding, the public
float, the maximum number of Units to be acquired under the bid, the total
number of Units purchased for cancellation in the last 12 months through the
facilities of the TSX and the average purchase price of such purchases are set
out below:

    Fund           Units       Public   Maximum     2% of     Units   Average
               Outstanding   Float as    Units  Units Out-  Purchased   Price
                   as of      of July    to be    standing    in the      ($)
                  July 16,   16, 2008  Purchased    as of    Past 12
                     2008                          July 16,   Months

    Deans Knight
    Income and
    Growth Fund
    (TSX: DKI.UN)  4,552,425  4,552,425   455,243   91,049    4,100   $8.7068
    Income and
    Growth Trust
    (TSX: FDT.UN)  4,832,400  4,832,400   483,240   96,648    2,200  $11.3027
    Long Reserve
    Life Resource
    Fund (TSX:
    LRF.UN)        1,242,352  1,242,352   124,235   24,847    7,600  $11.1874

    To the knowledge of the Trustee, no director, officer or other insider of
the Trustee or the Funds intends at present to sell any Units into these bids.

    About JovFunds Management Inc. (

    JovFunds Management Inc. ("JovFunds") provides innovative investment
solutions for Canadians through the creation, distribution and management of
high quality investment products. JovFunds manages and distributes in excess
of $1.8 billion in client assets and is wholly owned by Jovian Capital

    About Jovian Capital Corporation (

    Jovian Capital Corporation ("Jovian") acquires, creates and grows
financial services companies specializing in wealth and asset management. The
Jovian group of companies (MGI Securities Inc., MGI Securities (USA) Inc.,
Rice Financial Group Inc., BetaPro Management Inc., Horizons Funds Inc.,
JovFunds Management Inc., JovFunds Inc., JovInvestment Management Inc., Leon
Frazer & Associates Inc., T.E. Wealth and Felcom Data Services Inc.) manages
$15.0 billion of client assets ($5.8 billion in assets under management and
$9.2 billion in assets under administration). Additional information is
available at and

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.

For further information:

For further information: JovFunds Management Inc. at 1-866-514-6603 or
(416) 601-2500; Additional information about JovFunds is available; Additional information relating to Jovian is available at and

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