FAIRCOURT INCOME & GROWTH SPLIT TRUST and FAIRCOURT SPLIT TRUST (together,
the "FUNDS") Announce Completion of Merger And Exchange of Preferred
Securities

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

TORONTO, Sept. 30 /CNW/ - (FIG.PR.A; FIG.UN; FCS.PR.A; FCS.PR.B; FCS.UN) - Faircourt Asset Management Inc. is pleased to announce the completion of the merger of Faircourt Income & Growth Split Trust ("FIG") into Faircourt Split Trust, as the continuing fund ("FCS"), effective September 30, 2010 (the "Merger"). The Merger was approved by unitholders and preferred securityholders of each of FIG and FCS at special meetings of the preferred securityholders and unitholders held on September 13, 2010, September 20, 2010 and September 27, 2010. FCS will continue trading on the Toronto Stock Exchange ("TSX") under the symbols "FCS.UN" for the units and "FCS.PR.B" for the new preferred securities.

FIG units were exchanged for FCS units at an exchange ratio ("Exchange Ratio") calculated based on the relative net asset value of FIG and FCS as at the close of trading on the TSX on September 29, 2010. The net asset values per unit and Exchange Ratios are as follows:

    
                                 Trading        Sept. 29
    Trust                         Symbol           NAV        Exchange Ratio

    -------------------------------------------------------------------------
    Faircourt Income & Growth
     Split Trust                  FIG.UN        $5.30333         0.954377

    Faircourt Split Trust         FCS.UN        $5.55685         1.000000
    

As units are recorded on a book-based system, no action by unitholders is required in respect of the Merger. No fractional units of FCS were issued, and all fractional interests were rounded down to the nearest whole number.

In addition, in connection with the Merger, the preferred securities of FIG were exchanged on a one-for-one basis for 6.25% preferred securities of FCS. Again, as preferred securities are recorded on a book-based system, no action is required by holders of the preferred securities to be recognized as a preferred securityholder of FCS.

By effecting the Merger on a taxable basis for both the unitholders and the holders of preferred securities rather than on a tax-deferred rollover basis, the Merger will also enable FCS to preserve its realized capital losses from the current taxation year and loss carry forwards from prior taxation years and to avoid realizing its unrealized losses.

For further information: on the Funds, please visit: www.faircourtassetmgt.com or please contact Faircourt Client Service at [phone] or 1-800-831-0304