Faircourt Income & Growth Split Trust Announces Partial Redemption of
Preferred Securities

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

TORONTO, July 28 /CNW/ - Faircourt Asset Management Inc., the Manager of Faircourt Income & Growth Split Trust (TSX: FIG.UN; FIG.PR.A), announces today that $30,000,000 in aggregate principal amount of the Trust's 6.25% outstanding Preferred Securities (the "Preferred Securities") will be redeemed on August 12, 2010 (the "Redemption Date"). The record date of the Preferred Securities partial redemption is August 9, 2010.

Proceeds from the Preferred Securities redemption will amount to $10.0736 for each $10.00 principal amount of Securities, being equal to the aggregate of (i) $10.00 (the "Redemption Price"), and (ii) all accrued and unpaid interest hereon to but excluding the Redemption Date (collectively, the "Total Redemption Price").

The Preferred Securities are being redeemed pursuant to the terms of the Trust Indenture governing the Preferred Securities, which permit a partial redemption at such time as the principal amount of the Preferred Securities exceeds 40% of the Total Assets of the Trust.

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.

Securities will be redeemed pro rata from each beneficial holder of Securities pursuant to the procedures of CDS Clearing and Depository Services Inc. Beneficial holders of Preferred Securities should contact their broker with any questions regarding the redemption.

%SEDAR: 00021240E

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 [phone] or 1-800-831-0304