Faircourt Asset Management Inc. has announced that it will hold securityholder meetings on January 9, 2007 for Faircourt Income Split Trust, Faircourt Split Five Trust, Faircourt Split Seven Trust and Income & Growth Split Trust. At the meetings, holders of units and holders of preferred securities of each of the funds will be asked to consider the proposed merger of Income Split, Split Five and Split Seven into Income & Growth Split, to create a single trust (the “Continuing Trust”).

Preferred Securityholders of the Funds will also be asked to consider the proposed exchange of preferred securities of each of Income Split, Split Five and Split Seven for preferred securities of Income & Growth Split (which will be the Continuing Trust) which, if approved, is expected to occur shortly following approval. Unitholders and Preferred Securityholders will also be asked to consider various amendments to the trust agreements and trust indentures of the Funds.

The Merger is being proposed, in part, in response to the announcement on October 31, 2006 by the Minister of Finance regarding proposed measures to tax certain distributions from publicly-traded income trusts and partnerships. The Merger is also expected to provide unitholders and preferred securityholders with the opportunity to hold an investment in an entity that has a larger market capitalization, potential increased liquidity and a potentially lower management expense ratio.