First Asset REIT Income Fund filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 3, 2013. Under the bid, the company will repurchase up to 670,140 units, representing 10% of its public float and 6.37% of its issued and outstanding units. All securities repurchased pursuant to the NCIB will be cancelled.

The corporation will not purchase in any given 30-day period, in the aggregate, more than 210,552 units, being 2% of the issued and outstanding units as of the date hereof. The Board of Directors of First Asset Investment Management Inc., the manager of the corporation, believes that such purchases are in the best interests of the corporation and are a desirable use of the corporation's funds. All repurchases will be made through the facilities of the TSX in accordance with its rules and policies.

The bid will commence on January 7, 2013 and expire on January 6, 2014. As of January 3, 2013, the company has 6,701,406 units in float and 10,527,646 units in issue.