DBRS Confirms Faircourt Income Split Trust at Pfd-2

Dominion Bond Rating Service (“DBRS”) has today confirmed the rating of the Preferred Securities issued by Faircourt Income Split Trust (the “Trust”) at Pfd-2. The Trust holds a portfolio of Canadian income trusts and funds.

Investors of the Preferred Securities benefit from an asset coverage of 3.09 times as of December 30, 2005. This equates to a downside protection of approximately 68%. In addition to this, in the underlying portfolio there is a dividend coverage of 1.75 times as of September 30, 2005.

The downside protection has shown some volatility since the closing of March 2003. This has been attributed to the unequal level of redemptions of the Preferred Securities and the Units issued by the Trust. This may pose an additional risk to the investors of the Preferred Securities as this is subject to the discretion of the manager of the Trust.