Merger Details:

Effective January 31, 2007, Income & Growth Split Trust changed its name to Faircourt Income & Growth Split Trust. Concurrently, Faircourt Income Split Trust, Faircourt Split Five Trust and Faircourt Split Seven Trust merged with Faircourt Income & Growth Split Trust. The exchange of Preferred Securities was not on a tax-deferred basis. Preferred Securityholders of the merged funds are considered for tax purposes to have disposed of the Merged Fund Preferred Security and acquired the Preferred Security of Faircourt Income & Growth Split Trust at the fair market value of the security received. The manager believes the fair market value at the time of the exchange to be in the range of $10.00 - $10.02 per Preferred Security.