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First Asset Renewable Power Flow-Through LP III Completes Second and Final Closing

TORONTO, December 22, 2005 - First Asset Funds Inc. is pleased to announce that First Asset Renewable Power Flow-Through LP III (the "Partnership") has completed its second and final closing of its public offering. In aggregate, the Partnership sold approximately 2.5 million units, for aggregate gross proceeds of approximately $25 million.

The Partnership has been established to invest in renewable energy projects. The Partnership intends to invest in flow-through shares and, in certain cases, subordinated notes of Glace Bay Lingan Wind Power Ltd., Observatory Inlet Development Corp., Springhill Riverhurst Wind Power Ltd. and Spuzzum Creek Power Corp. Purchasers of units will be entitled to claim certain deductions from income for income tax purposes as a result of their investment. The Partnership will also seek to provide investors with monthly distributions of income (anticipated to commence in the second half of 2007).

The Partnership has retained Quantum Leap Asset Management Limited to assist the Partnership with, among other things, negotiating agreements with the renewable energy issuers and monitoring the development of the projects by those renewable energy issuers.

The syndicate of agents for this offering was led by CIBC World Markets Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation, Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Desjardins Securities Inc., Research Capital Corporation, Wellington West Capital Inc. and IPC Securities Corporation.

For further information, please contact Jeff Labenski, Investor Relations, First Asset Funds Inc. at 416-642-1289 (or 1-877-642-1289), or visit www.firstassetfunds.com.