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Payout Performers™ Income Fund Announces Exercise of Over-Allotment Option

TORONTO, March 7, 2006 - Payout PerformersTM Income Fund (the "Fund") is pleased to announce that the Fund's syndicate of agents for its initial public offering, led by CIBC World Markets Inc. and RBC Capital Markets, has exercised its over-allotment option for an additional 140,000 units of the Fund. In total, the Fund issued 2.64 million units pursuant to its initial public offering. The units of the Fund are listed on the Toronto Stock Exchange ("TSX") under the symbol PPF.UN.

The Fund is designed to provide unitholders with monthly cash distributions and the opportunity for capital appreciation by passively investing in a diversified equally-weighted portfolio of securities of Income Trusts listed on the Toronto Stock Exchange that have a history of consecutively raising their annual distributions ("Payout PerformersTM"). In order to qualify as a Payout PerformerTM, an Income Trust must, at the time of investment, have either: (i) consecutively increased its total cash distribution in each of the last five years, or (ii) consecutively increased its total cash distribution in each year of operation and have at least three full years of operating history. In addition, at the time of investment, each Payout PerformerTM must have a market capitalization of not less than $300 million.

First Asset Funds Inc., the manager of the Fund, is an indirect wholly-owned affiliate of Affiliated Managers Group, Inc. ("AMG"). AMG is a U.S.-based asset management holding company with equity investments in a diverse group of mid-sized investment management firms throughout North America and Europe. AMG is listed on the New York Stock Exchange under the symbol "AMG".

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.