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First Asset Equal Weight Small-Cap Income Fund Announces Notice of Intention to Purchase Units

TORONTO, May 25, 2006 - First Asset Equal Weight Small-Cap Income Fund (TSX: FAS.UN) announced today that to enable it to execute its mandatory market purchase program if and when required, and to permit the Fund to otherwise acquire Units, the Fund has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the notice.

Under this normal course issuer bid the Fund may purchase up to 237,970 of the Units of the Fund, representing 10% of the public float of the Fund, which is the same number as the Fund's outstanding Units, being 2,379,700 as of the date hereof. Purchases of Units will commence on May 29, 2006 and will terminate on May 28, 2007, or on such earlier date as the Fund may complete its purchases pursuant to the Notice. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Fund will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

First Asset Funds Inc., the Manager, on behalf of the Fund, purchased 120,300 Units at an average price of $8.3844 per Unit pursuant to a normal course issuer bid effective May 27, 2005 to May 26, 2006.

To the knowledge of the Trustee, no director, officer or other insider of the Trustee or the Fund intends at present to sell any Units under this bid.

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.