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First Asset Equal Weight REIT Income Fund Announces Notice of Intention to Purchase Units

Toronto, December 28, 2005 - First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) announced today that to enable it to execute its mandatory market purchase program if and when required, and to permit the Trust to otherwise acquire Units, the Trust 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. First Asset Funds Inc., as trustee of the Trust, believes it is in the best interests of the Trust and the holders of the Units to undertake this normal course issuer bid.

Under this normal course issuer bid the Trust may purchase up to 991,014 of the Units of the Trust, representing 10% of the public float of the Trust, which is the same number as the Trust's outstanding Units, being 9,910,145 as of the date hereof. Purchases of Units will commence on December 30, 2005 and will terminate on December 29, 2006, or on such earlier date as the Trust 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 Trust will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

Within the past 12 months, the Trust purchased 148,700 Units through the facilities of the TSX at an average price of $9.67 per Unit.

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