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First Asset Energy & Resource Fund Announces Normal Course Issuer Bid

TORONTO, October 13, 2006 - First Asset Energy & Resource Fund (the "Fund") (TSX:TRF.UN) announced today that a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") has been filed with, and accepted by, the Toronto Stock Exchange (the "TSX").

The Fund may, pursuant to the Bid, purchase up to 139,445 units of the Fund (the "Units") which Units represent less than 10% of the public float. As of October 6, 2006, both the number of Units in the public float and the number of Units issued and outstanding are 1,394,459. The Fund shall cancel any Units purchased pursuant to the Bid. The purchases may commence on October 17, 2006 and will terminate on October 16, 2007, or on such earlier date as the Fund may complete its purchases pursuant to the Notice of Intention. The purchases will be made by the Fund through the facilities of the TSX in accordance with TSX Rules and Policies and the prices that the Fund will pay for any Units will be the market price of such shares at the time of acquisition. The Fund will make no purchases of Units other than open-market purchases. The Fund believes that such purchases are in the best interests of the Fund and are a desirable use of its available funds.

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.