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First Asset Equal Weight REIT Income Fund Responds to Finance Minister's Proposed Changes to Income Trusts

TORONTO, ONTARIO--(Nov. 1, 2006) - First Asset Funds Inc., the Manager and Trustee of First Asset Equal Weight REIT Income Fund (TSX:RIT.UN) (the "Fund"), wishes to comment on the proposed "Tax Fairness Plan For Canadians" which was announced yesterday by the Minister of Finance.

Based on available information, it appears that the majority of Real Estate Investment Trusts (REITs) will be exempt from the proposed new tax on income trusts. According to Mr. Lee Goldman, co-portfolio manager of the Fund, "based on the available information, it appears that the majority of Canadian REITs will not be affected by the Government's proposed changes, and those few that are may be able to restructure their operations to ensure that they maintain their REIT status. We expect REITs to continue to provide the Fund and investors with tax-efficient income and continued growth potential. The fundamentals of the Canadian REIT market remain strong, and we expect the recent trends of consolidation to continue. Furthermore, Canadian REITs may benefit from a re-allocation of capital to them by investors exiting other income trust categories."

First Asset Funds Inc. will continue to monitor these developments.

For further information, please contact Paul Dinelle, Executive Vice-President, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.