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First Asset Equal Weight REIT Income Fund Announces Completion of Rights Offering

TORONTO, February 15, 2007 - First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) announces that it has completed the offering of rights pursuant to the short form prospectus dated January 9, 2007. The offering was over-subscribed and accordingly the maximum of 2,923,706 Units were issued for gross proceeds of approximately $36.5 million. The Fund will use the net proceeds of the offering to acquire, in the open market, securities of real estate investment trusts in accordance with the Fund's investment policies and restrictions.

For further information, please call Paul Dinelle (Executive Vice-President) or Rob MacNiven (Investor Relations) at First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.