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Press Release

TORONTO, August 1, 2007 - First Asset Investment Management Inc. is pleased to confirm that Ventus Energy Inc., a core holding of First Asset Renewable Power Flow-Through Limited Partnership ("Partnership I") and First Asset Renewable Power Flow-Through LP IV ("Partnership IV") (collectively "the Partnerships") has agreed to be sold to a subsidiary of Suez SA (SZE: NYSE) ("Suez"). Under the terms of the agreement Suez will pay approximately $124 million in cash for Ventus. Completion of the transaction is subject to a number of conditions and approvals. The Ventus acquisition is another example of the consolidation in the renewable energy sector that many expect to continue.

Details of each Partnership's respective interest in Ventus are set out below (all figures as at June 30, 2007):

Partnership I
No. of Shares Owned 500,000
Cost $1,150,000 (100% flow-through)
Date of Investment December, 2004
Anticipated Gain on Cost: 126%
Anticipated Gain on Carrying-Value: 22%

Partnership IV
No. of Shares Owned 1,873,684
Cost $8,900,000 (100% flow-through)
Date of Investment December, 2006
Anticipated Gain on Cost: 9.7%
Anticipated Gain on Carrying-Value: 22%

For more information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit our website at www.firstasset.com.