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First Asset Equal Weight REIT Income Fund Announces Results of Unitholder Meeting

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - First Asset Equal Weight REIT Income Fund (the "Trust") (TSX:RIT.UN) announces that at a special meeting of unitholders held today, unitholders approved amendments to the Trust's investment objectives and guidelines which will permit the Trust to invest on an actively managed basis in any real estate investment trust ("REIT") or real estate corporation that is listed on a Canadian stock exchange. The amendments convert the investment strategy of the Trust from one of passive investment management to one of active investment management. In addition, they expand the scope of investments that the Trust can make to include real estate corporations and REITs, regardless of market capitalization.

In connection with the resolution, unitholders also approved a change to the annual management fee payable to the manager of the Trust to 0.75% of the net asset value of the Trust, and a change to the name of the Trust to "First Asset REIT Income Fund". The units of the Trust will continue to trade under the symbol RIT.UN.

For more information, please call Rob MacNiven (Investor Relations) at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.