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First Asset: Press Release

TORONTO, ONTARIO--(Marketwire - Sept. 26, 2007) - First Asset Funds Inc. is pleased to announce the successful completion of the sale of its investment in Ventus Energy Inc. ("Ventus") to a subsidiary of Suez SA (NYSE:SZE).

First Asset Renewable Power Flow-Through Limited Partnership ("Partnership I") and First Asset Renewable Power Flow-Through LP IV ("Partnership IV") held core positions in Ventus. Details of each Partnership's respective interest in Ventus are set out below:

Partnership I
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No. of Shares Owned:              500,000
Cost:                             $1,150,000 (100% flow-through)
Date of Investment:               December, 2004
Cash proceeds from sale:          $2,605,000
Gain on Cost:                     126%
Gain on Carrying-Value:           22%
Net Asset Value Per Unit:         $9.14 (including gain on Ventus sale)

Partnership IV
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No. of Shares Owned:              1,873,684
Cost:                             $8,900,000 (100% flow-through)
Date of Investment:               December, 2006
Cash proceeds from sale:          $9,761,893
Gain on Cost:                     9.7%
Gain on Carrying-Value:           22%
Net Asset Value Per Unit:         $9.40 (including gain on Ventus sale)

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.