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First Asset: Press Release

TORONTO, October 25, 2007 - First Asset Income & Growth Fund (IGF.UN) (the "Fund") announces that, in order to be consistent with market practices, and to improve administrative and operational efficiencies, the date by which the Units of the Fund must be surrendered in advance of the annual redemption date in order to be redeemed pursuant to the annual redemption provision has been conformed to 15 Business Days.

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