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First Asset Income & Growth Fund: Press Release

TORONTO, December 18, 2008 - First Asset Income & Growth Fund (TSX:IGF.UN)(the "Fund") announces an estimated distribution of $0.0167 per Unit for the month ending December 31, 2008. The distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

The Fund holds a cash position of approximately 36% and is well positioned to take advantage of investment opportunities when the Manager believes it would be prudent to do so. The appropriate level of distributions will be assessed on an on-going basis.

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