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First Asset Equal Weight REIT Income Fund Announces Notice Of Intention To Purchase Units

Toronto, December 30, 2004 - First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) announced today that to enable it to execute its mandatory market purchase program if and when required, and to permit the Trust to otherwise acquire Units, the Trust has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the notice.

Under this normal course issuer bid the Trust may purchase up to 1,255,000 of the Units of the Trust, representing 10% of the public float of the Trust, which is the same number as the Trust's outstanding Units, being 12,550,000 as of the date hereof. Purchases of Units will commence on December 30, 2004 and will terminate on December 29, 2005, or on such earlier date as the Trust may complete its purchases pursuant to the Notice. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Trust will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

To the knowledge of the Trustee, no director, officer or other ins ider of the Trustee or the Trust intends at present to sell any Units under this bid.

For further information, please call Tanya Carey at First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289.