Press Releases

First Asset Equal Weight Small-Cap Income Fund Announces Exercise of Over-Allotment Option

Toronto, May 13, 2005 - First Asset Equal Weight Small-Cap Income Fund (TSX: FAS.UN) (the "Fund") is pleased to announce that the Fund's syndicate of agents for its initial public offering, led by CIBC World Markets Inc. and RBC Capital Markets, has exercised its overallotment option and acquired an additional 200,000 units of the Fund. In total, the Fund issued 2.5 million units pursuant to its initial public offering. The units of the Fund are listed on the Toronto Stock Exchange ("TSX") under the symbol FAS.UN.

The Fund is designed to provide unitholders with monthly cash distributions and the opportunity for capital appreciation by investing in an equally weighted passive portfolio of Small-Cap Income Trusts.

The Fund's portfolio will be comprised of an approximate equal dollar amount of securities of each Small-Cap Income Trust listed on the Toronto Stock Exchange that pays a regular distribution, that has a market capitalization of not less than $50 million and not more than $400 million at the time of investment and which satisfies a minimum trading volume requirement. The portfolio will be rebalanced annually.

First Asset Funds Inc., the manager of the Fund, is a wholly-owned subsidiary of First Asset Management Inc. ("First Asset"). First Asset is an integrated wealth management company that has acquired top tier investment management firms in Canada, rapidly growing to become a leading Canadian asset management company with approximately $29 billion in assets under management or administration as at March 31, 2005.

The syndicate of agents for this offering was led by CIBC World Markets Inc. and RBC Capital Markets, and included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Raymond James Ltd., Wellington West Capital Inc., Berkshire Securities Inc., Research Capital Corporation, and Richardson Partners Financial Limited.

For further information, please contact Tanya Carey, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.