Press Releases

First Asset Renewable Power Flow-Through LP III Files Preliminary Prospectus

TORONTO, November 3, 2005 - First Asset Funds Inc. is pleased to announce that a preliminary prospectus dated November 1, 2005, for First Asset Renewable Power Flow-Through LP III (the "Partnership") has been filed with the securities regulatory authorities of the provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Ontario, Manitoba, Alberta, Saskatchewan and British Columbia, for an initial public offering of up to 2,650,000 units of the Partnership.

The Partnership has been established to invest in renewable energy projects. The Partnership intends to invest in flow-through shares and, in certain cases, subordinated notes of Glace Bay Lingan Wind Power Ltd., Observatory Inlet Development Corp., Springhill Riverhurst Wind Power Ltd. and Spuzzum Creek Power Corp. Purchasers of units will be entitled to claim certain deductions from income for income tax purposes as a result of their investment. The Partnership will also seek to provide investors with monthly distributions of income (anticipated to occur in the second half of 2007).

The General Partner, First Asset Power Funds III Inc., currently anticipates that it will implement an exchange transaction pursuant to which the Partnership will transfer its assets on a tax deferred basis to a listed issuer with similar investment objectives and Limited Partners will receive publicly traded securities in exchange for their units.

Quantum Leap Asset Management Limited will be retained by the Partnership to assist the Partnership with, among other things, negotiating agreements with the renewable energy issuers and monitoring the development of the projects by those renewable energy issuers.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation, Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Desjardins Securities Inc., Research Capital Corporation, Wellington West Capital Inc. and IPC Securities Corporation.

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