Press Releases

First Asset Equal Weight Small-Cap Income Fund and First Asset Equal Weight REIT Income Fund Announce Exchange Ratio

TORONTO, September 28, 2006 - First Asset Equal Weight Small-Cap Income Fund (TSX: FAS.UN) (the "Small-Cap Fund") and First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) (the "REIT Fund") announced that each unit of the Small-Cap Fund will be entitled to receive 0.6581 units of the REIT Fund upon the redemption of the units of the Small-Cap Fund to be completed immediately following the merger of the Small-Cap Fund into the REIT Fund on Friday, September 29, 2006.

The exchange ratio was determined by dividing (i) the net asset value per unit of the Small-Cap Fund as at the close of business on September 28, 2006 (i.e. $8.22 per Unit) by (ii) net asset value per unit of the REIT Fund as at the close of business on September 28, 2006 (i.e. $12.49 per Unit).

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