Press Releases

First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund Announce an Estimated Distribution for December

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - First Asset Energy & Resource Fund (TSX:TRF.UN) announces an estimated distribution of $0.1040 per unit per month ($1.25 per unit per annum) and First Asset Energy & Resource Income & Growth Fund (TSX:TXL.UN) announces an estimated distribution of $0.2166 per unit per month ($2.60 per unit per annum) for the period-ending December 31, 2006. The distribution will be paid on January 15, 2007 to unitholders of record on December 29, 2006.

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