Press Releases

First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund Announce Distributions

TORONTO, ONTARIO--(CCNMatthews - Jan. 22, 2007) - First Asset Energy & Resource Fund (TSX:TRF.UN) announces a 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 a distribution of $0.2166 per unit per month ($2.60 per unit per annum) for the month ending January 31, 2007. The distribution will be paid on February 15, 2007 to unitholders of record on January 31, 2007.

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.