Press Releases

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

TORONTO, June 20, 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 June 30, 2007. The distributions will be paid on July 13, 2007 to unitholders of record on June 29, 2007.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.