Press Releases

First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund-Press Release

TORONTO, ONTARIO--(Marketwire - July 30, 2007) - First Asset (I) General Partner Inc. and First Asset (II) General Partner Inc., the general partners of First Asset Energy & Resource Fund (TSX:TRF.UN) ("Partnership I") and First Asset Energy & Resource Income & Growth Fund (TSX:TXL.UN) ("Partnership II"), respectively, announce that today, the Limited Partners of each Partnership approved the special resolutions proposed to them in the Notice and Management Information Circular dated June 22, 2007.

More particularly, the Limited Partners approved special resolutions which give the General Partners of each Partnership the authority to combine the two Partnerships and to implement certain other structural changes to the combined Partnership including the reinstatement of an annual redemption privilege commencing in January 2008, a reduction of the investment advisory fee in conjunction with a resetting of the performance bonus, and the ability to implement a division or consolidation of the units in the future should circumstances warrant it.

Implementation of the matters approved at the meetings is subject to obtaining all required regulatory and third party approvals, and each of the General Partners has the authority to delay or terminate the implementation if it determines that it would be necessary or desirable to do so. Once all necessary approvals have been obtained, a press release will be issued confirming the effective date of the implementation.

The Net Asset Value per unit, as at July 27, 2007, for TRF.UN is $28.33 and TXL.UN is $42.15.

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