Press Releases

First Asset Energy & Resource Fund Announces Distribution

TORONTO, ONTARIO--(May 21, 2008) - First Asset Energy & Resource Fund (TSX:TRF.UN) announces a distribution of $0.1040 per unit per month ($1.25 per unit per annum) for the month ending May 31, 2008. The distribution will be paid on June 13, 2008 to unitholders of record on May 30, 2008.

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