Press Releases

The Economic Recovery Fund Files Preliminary Prospectus

TORONTO, April 29, 2009 - The Economic Recovery Fund (the "Fund") announces that it has filed a preliminary prospectus dated April 28, 2009 with the securities regulatory authorities of all of the Canadian provinces for an initial public offering of Series A, L and F units. The different Series offered for sale reflect different commission options that are available.

The Fund has been created to invest in an actively managed portfolio (the "Portfolio") that will seek to provide significant capital appreciation from the sectors and issuers which First Asset Investment Management Inc. believes will benefit early, and the most, from the current economic environment as it trends toward a global economic recovery. The portfolio will be initially comprised primarily of equity securities of Canadian issuers. John Stephenson will be the lead portfolio manager responsible for the Portfolio.

The Fund's investment objective is to provide holders of Units with the opportunity for capital appreciation from the performance of the Portfolio.

The Management Fee will be 1.50% per annum of the net asset value of the Fund, plus applicable taxes, unless the total return for the year is negative, in which case no Management Fee shall be charged by the Manager in respect of that year as described in the preliminary prospectus.

To provide investors with liquidity, commencing 30 days after closing of the Offering, units will be redeemable weekly. The Fund does not intend to list the units on any stock exchange.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Capital Markets, National Bank Financial Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Wellington West Capital Markets Inc., Canaccord Capital Corporation, Manulife Securities Incorporated, Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., GMP Securities L.P., Research Capital Corporation and Richardson Partners Financial Limited.

A preliminary prospectus relating to this Fund has been filed with the securities regulatory authorities of all the Canadian provinces. You cannot buy units of the Fund until the relevant securities commissions or similar authorities issue receipts for the prospectus of the Fund. This Fund may not be suitable for all investors. Some conditions apply. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.