Press Releases

First Asset Renewable Power Flow-Through LP II Files Final Prospectus

Toronto, March 22, 2005 - First Asset Funds Inc. is pleased to announce that First Asset Renewable Power Flow-Through LP II (the "Partnership") has filed and has received a receipt from the securities regulators of all the Canadian provinces for the final prospectus for its offering of up to 5 million units ($50 million). The first closing of the offering is scheduled to be held on or about March 31, 2005.

The Partnership is First Asset's second in the series of partnerships focused on renewable power. The first partnership, First Asset Renewable Power Flow-Through Limited Partnership, closed in September, 2004 and was fully invested by the end of the calendar year.

The Partnership's investment objectives are: (i) to make investments in Canadian issuers engaged in renewable electric power generation, primarily those using wind and hydro resources, energy efficiency system development, energy distribution and related infrastructure development; (ii) to provide investors with monthly distributions of income (anticipated to occur by July, 2007); and (iii) to maximize tax benefits for investors through investments in flowthrough shares. The General Partner, First Asset Power Funds II Inc., currently anticipates that it will implement an exchange transaction pursuant to which the Partnership will transfer its assets on a tax deferred basis to a listed issuer with similar investment objectives and Limited Partners will receive publicly traded securities in exchange for their units.

First Asset has retained Quantum Leap Asset Management Limited to assist the Partnership with implementing its investment strategy by identifying, structuring and monitoring all investments of the Partnership. Quantum Leap is a private operating, financial and strategic advisory firm focused exclusively in the renewable energy and efficiency marketplace and, within that marketplace, is a leading Canadian private equity investor.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Raymond James Ltd. and Wellington West Capital Inc.

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