Communiqués de presse

First Asset Energy & Resource Fund Responds to Finance Minister's Proposed Changes to Income Trusts & Limited Partnerships

November 1, 2006 - First Asset Energy & Resource Fund (the "Fund") wishes to comment on the proposed "Tax Fairness Plan For Canadians" which was announced yesterday by the Federal Minister of Finance.

Based on available information, it appears that the proposed new tax on limited partnerships will not apply to the Fund itself. Although the Fund is a Canadian partnership which has units listed and posted for trading, the composition of its portfolio does not bring the Fund within the definition of a "specified investment flow-through".

As for the Fund's portfolio, income trusts only constitute 3.55% of the overall portfolio, therefore the exposure to income trusts which may be affected by the proposal is extremely limited.

The Fund will continue to monitor these developments.

For further information, please call Paul Dinelle, Executive Vice-President, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.