Communiqués de presse

First Asset Equal Weight REIT Income Fund Announces Rights Offering

TORONTO, January 10, 2007 - First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) announces that it has filed its final prospectus for its offering of rights to subscribe for up to 2,925,907 units (the "Rights Offering").

Rights and Subscription Price. Each Unitholder of record as at the close of business on January 19, 2007 (the "Record Date") will receive one Right for each Unit held on the Record Date. Three Rights will entitle the holder to purchase one Unit (the "Basic Subscription Privilege") at a price of $12.50 per Unit until 4:00 p.m. (Toronto time) on February 14, 2007.

Closing Price and Net Asset Value. On January 8, 2007, the closing price for the Units on the Toronto Stock Exchange was $13.49, and the net asset value per Unit was $13.34.

Additional Subscription Privilege. Holders of Rights who fully exercise their Rights under the Basic Subscription Privilege are entitled to subscribe pro rata for additional Units that were not subscribed for initially under the Basic Subscription Privilege, if any.

Step Up Privilege. Holders of Rights not evenly divisible by three will be entitled to round up subscriptions to the next highest whole number of Units, subject to certain limits.

Use of Proceeds. The Fund will use the net proceeds of the Rights Offering to acquire, in the open market, securities of real estate investment trusts in accordance with the Fund's investment policies and restrictions. If all the Rights are exercised, the Fund will issue approximately 2,925,907 Units and receive net proceeds of approximately $35.65 million after deducting expenses of the offering.

Dealer Manager. National Bank Financial Inc. will be engaged to be the Dealer Manager for the Rights Offering.

The Toronto Stock Exchange has approved the listing of the Rights and the Units issuable upon the exercise of the Rights. The Rights will be listed and posted for trading until 12:00 noon on February 14, 2007.

For further information, please call Paul Dinelle (Executive Vice-President) or Robert MacNiven (Investor Relations) at First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit