Communiqués de presse

First Asset Energy & Resource Fund: Press Release

TORONTO, Oct. 22, 2008 - First Asset Energy & Resource Fund (TSX:TRF.UN) announces that no distribution will be paid for the month-ending October 31, 2008.

The Fund is not expected to be in a taxable position at year end and therefore is not expected to pay further distributions in 2008. As a result of the extraordinary conditions that global markets are currently experiencing, the General Partner and the Investment Advisor have adopted a much more defensive position with regards to the portfolio, which includes, among other things, preserving cash levels. On June 30, 2008 the Fund's cash position was 11% and currently it holds a 52% cash position, well positioning it to take advantage of investment opportunities when the Investment Advisor believes it would be prudent to do so. As a further defensive measure, the Fund has not employed leverage in 2008. The potential to resume distributions in the future will be assessed on an on-going basis and will be based in part on the Fund's tax position.

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.