Communiqués de presse

First Asset Equal Weight REIT Income Fund Announces Exercise of Over-Allotment

Toronto, December 1, 2004 - First Asset Equal Weight REIT Income Fund (TSX:RIT.UN) (the "Fund") is pleased to announce that the Fund's syndicate of agents for its initial public offering, led by CIBC World Markets Inc. and RBC Dominion Securities Inc., has exercised its overallotment option and acquired an additional 1.05 million units of the Fund. In total, the Fund issued 12.55 million units pursuant to its initial public offering. The units of the Fund are listed on the Toronto Stock Exchange ("TSX") under the symbol RIT.UN.

The Fund is designed to provide unitholders with high levels of tax efficient monthly cash distributions by investing in an equally weighted diversified portfolio of real estate income trusts ("REITs") using a passive investment approach. The Fund also provides the benefit of low management fees of 0.45%.

The Fund's portfolio is comprised of an approximate equal dollar amount of securities of each REIT listed on the TSX that pays a regular distribution and that has a market capitalization of at least $300 million at the time of investment. The portfolio will be rebalanced annually to adjust for changes in market capitalizations, to add newly qualified REITs and to remove those REITs that cease to qualify under the Fund's investment guidelines.

First Asset Funds Inc., the manager of the Fund, is a wholly-owned subsidiary of First Asset Management Inc. ("First Asset"). First Asset is an integrated wealth management company that has acquired top tier investment management firms in Canada, rapidly growing to become a leading Canadian asset management company with approximately $26 billion in assets under management or administration as at October 31, 2004.

For further information, please contact Tanya Carey at First Asset Funds Inc. at (416) 642-1289 or 1-877-642-1289.