Communiqués de presse

First Asset Yield Opportunity Trust closes offering and begins trading on TSX

August 19, 2003 - First Asset Funds Inc. is pleased to announce the closing today of the initial public offering of 1.8 million units of First Asset Yield Opportunity Trust for gross proceeds of $45 million. The Trust's units are listed on The Toronto Stock Exchange under the symbol FAY.UN. The Trust has granted the Agents an over-allotment option to acquire additional units of the Trust exercisable at any time up to September 18, 2003.

First Asset Funds Inc. is the Trust's manager and trustee, and Goldman Sachs Asset Management, L.P., one of the world's pre-eminent high-yield investment managers, has been retained as the Trust's Portfolio Manager.

The Trust has two investment objectives. The first is to pay to unitholders, on a monthly basis, tax-efficient distributions consisting of capital gains and returns of capital. The Trust is targeting monthly distributions of $0.1458 per Unit or $1.75 per annum to yield 7% on the $25 subscription price. The second investment objective is to seek to preserve and enhance the net asset value of the Trust in order to return at least the original subscription price of the units to unitholders on or about December 31, 2013, the Trust's scheduled termination date.

The distributions are characterized as tax efficient because returns of capital are generally not subject to tax, and distributions that are designated as capital gains will generally be taxed at a lower rate than distributions of interest, dividend and/or other investment income. The return to unitholders and the Trust will depend upon the return on the Global Bond Portfolio by virtue of a Forward Agreement. The Global Bond Portfolio will consist primarily of global high-yield instruments selected by Goldman Sachs Asset Management.

A syndicate of agents was led by CIBC World Markets Inc. and TD Securities Inc. and included RBC Capital Markets, BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc. and Raymond James Ltd. Please read the prospectus before investing. For a copy of the prospectus, please contact your Investment Advisor. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in the Trust. The Trust (including its investment objectives) is not guaranteed, its value changes frequently and past performance may not be repeated.

First Asset Funds Inc., the manager of the Trust, 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 focused on providing sophisticated products and services to the institutional, high net worth and affluent markets.

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