Communiqués de presse

First Asset Equal Weight Small-Cap Income Fund Files Preliminary Prospectus

TORONTO, February 28, 2005 - First Asset Funds Inc. is pleased to announce that a preliminary prospectus for First Asset Equal Weight Small-Cap Income Fund (the "Fund") has been filed with the securities regulatory authorities of all the Canadian provinces for an initial public offering of trust units.

The Fund is designed to provide unitholders with monthly cash distributions and the opportunity for capital appreciation by investing in an equally weighted diversified portfolio of Small-Cap Income Trusts on a passive basis.

The Fund's portfolio will be comprised of an approximate equal dollar amount of securities of each Small-Cap Income Trust listed on the Toronto Stock Exchange that pays a regular distribution and that has a market capitalization of not less than $50 million and not more than $400 million at the time of investment. As at February 14, 2005, there were 73 qualifying Small- Cap Income Trusts. As a result of the equal weight approach, each Small-Cap Income Trust would constitute approximately 1.37% of the portfolio. The portfolio will be rebalanced annually to maintain the equal weighting.

Prospective purchasers may purchase trust units either by cash payment or by an exchange of units of any Small-Cap Income Trust in the indicative portfolio, as described in the preliminary prospectus.

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 $27.8 billion in assets under management or administration as at January 31, 2005.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and RBC Capital Markets, and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Raymond James Ltd., Wellington West Capital Inc., Research Capital Corporation, Berkshire Securities Inc. and Richardson Partners Financial Limited.

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