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First Asset Energy & Resource Fund Confirms Distribution for December 2007

TORONTO, ONTARIO--(Jan. 4, 2008) - First Asset Energy & Resource Fund (TSX:TRF.UN) confirms the distribution of $0.1040 per unit per month ($1.25 per unit per annum) for the month ending December 31, 2007. The distributions will be paid on January 15, 2008 to unitholders of record on December 31, 2007.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.