Press Releases

First Asset Funds Announces Estimated Regular and Special Distributions for December, 2007

TORONTO, December 18, 2007 - First Asset Funds Inc. announces the estimated regular distributions and estimated special distributions for the period-ending December 31, 2007 for the funds listed in the tables below. The estimated regular distributions are identified under Part I of the table below (Estimated Regular Distributions). The estimated regular distributions will be payable on December 31, 2007, and will be paid in cash on or before January 15, 2008 to unitholders of record on December 31, 2007.

The estimated special capital gains distributions identified in Part II of the table below (Estimated Special Distributions) will be payable by the issuance of securities of the funds in question, and immediately thereafter, the issued and outstanding capital of each fund will be consolidated such that the number of issued and outstanding securities of each fund does not change. The special distributions will be payable on December 31, 2007, and will be paid in securities on or before January 15, 2008 to unitholders of record on December 31, 2007.

All of the distributions referred to in this press release will be confirmed shortly after the year-end, and prior to payment, once the funds' year-end tax positions are known.

Part I - Estimated Regular Distributions

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Name                 TSX    Estimated        TSX Annualized        Pre-Tax
                  Symbol      Regular    Trading   Yield (b)      Interest
                         Distribution   Price (a)            Equivalent (c)
                               Amount
                            (per unit)
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First Asset
 Yield    
 Opportunity
 Trust - 
 Series A         FAY.UN      $0.1458     $21.31       8.21%         11.77%
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First Asset
 Yield
 Opportunity
 Trust - 
 Series B          FAY.U      $0.0440   $6.01 (a)      8.79%         12.59%
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Global 45
 Split Corp.
 - Class A
 Shares              GFV        $0.10     $14.16       8.47%         12.14%
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Global 45 
 Split Corp.
 - Preferred
 Shares         GFV.PR.A     $0.13125     $10.16       5.17%          7.41%
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First Asset
 REIT Income 
 Fund (See 
 Part II
 below also)      RIT.UN        $0.08     $11.86       8.09%         11.60%
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First Asset
 Income &
 Growth Fund      IGF.UN     $0.05833      $8.44       8.29%         10.99%
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First Asset
 Pipes & Power 
 Income Fund      EWP.UN     $0.05833      $7.04       9.94%         11.67%
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First Asset/
 BlackRock   
 North American
 Dividend
 Achievers(TM)
 Trust (See 
 Part II
 below also)      BDA.UN        $0.05      $8.80       6.82%          9.77%
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Split REIT
 Opportunity
 Trust - Capital
 Units (See
 Part II 
 below also)      SOT.UN      $0.0875     $13.58       7.73%         11.08%
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Split REIT
 Opportunity
 Trust -
 Preferred
 Securities     SOT.PR.A     $0.14375     $10.26       5.60%          5.60%
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Utility Split
 Trust - 
 Capital 
 Units (d)        UST.UN     $0.09688     $11.20      10.38%         14.88%
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Utility Split
 Trust - 
 Preferred
 Securities     UST.PR.A        $0.15     $10.26       5.85%          5.85%
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First Asset
 Diversified
 Convertible
 Debenture
 Fund             DCD.UN        $0.30     $16.92       7.09%         10.16%
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First Asset
 Global
 Infrastructure
 Fund             FAI.UN        $0.15      $8.55       7.02%           n/a
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(a) As at close on December 14, 2007. The closing trading price for PLD.U 
    was used for FAY.U.
(b) Based on trading price as at December 14, 2007.
(c) Estimated - based on Ontario tax rates.
(d) In respect of the Capital Units of Utility Split Trust, based upon
    prevailing market conditions, and the Manager's estimate of 
    distributable cash, the Manager has determined that the indicative 
    distribution amount for 2008 is expected to remain unchanged at 
    $0.09688 per Capital Unit.



Part II - Estimated Special Distributions of Capital Gains

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Name                                                TSX     Estimated
                                                 Symbol       Special
                                                         Distribution
                                                               Amount
                                                            (per unit)
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First Asset REIT Income Fund                     RIT.UN         $0.74
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Split REIT Opportunity Trust - Capital Units     SOT.UN         $2.00
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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.