Press Releases

First Asset Funds Confirms Distributions for December, 2007

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2008) - First Asset Funds Inc. wishes to confirm the amounts of the distributions previously announced on December 18, 2007. The distributions in Part I of the table below will be paid in cash on or before January 15, 2008 to unitholders of record on December 31, 2007. The distributions in Part II of the table below will be paid 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. These distributions will be paid in securities on or before January 15, 2008 to unitholders of record on December 31, 2007.

Part I - Distributions To Be Paid in Cash

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Name                                       TSX   Previously       Confirmed
                                        Symbol    Estimated    Distribution
                                               Distribution          Amount
                                                     Amount       (per unit)
                                                  (per unit)
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First Asset Yield Opportunity Trust -  
 Series A                               FAY.UN     $ 0.1458        $ 0.1458
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First Asset Yield Opportunity Trust -  
 Series B                                FAY.U     $ 0.0440        $ 0.0440
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Global 45 Split Corp. 
 - Class A Shares                          GFV       $ 0.10          $ 0.10
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Global 45 Split Corp. 
 - Preferred Shares                   GFV.PR.A    $ 0.13125       $ 0.13125
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First Asset REIT Income Fund (See  
 Part II below also)                    RIT.UN       $ 0.08          $ 0.08
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First Asset Income & Growth Fund (a)    IGF.UN    $ 0.05833       $ 0.05833
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First Asset Pipes & Power Income  
 Fund                                   EWP.UN    $ 0.05833       $ 0.05833
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First Asset/BlackRock North American
 Dividend Achievers(TM) Trust           BDA.UN       $ 0.05          $ 0.05
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Split REIT Opportunity Trust -  
 Capital Units (See Part II 
 below also)                            SOT.UN     $ 0.0875        $ 0.0875
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Split REIT Opportunity Trust -  
 Preferred Securities                 SOT.PR.A    $ 0.14375       $ 0.14375
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Utility Split Trust  
- Capital Units (b)                     UST.UN    $ 0.09688       $ 0.09688
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Utility Split Trust      
 - Preferred Securities               UST.PR.A       $ 0.15          $ 0.15
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First Asset Diversified Convertible  
 Debenture Fund                         DCD.UN       $ 0.30          $ 0.30
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First Asset Global Infrastructure       
 Fund                                   FAI.UN       $ 0.15          $ 0.15
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(a) In respect of First Asset Income & Growth Fund (TSX:IGF.UN), 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 $0.70 per Unit, representing an annual distribution of 7% based on the initial subscription price of $10 per Unit.

(b) In respect of the Capital Units of Utility Split Trust (TSX:UST.UN), 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 - Distributions to be Paid in Units

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Name                                       TSX   Previously       Confirmed
                                        Symbol    Estimated    Distribution
                                               Distribution          Amount
                                                     Amount       (per unit)
                                                  (per unit)
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First Asset REIT Income Fund            RIT.UN       $ 0.74          $ 0.69
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Split REIT Opportunity Trust - Capital 
 Units                                  SOT.UN       $ 2.00          $ 1.70
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For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.