Press Releases

First Asset Equal Weight Pipes & Power Income Fund Files Final Prospectus

Toronto, January 28, 2005 - First Asset Funds Inc. is pleased to announce that First Asset Equal Weight Pipes & Power Income Fund (the "Fund") has filed and has received a receipt dated January 27, 2005 from the securities regulators of all the Canadian provinces for the final prospectus for its offering of up to 15 million units ($150 million). The offering is scheduled to close on or about February 17, 2005. The subscription price per unit is $10, with a minimum initial investment of $1,000. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the units (EWP.UN), subject to fulfillment by the Fund of the requirements of the TSX.

The Fund is designed to provide unitholders with high monthly cash distributions and low management fees together with the opportunity for capital appreciation by investing in an equally weighted diversified portfolio of Pipeline & Power Income Trusts on a passive basis.

The Fund's portfolio will be comprised of an approximate equal dollar amount of securities of each Pipeline & Power Income Trust listed on the TSX that pays a regular distribution and that has a market capitalization of at least $200 million at the time of investment. The portfolio will be rebalanced annually to adjust for changes in market capitalizations, to add newly qualified Pipeline & Power Income Trusts and to remove those Pipeline & Power Income Trusts that cease to qualify under the Fund's investment guidelines. As at January 14, 2005, there were 20 qualifying Pipeline & Power Income Trusts. As a result of the equal weight approach, each Pipeline & Power Income Trust would constitute approximately 5% of the portfolio.

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 billion in assets under management or administration as at December 31, 2004.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and RBC Dominion Securities Inc., 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. and Wellington West Capital Inc.

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.