Press Releases

First Asset Equal Weight Pipes & Power Income Fund Closes Initial Public Offering

Toronto, February 17, 2005 - First Asset Funds Inc. is pleased to announce the closing today of the initial public offering of 12 million units of First Asset Equal Weight Pipes & Power Income Fund (the "Fund"). The units are listed on the Toronto Stock Exchange ("TSX") under the symbol EWP.UN. The Fund has granted the agents for the offering an over-allotment option to acquire additional units exercisable at any time during the next 30 days.

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 on a passive basis in an equally weighted diversified portfolio of Pipeline & Power Income Trusts.

The Fund's portfolio will be comprised of an approximately 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.

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 was led by CIBC World Markets Inc. and RBC Capital Markets, and included 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.