First Asset Renewable Power Flow-Through LP II

First Asset Renewable Power Flow-Through LP II

March 22, 2005 14:54 ET

First Asset Renewable Power Flow-Through LP II Files Final Prospectus



MARCH 22, 2005 - 14:54 ET

First Asset Renewable Power Flow-Through LP II Files
Final Prospectus

TORONTO, ONTARIO--(CCNMatthews - March 22, 2005) - First Asset Funds
Inc. is pleased to announce that First Asset Renewable Power
Flow-Through LP II (the "Partnership") has filed and has received a
receipt from the securities regulators of all the Canadian provinces for
the final prospectus for its offering of up to 5 million units ($50
million). The first closing of the offering is scheduled to be held on
or about March 31, 2005.

The Partnership is First Asset's second in the series of partnerships
focused on renewable power. The first partnership, First Asset Renewable
Power Flow-Through Limited Partnership, closed in September, 2004 and
was fully invested by the end of the calendar year.

The Partnership's investment objectives are: (i) to make investments in
Canadian issuers engaged in renewable electric power generation,
primarily those using wind and hydro resources, energy efficiency system
development, energy distribution and related infrastructure development;
(ii) to provide investors with monthly distributions of income
(anticipated to occur by July, 2007); and (iii) to maximize tax benefits
for investors through investments in flow-through shares. The General
Partner, First Asset Power Funds II Inc., currently anticipates that it
will implement an exchange transaction pursuant to which the Partnership
will transfer its assets on a tax deferred basis to a listed issuer with
similar investment objectives and Limited Partners will receive publicly
traded securities in exchange for their units.

First Asset has retained Quantum Leap Asset Management Limited to assist
the Partnership with implementing its investment strategy by
identifying, structuring and monitoring all investments of the
Partnership. Quantum Leap is a private operating, financial and
strategic advisory firm focused exclusively in the renewable energy and
efficiency marketplace and, within that marketplace, is a leading
Canadian private equity investor.

The syndicate of agents for this offering is being led by CIBC World
Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank
Financial Inc., TD Securities Inc., Dundee Securities Corporation, First
Associates Investments Inc., HSBC Securities (Canada) Inc., Canaccord
Capital Corporation, Desjardins Securities Inc., Raymond James Ltd. and
Wellington West Capital Inc.


Contact Information

    First Asset Funds Inc.
    Tanya Carey
    Investor Relations
    (416) 642-1289 or 1 (877) 642-1289
    or visit