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Trust Responds to Finance Minister's Proposed Changes to Income Trusts and Provides Update on Conversion

November 2, 2006 - Triax CaRTS Trust (the "Trust") wishes to comment on the proposed "Tax Fairness Plan For Canadians" which was announced on October 31, 2006 by the Federal Minister of Finance. The proposals are relevant for the Trust because unitholders recently approved, among other things, amendments to the investment objectives, strategy and restrictions of the Trust so that the Trust may invest on an actively managed basis in power generation and related energy infrastructure assets which will include power income trusts. As discussed below, the Trust will begin actively investing pursuant to the new mandate next week. No investments in income trusts have been made, or will be made, until Monday, November 6th, at the earliest. By way of an update on the recently approved resolutions, the Trust reports the following:

  1. All of the amendments approved by unitholders were implemented on Monday, October 30, 2006. The only exception is the name change to First Asset PowerGen Trust I which has been delayed until Friday, November 3, 2006 for administrative reasons.
  2. The Trust will start trading under its new ticker symbol (TSX: PFA.UN) on Monday, November 6, 2006.

For further information, please call Paul Dinelle, Executive Vice-President, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.