Pour diffusion

First Asset PowerGen Fund Increases Monthly Distribution

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - First Asset PowerGen Fund (TSX:PGT.UN) is pleased to announce an increase in its monthly distribution from $0.11 to $0.12 per unit ($1.44 per unit per annum). Based on the most recent market price, this represents a yield of 8.1%. It is currently anticipated that the Fund's distributions will consist entirely of non-taxable returns of capital until such time as all existing capital and non-capital losses in the Fund are exhausted. Accordingly, the annualized yield of $1.44 per unit represents a pre-tax interest equivalent yield of approximately 11.6% based on the most recent market price. The distribution for the month ending March 31, 2007 will be paid on April 13, 2007 to unitholders of record on March 30, 2007.

For further information, please contact Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.