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First Asset Powergen Fund Announces Exchange Ratios

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - First Asset Investment Management Inc. is pleased to announce the exchange ratios for the Exchange Offer by First Asset PowerGen Fund (TSX:PGT.UN) being made under the preliminary prospectus of the Fund dated June 18, 2007.

Net Asset Value: The net asset value per Unit of the Fund as at July 17, 2007 was $22.04 per Unit.

Closing: The closing is expected to occur on or about July 30, 2007.

Exchange Ratios: The number of Units issuable for the securities of each Issuer was determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange during the period of three consecutive trading days ending on July 17, 2007 by $20. The following table specifies: (i) the name and stock symbol of each Issuer of securities that have been deposited and accepted; (ii) the weighted average trading prices of the securities of each Issuer; and (iii) the Exchange Ratio for the securities of each Issuer. The Exchange Ratios and other information disclosed below will be included in the final prospectus to be filed with the securities regulatory authorities across Canada shortly. The Exchange Ratios were rounded to four decimal places.

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Name of Issuer                           Stock  Weighted Average  Exchange
                                        Symbol     Trading Price     Ratio
                                                              ($)
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Algonquin Power Income Fund             APF.UN            9.0350    0.4518
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AltaGas Income Trust                    ALA.UN           27.7270    1.3863
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Atlantic Power Corporation              ATP.UN           11.3196    0.5660
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Boralex Power Income Fund               BPT.UN           10.4552    0.5228
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The Consumers' Waterheater(TM) Income
 Fund                                   CWI.UN           17.0098    0.8505
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Countryside Power Income Fund           COU.UN            9.5898    0.4795
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Enbridge Income Fund                    ENF.UN           11.9085    0.5954
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Energy Savings Income Fund              SIF.UN           15.8193    0.7910
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EPCOR Power L.P.                         EP.UN           26.7307    1.3365
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Inter Pipeline Fund                     IPL.UN            9.5877    0.4794
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Keyera Facilities Income Fund           KEY.UN           19.0993    0.9550
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Mullen Group Income Fund                MTL.UN           21.2828    1.0641
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Newalta Income Fund                     NAL.UN           25.2854    1.2643
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Northland Power Income Fund             NPI.UN           13.6854    0.6843
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Pembina Pipeline Income Fund            PIF.UN           16.3727    0.8186
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TransAlta Power, L.P.                   TPW.UN            7.8051    0.3903
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Dealer Managers: National Bank Financial Inc. and CIBC World Markets Inc. have been engaged as dealer managers for the Exchange Offer

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.