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First Asset PowerGen Fund: Press Release

TORONTO, Dec. 30, 2008 - First Asset PowerGen Fund (TSX:PGT.UN) announced today that further to the press release of October 22, 2008, the Fund will limit the number of units that may be redeemed in January, 2009 to 10% of the units outstanding as at December 31, 2008. The Manager is of the opinion that a greater amount would have the potential to impair the operation of the Fund. Redemptions will be completed on a pro-rata basis to the extent units tendered for redemption exceed the 10% limit. The valuation date is January 30, 2009. As at December 29, 2008, the net asset value per unit of the Fund was $16.74.

The Fund also wishes to announce that it intends to engage an advisor to help assess strategic alternatives to enhance the value to the Fund of Confederation Power Inc., the Fund's largest holding, including through the possible sale of Confederation Power. The Fund expects to announce the engagement of the advisor in January.

For further information, please call First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.