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First Asset PowerGen Fund: Press Release

TORONTO, January 15, 2009 - First Asset PowerGen Fund (TSX: PGT.UN) announced today that further to its press release of December 30, 2008, the number of units tendered for redemption pursuant to the Annual Redemption exceeded the 10% limit and therefore those units tendered for redemption will be redeemed on a pro rata basis on January 30, 2009 in accordance with the policies and procedures of CDS and participating brokers and dealers resulting in approximately 27% of units tendered for redemption being redeemed.

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