Press Releases

First Asset PowerGen Fund Announces Closing of Exchange Offering

TORONTO, ONTARIO--(Marketwire - July 30, 2007) - First Asset PowerGen Fund (TSX:PGT.UN) is pleased to announce the closing today of the exchange offering made under the final prospectus of the Fund dated July 19, 2007.

In exchange for units of select issuers, the Fund issued units at $20 each based on the Exchange Ratios set out below:

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                                                  Stock   Exchange
Name of Issuer                                   Symbol      Ratio
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Algonquin Power Income Fund                      APF.UN     0.4518
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AltaGas Income Trust                             ALA.UN     1.3863
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Atlantic Power Corporation                       ATP.UN     0.5660
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The Consumers' Waterheater(TM) Income Fund       CWI.UN     0.8505
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Countryside Power Income Fund                    COU.UN     0.4795
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Enbridge Income Fund                             ENF.UN     0.5954
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Energy Savings Income Fund                       SIF.UN     0.7910
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EPCOR Power L.P.                                  EP.UN     1.3365
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Inter Pipeline Fund                              IPL.UN     0.4794
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Keyera Facilities Income Fund                    KEY.UN     0.9550
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Mullen Group Income Fund                         MTL.UN     1.0641
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Newalta Income Fund                              NAL.UN     1.2643
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Northland Power Income Fund                      NPI.UN     0.6843
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Pembina Pipeline Income Fund                     PIF.UN     0.8186
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TransAlta Power, L.P.                            TPW.UN     0.3903
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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.