Press Releases

First Asset PowerGen Fund and First Asset Renewable Power Flow-Through Limited Partnerships Announce Exchange Ratios

TORONTO, Monday, April 14, 2008 - First Asset PowerGen Fund (TSX: PGT.UN) (the "Fund") and the First Asset Renewable Power Flow-Through Limited Partnerships wish to announce the exchange ratios upon which the merger of the Partnerships and the Fund will be implemented prior to the market opening on Tuesday, April 15, 2008.

The following table indicates how many units of the Fund each unit of a Partnership will receive upon the merger (the "Exchange Ratio"):


                                   NAV per Unit as at
Partnership                             April 14, 2008        Exchange Ratio

First Asset Renewable Power Flow-
 Through Limited Partnership                    $9.13                0.4726

First Asset Renewable Power Flow-
 Through LPII                                   $8.35                0.4322

First Asset Renewable Power Flow-
 Through LPIII                                  $8.50                0.4400

First Asset Renewable Power Flow-
 Through LPIV                                   $9.46                0.4896

The Exchange Ratio was determined by dividing (i) the net asset value per unit of each Partnership as at the close of business on April 14, 2008 by (ii) $19.32, the net asset value per unit of the Fund as at the close of business on April 14, 2008.

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