Press Releases

First Asset PowerGen Fund and FA Power Fund Announce Exchange Ratios

TORONTO, June 17, 2008 - First Asset PowerGen Fund (TSX: PGT.UN) ("PGT") and FA Power Fund (TSX: PFA.UN) ("PFA") announce the exchange ratios upon which the merger of PGT and PFA will be implemented prior to the market opening on Wednesday, June 18, 2008.

Each unit of PFA will receive 1.0527 units of PGT upon the merger (the "Exchange Ratio"). The Exchange Ratio was determined by dividing (i) $20.38, the net asset value per unit of PFA as at the close of business on June 17, 2008 by (ii) $19.36, the net asset value per unit of PGT as at the close of business on June 17, 2008.

For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.