Press Releases

First Asset PowerGen Fund: Press Release

TORONTO, November 19, 2008 - First Asset PowerGen Fund (TSX: PGT.UN) announces a distribution of $0.07 per Unit for the month ending November 30, 2008. The distribution will be paid on or before December 15, 2008 to unitholders of record on November 28, 2008.

The Manager anticipates that there may be future fluctuations in the amount of the monthly distribution depending on, among other things: the Fund's net cash flow; prevailing market conditions; the Fund's cash position; the percentage of the Fund invested in private companies; and redemptions. As previously reported, the Fund continues its defensive approach in light of the current market environment. The Fund is not employing leverage, and is holding a cash position of approximately 20%, well-positioning it to take advantage of investment opportunities when the Manager believes it would be prudent to do so.

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