Press Releases

First Asset PowerGen Fund: Press Release

TORONTO, December 18, 2008 - First Asset PowerGen Fund (TSX:PGT.UN) (the "Fund") announces an estimated distribution of $0.07 per Unit for the month ending December 31, 2008. The distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

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.

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