Formerly the Triax CaRTs III Trust, the First Asset PowerGen Fund is an actively managed fund that will provide exposure to Power Assets through direct and indirect ownership of such assets.

Power Assets are assets involved in the generation and sale of electricity including: hydro-electric, gas fired, wind, biomass and biogas, among others and related energy infrastructure assets which include: construction, fuel reclamation, pipeline, trucking and other related services to the power generation industry.

It's objectives are to provide Unitholders with monthly cash distributions and the opportunity for capital appreciation.

On April 14, 2008 First Asset PowerGen Fund ("PGT") and the First Asset Renewable Power Flow-Through Limited Partnerships announced exchange ratios upon which the merger of the Partnerships and the Fund were implemented prior to the market opening on Tuesday, April 15, 2008. The following table indicates how many units of PGT each unit of a Partnership received upon the merger (the "Exchange Ratio"):

Partnership                             NAV 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

On June 18, 2008 FA Power Fund ("PFA") and First Asset PowerGen Fund ("PGT") announced the completion of the merger of PFA into PGT. The merger was accomplished on a taxable basis for unitholders of the PFA. On a per unit basis, each unit of the FA Power Fund received 1.0527 units of PGT.

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.