Communiqués de presse

FIRST ASSET POWERGEN FUND ANNOUNCES EXCHANGE OFFERING

TORONTO, June 19, 2007 - First Asset Investment Management Inc. is pleased to announce that First Asset PowerGen Fund (the "Fund") (TSX: PGT.UN) has filed a preliminary prospectus across Canada, qualifying units of the Fund (the "Units") to be issued in connection with its exchange offer (the "Exchange Offer") for securities of issuers listed below (the "Issuers").

Deposit Date and Closing: The Exchange Offer will be open for acceptance by holders of securities of the Issuers until 4:00 pm (Toronto time) on July 17, 2007 (the "Deposit Date"). The closing is expected to occur on or about July 31, 2007.

Exchange ratio: Units may be purchased by the exchange of eligible securities of any Issuer named below. The number of Units issuable for the securities of each Issuer (the "Exchange Ratio") will be determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange ("TSX") during the period of three consecutive trading days ending on the Deposit Date (the "Pricing Period") by $20. The Exchange Ratio will be announced in a press release issued by the Fund on or about July 18, 2007.

Acceptance: The Exchange Offer will remain open for acceptance until 4:00 p.m. (Toronto time) on July 17, 2007. The Exchange Offer may be accepted only by means of a book-entry deposit through CDS Clearing and Depository Services Inc. ("CDS"). Holders of securities of an Issuer who wish to accept the Exchange Offer must request their investment adviser, investment dealer, bank, trust company or other nominee to effect the deposit for them, and should do so no later than July 16, 2007, to ensure that their securities are included in the deposit to be made through CDS on July 17, 2007. Some nominees may require an earlier deadline for receiving instructions concerning a deposit.

Issuers:

Issuer Stock Symbol Issuer Stock Symbol
Algonquin Power Income Fund APF.UN Inter Pipeline Fund IPL.UN
AltaGas Income Trust ALA.UN Keyera Facilities Income Fund KEY.UN
Atlantic Power Corporation ATP.UN Macquarie Power & Infrastructure Income Fund MPT.UN
Boralex Power Income Fund BPT.UN Mullen Group Income Fund MTL.UN
CCS Income Trust CCR.UN Newalta Income Fund NAL.UN
The Consumers' WaterheaterTM Income Fund CWI.UN Northland Power Income Fund NPI.UN
Countryside Power Income Fund COU.UN Parkland Income Fund PKI.UN
Creststreet Power & Income Fund L.P. CRS.UN Pembina Pipeline Income Fund PIF.UN
Enbridge Income Fund ENF.UN Primary Energy Recycling Corporation PRI.UN
Energy Savings Income Fund SIF.UN Primary Energy Recycling Corporation RU.UN
EPCOR Power L.P. EP.UN Spectra Energy Income Fund SP.UN
Fort Chicago Energy Partners L.P. FCE.UN Superior Plus Income Fund SPF.UN
Gaz Métro Limited Partnership GZM.UN Taylor NGL Limited Partnership TAY.UN
Great Lakes Hydro Income Fund GLH.UN TransAlta Power, L.P. TPW.UN
Innergex Power Income Fund IEF.UN    

Dealer Managers: National Bank Financial Inc. and CIBC World Markets Inc. have been engaged as dealer managers for the Exchange Offer.

First Asset PowerGen Fund: The Fund's investment objectives are to provide Unitholders with monthly cash distributions to the extent of dividends and distributions received on the Fund's portfolio (less amounts the Fund's Trustee believes are reasonably necessary for the payment of costs and expenses required for the operation of the Fund and the maintenance of cash reserves) and the opportunity for capital appreciation by investing in a diversified portfolio of power generation and related energy infrastructure assets.

Website: To find out more about the Fund, including portfolio holdings, net asset values and investment objectives, please go to www.firstassetfunds.com.

Restrictions: The Exchange Offer is not a take-over bid for any of the issuers and is not, and under no circumstances is to be construed as, an offering of any Units for sale in the U.S. or to any resident thereof.

More Information: For more information, contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit our website at www.firstassetfunds.com.