First Asset

First Asset
First Asset PowerGen Fund
TSX : PGT.UN

First Asset PowerGen Fund

July 18, 2007 18:00 ET

First Asset Powergen Fund Announces Exchange Ratios

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - First Asset Investment Management Inc. is pleased to announce the exchange ratios for the Exchange Offer by First Asset PowerGen Fund (TSX:PGT.UN) being made under the preliminary prospectus of the Fund dated June 18, 2007.

Net Asset Value: The net asset value per Unit of the Fund as at July 17, 2007 was $22.04 per Unit.

Closing: The closing is expected to occur on or about July 30, 2007.

Exchange Ratios: The number of Units issuable for the securities of each Issuer was determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange during the period of three consecutive trading days ending on July 17, 2007 by $20. The following table specifies: (i) the name and stock symbol of each Issuer of securities that have been deposited and accepted; (ii) the weighted average trading prices of the securities of each Issuer; and (iii) the Exchange Ratio for the securities of each Issuer. The Exchange Ratios and other information disclosed below will be included in the final prospectus to be filed with the securities regulatory authorities across Canada shortly. The Exchange Ratios were rounded to four decimal places.



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Name of Issuer Stock Weighted Average Exchange
Symbol Trading Price Ratio
($)
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Algonquin Power Income Fund APF.UN 9.0350 0.4518
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AltaGas Income Trust ALA.UN 27.7270 1.3863
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Atlantic Power Corporation ATP.UN 11.3196 0.5660
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Boralex Power Income Fund BPT.UN 10.4552 0.5228
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The Consumers' Waterheater™ Income
Fund CWI.UN 17.0098 0.8505
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Countryside Power Income Fund COU.UN 9.5898 0.4795
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Enbridge Income Fund ENF.UN 11.9085 0.5954
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Energy Savings Income Fund SIF.UN 15.8193 0.7910
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EPCOR Power L.P. EP.UN 26.7307 1.3365
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Inter Pipeline Fund IPL.UN 9.5877 0.4794
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Keyera Facilities Income Fund KEY.UN 19.0993 0.9550
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Mullen Group Income Fund MTL.UN 21.2828 1.0641
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Newalta Income Fund NAL.UN 25.2854 1.2643
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Northland Power Income Fund NPI.UN 13.6854 0.6843
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Pembina Pipeline Income Fund PIF.UN 16.3727 0.8186
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TransAlta Power, L.P. TPW.UN 7.8051 0.3903
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Dealer Managers: National Bank Financial Inc. and CIBC World Markets Inc. have been engaged as dealer managers for the Exchange Offer.

Contact Information

  • First Asset Investment Management Inc.
    Rob MacNiven
    Investor Relations
    (416) 642-1289 or 1-877-642-1289
    Website: www.firstasset.com