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Press release from Marketwire

First Asset PowerGen Fund Announces Normal Course Issuer Bid for Units

Tuesday, November 02, 2010

First Asset PowerGen Fund Announces Normal Course Issuer Bid for Units12:58 EDT Tuesday, November 02, 2010TORONTO, ONTARIO--(Marketwire - Nov. 2, 2010) - First Asset PowerGen Fund (the "Fund") (TSX:PGT.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 430,731 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fund's issued and outstanding Units, being 4,307,317 Units as of the date hereof. The Fund will not purchase in any given 30-day period, in the aggregate, more than 86,146 Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on November 4, 2010. The Board of Directors of First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on November 3, 2011. On October 29, 2009, the Fund announced that it was making a Normal Course Issuer Bid, which commenced November 1, 2009, to purchase up to 479,049 Units through the facilities of the TSX. No Units were purchased under the bid, which expired on October 31, 2010.FOR FURTHER INFORMATION PLEASE CONTACT: Rob MacNivenFirst AssetInvestor Relations416-642-1289 or 1-877-642-1289www.firstasset.com