Progress Energy Increases Exchangeable Share Ratio Effective August 15, 2008

    CALGARY, Aug. 1 /CNW/ - (TSX - PGX.UN) Progress Energy Trust ("Progress"
or the "Trust") today announced the increase to the Exchange Ratio of the
Exchangeable Shares of Progress Energy Ltd. from 1.53188 to 1.54261. This
increase will be effective on August 15, 2008.

    The following are the details of the calculation of the Exchange Ratio:

    Record date of Progress Energy Trust
     distribution                                              July 31, 2008
    Opening Exchange Ratio                                           1.53188
    Progress Energy Trust distribution
     per unit                                                          $0.10
    Five day weighted average trading price
     of PGX.UN (prior to the end of the month)                        $14.28
    Increase in Exchange Ratio(*)                                    0.01073
    Effective Date of the increase in the
     Exchange Ratio                                          August 15, 2008
    Exchange Ratio as of Effective Date                              1.54261
    (*) The increase in the Exchange Ratio is calculated by multiplying the
        Progress Energy Trust distribution per unit by the Exchange Ratio
        immediately prior to the Record Date and dividing by the five day
        weighted average trading price of Progress Energy Trust units.

    Exchangeable Shares of Progress Energy Ltd. trade on the Toronto Stock
Exchange under the symbol PGE. A holder of Progress Energy Ltd. Exchangeable
Shares can exchange all or a portion of their holdings into Progress Energy
Trust Units at any time, by giving notice to their investment advisor or
Computershare Trust Company of Canada at its principal transfer office in
Suite 710, 530-8th Avenue S.W., Calgary, Alberta, T2P 3S8.

    Forward-Looking Statements - Certain information regarding Progress set
forth in this document, including management's assessment of Progress' future
plans and operations, contains forward-looking statements that involve
substantial known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of which
are beyond Progress' control, including the impact of general economic
conditions, industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, the lack of availability of qualified
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources. Progress' actual
results, performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of these events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits that Progress will derive therefrom.

    %SEDAR: 00009589E

For further information:

For further information: Greg Kist, Vice President, Investor Relations &
Marketing, Phone: (403) 539-1809, Fax: (403) 216-2514, Email, Web:

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