Press Releases

First Asset Pipes & Power Income Fund Announces Normal Course Issuer Bid For Units

TORONTO, March 22, 2012 - First Asset Pipes & Power Income Fund (the "Fund") (TSX:EWP.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 389,982 Units of the Fund, representing approximately 10% of the public float, being 3,899,828 Units as of the close of business of March 7, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 147,937 Units, representing approximately 2% of the issued and outstanding Units, being 7,396,864 Units as of the close of business of March 7, 2012. Purchases of Units under the NCIB may commence on March 26, 2012. 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 be held for resale. The NCIB will expire on March 25, 2013.

On March 22, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced March 25, 2011, to purchase up to 435,344 Units through the facilities of the TSX. No Units were repurchased under the bid, which will expire on March 24, 2012.

For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com