Press Releases

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

TORONTO, March 22, 2013 Ė First Asset Pipes & Power Income Fund (the "Fund") (TSX: "EWP.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fundís 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 371,602 Units of the Fund, representing approximately 10% of the public float, being 3,716,027 Units as of the close of business of March 18, 2013. The Fund will not purchase in any given 30-day period, in the aggregate, more than 165,404 Units, representing approximately 2% of the issued and outstanding Units, being 8,270,214 Units as of the close of business of March 18, 2013. Purchases of Units under the NCIB may commence on March 26, 2013. 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 Fundís 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, 2014.

On March 22, 2012, the Fund announced that it was making a Normal Course Issuer Bid, which commenced March 26, 2012, to purchase up to 389,982 Units through the facilities of the TSX. The Fund repurchased 5,200 Units at a weighted average price of $8.08 per unit under the bid, which will expire on March 25, 2013.

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.