Press Releases

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

Toronto, Ontario. March 16, 2007 - First Asset Pipes & Power Income Fund (the "Trust") (TSX: "EWP.UN") announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to renew its Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if it is considered advisable, up to 987,677 Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 9,876,777 Units as of the date hereof. Purchases of Units under the NCIB may commence on March 20, 2007. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All Units purchased by the Trust pursuant to the NCIB will be cancelled. The NCIB will expire on March 19, 2008.

On March 16, 2006, the Trust announced that it was making a Normal Course Issuer Bid, which commenced March 20, 2006, to purchase up to 1,064,638 Units through the facilities of the TSX. Under the bid, which expires on March 19, 2007, an aggregate of 259,700 Units were repurchased and cancelled at an average price of $8.1218 per Unit excluding commissions.

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