Press Releases

First Asset Pipes & Power Income Fund Announces Warrants Offering

Toronto, February 6, 2009 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) announces that it has filed a preliminary prospectus relating to an offering of warrants to unitholders of the Fund. Each unitholder of record on the Record Date will receive one warrant for each unit held. The Record Date will be set upon filing of the final prospectus. One warrant will entitle the holder to purchase a unit upon payment of the subscription price, which is determined as the lesser of: (i) $5.90 (being the most recently published net asset value per unit prior to the date of the preliminary prospectus) and (ii) the most recently published net asset value per unit prior to the date of filing the final prospectus. The Fund has applied to list the warrants and the units issuable on the exercise thereof on the TSX. Successful completion of the warrants offering will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and it is also expected to increase the trading liquidity of the units and reduce the ongoing management expense ratio of the Fund.

For further information, please contact your financial advisor, call First Asset's investor relations line at 416-642-1289 (toll-free at 1-877-642-1289) or visit our website at www.firstasset.com.