Press Releases

First Asset Pipes & Power Income Fund Announces Closing of Warrant Offering

Toronto, July 28, 2009 - (TSX: EWP.UN) First Asset Pipes & Power Income Fund announces the closing of its warrant offering. The fund issued an aggregate of 471,314 Units (at $5.88 per Unit) for gross proceeds of approximately $2.8 million. As at the close of business on July 27, 2009, the fund's net asset value per unit was $6.06 per Series A Unit and its closing trading price was $5.85 per Series A Unit.

The net proceeds of the warrant offering will provide the fund with additional capital that can be used to take advantage of attractive investment opportunities.

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.