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First Asset Pipes & Power Income Fund Announces Completion of Rights Offering

TORONTO, March 28, 2012 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) (the "Fund") announces that it has completed the offering of rights pursuant to the short form prospectus dated February 14, 2012. The offering was over-subscribed and accordingly the maximum of 2,067,553 units were issued for net proceeds of approximately $15 million, after deducting expenses of the offering. The proceeds of the offering will provide the Fund with additional capital that can be used to capitalize on attractive investment opportunities, and it is also expected to increase the trading liquidity of its units and reduce the management expense ratio of the Fund.

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