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

TORONTO, September 28, 2006 - First Asset Funds Inc., the Manager and Trustee of First Asset Pipes & Power Income Fund (the "Fund") (TSX: EWP.UN), announced today that the Fund has completed its rights offering. Pursuant to the offering, the Fund issued 2,616,770 Units and received gross proceeds of approximately $20.9 million. The additional capital raised will be used to capitalize on certain attractive investment opportunities that the Fund's Investment Advisor foresees arising over the next few months.

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