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First Asset Pipes & Power Income Fund: Press Release

TORONTO, November 19, 2008 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) announces a distribution of $0.025 per Unit for the month ending November 30, 2008. The distribution will be paid on or before December 15, 2008 to unitholders of record on November 28, 2008.

The Manager would like to reiterate that the reduction of the distribution reflects the extraordinary conditions that global markets are currently experiencing and the Manager's belief that under such market conditions, the Fund should adopt a much more defensive position, which includes, among other things, preserving cash levels. The Fund holds a cash position of approximately 48% and is well positioned to take advantage of investment opportunities when the Manager believes it would be prudent to do so. In addition, the Fund has not employed leverage in 2008. The appropriate level of distributions will be assessed on an on-going basis.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1- 877-642-1289 or visit www.firstasset.com.