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First Asset Pipes & Power Income Fund: Press Release

TORONTO, January 21, 2009 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) announces a distribution of $0.025 per Unit for the month ending January 31, 2009. The distribution will be paid on or before February 13, 2009 to unitholders of record on January 30, 2009.

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