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First Asset Pipes & Power Income Fund: Press Release

TORONTO, Feb. 18, 2009 - First Asset Pipes & Power Income Fund (TSX:EWP.UN) announces a distribution of $0.025 per Unit for the month ending February 28, 2009. The distribution will be paid on or before March 13, 2009 to unitholders of record on February 27, 2009.

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