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First Asset Pipes & Power Income Fund Distribution Press Release

TORONTO, January 20, 2010 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) announces a distribution of $0.03 per Unit for the month ending January 31, 2010. The distribution will be paid on or before February 12, 2010 to unitholders of record on January 29, 2009.

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