Communiqués de presse

First Asset Pipes & Power Income Fund Announces Unitholder Meeting

November 14, 2014 - First Asset Pipes & Power Income Fund (the "Fund") (TSX: EWP.UN) announces that a special meeting of the unitholders of the Fund (the "Meeting") will be held on Monday, December 8, 2014. If required, an adjourned Meeting will be held on Thursday, December 18, 2014.

At the Meeting, unitholders will be asked to approve certain amendments to the Fund’s declaration of trust in order to approve the conversion of the Fund from a closed-end fund to an actively managed exchange-traded fund (the “Conversion”), and certain other changes to the investment objectives, strategies and restrictions of the Fund.

First Asset Investment Management Inc., the manager of the Fund (the "Manager") believes that the Conversion will benefit existing unitholders because, as an exchange-traded fund, the Fund offers greater market liquidity and efficient trading, potential benefits from economies of scale through the continuous offering of units, and lower management fees. If the Conversion is approved, the Manager anticipates implementing the Conversion in January, 2015, subject to obtaining a receipt for the final prospectus and any third party or regulatory approvals required (if any) in order to effect the Conversion.

The details of the Meeting and the Manager’s proposals are further described in a management information circular to be mailed to unitholders on or about November 17, 2014.

For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.

Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America.