Communiqués de presse

First Asset Pipes & Power Income Fund: Press Release

TORONTO, December 18, 2008 - First Asset Pipes & Power Income Fund (TSX:EWP.UN) (the "Fund") announces an estimated distribution of $0.025 per Unit for the month ending December 31, 2008. The distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

The Fund continues to hold a cash position of approximately 51% 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, First Asset at 416- 642-1289 or 1-877-642-1289 or visit www.firstasset.com