Communiqués de presse

First Asset Pipes & Power Income Fund Files Final Prospectus on Warrants Offering

Toronto, February 11, 2010 - First Asset Pipes & Power Income Fund (TSX: EWP.UN) announces that it has filed a final short form prospectus dated February 10, 2010 relating to an offering of warrants to unitholders of the Fund. Each unitholder of record on February 24, 2010 will receive one warrant for each unit (each, a "Unit") held. Two warrants will entitle the holder to purchase a Unit of the Fund upon payment of the subscription price of $7.09 (being the lesser of (i) the most recently calculated net asset value per Unit prior to the date of the preliminary short form prospectus, and (ii) the most recently calculated net asset value per Unit prior to the date of the final short form prospectus) on or before July 23, 2010, the expiry date. Based on the number of Units deposited for redemption prior to the date hereof, the Manager will redeem an aggregate of 1,396,303 Units on February 25, 2010. As the record date for the offering will occur prior to the redemption, an aggregate of 6,805,958 warrants will be issued on that date pursuant to the final short-form prospectus which if exercised in full would result in the issuance of an aggregate of 3,402,979 Units yielding aggregate gross proceeds to the Fund of approximately $24,127,121.

The Fund has applied to list the warrants under the ticker symbol EWP.WT.A and the units issuable on the exercise thereof on the Toronto Stock Exchange. It is expected that the warrants will commence trading on February 22, 2010 and will remain trading until noon (Toronto time) on the expiry date July 23, 2010.

Successful completion of the warrant offering will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and it is also expected to increase the trading liquidity of the units and reduce the management expense ratio of the Fund.

For further information, please contact your financial advisor, call First Asset's investor relations line at 416-642-1289 (toll-free at 1-877-642-1289) or visit our website at www.firstasset.com.