TORONTO, ONTARIO--(Marketwire - Feb. 15, 2012) -First Asset Pipes & Power Income Fund (TSX:EWP.UN) announces that it is issuing rights (the "Rights") to subscribe for units of the Fund ("Units") to holders of units ("Unitholders") of record at the close of business on February 27, 2012 (the "Record Date"). Each Unitholder is entitled to one Right for each Unit held on the Record Date. Three Rights will entitle the holder to purchase one Unit at a price of $7.50 per Unit. The Rights must be exercised prior to 5:00 p.m. (Toronto time) on March 27, 2012.

If all the Rights are exercised, the Fund will issue approximately 2,067,553 Units and receive net proceeds of approximately $15.0 million. The proceeds of the Offering will provide the Fund with additional capital that can be used to capitalize on attractive investment opportunities, and it is also expected to increase the trading liquidity of its units and reduce the management expense ratio of the Fund.

The Toronto Stock Exchange ("TSX") has approved the listing on the TSX of the Rights (TSX:EWP.RT.A) and the Units issuable on the exercise of the Rights. CIBC World Markets Inc. will act as dealer-manager to form a soliciting group to solicit subscriptions of the Rights.