An anonymous director reports

FIRST ASSET PIPES & POWER INCOME FUND ANNOUNCES RESULTS OF SPECIAL UNITHOLDER MEETING

At an adjourned special meeting of the unitholders of First Asset Pipes & Power Income Fund held on Dec. 18, 2014, unitholders approved certain amendments to the fund's declaration of trust in order to permit the conversion of the fund from a closed-end fund to an actively managed exchange-traded fund, as well as certain other changes to the investment objectives, strategies and restrictions of the fund.

The implementation of the conversion is subject to certain third party and regulatory approvals, including obtaining a receipt for the final prospectus of the exchange-traded fund. First Asset Investment Management Inc., the manager of the fund, currently anticipates that the conversion will be implemented before the end of January, 2015. The manager will issue a press release announcing the effective date of the conversion as soon as practicable, after all of the approvals for the conversion have been obtained. Unitholders are not required to take any action in connection with the conversion.