First Asset Pipes & Power Income Fund Confirms Conversion Details

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

TORONTO, Jan. 13, 2015 /CNW/ - First Asset Pipes & Power Income Fund (the "Fund") (TSX: EWP.UN) announces that it has filed a final prospectus dated January 12, 2015 with the securities regulatory authorities of all of the provinces and territories of Canada in connection with its conversion into an exchange-traded fund ("ETF"), as approved by unitholders at the special meeting held on December 18, 2014.

The Fund will automatically convert into an ETF on January 16, 2016.  In connection with the conversion:

• The Fund's name will change to "First Asset Active Utility & Infrastructure ETF".
• The Fund's investment objectives, strategies and restrictions are changing in order to, among other things, expand the universe of issuers in which it may invest, and ensure that it complies with the securities laws that apply to exchange traded funds.
• The Fund's existing units will be re-designated as common units of the ETF, and their ticker symbol will change to FAI from EWP.UN.
• A new class of advisor units of the ETF will be created.  The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the advisor units under the symbol FAI.A, subject to the fulfillment of the TSX requirements.   A further press release will be issued announcing the commencement of trading of the advisor units.

Unitholders are not required to take any action in connection with the conversion. Further details of the conversion are described in the management information circular that was mailed to unitholders on or about November 17, 2014.

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First Asset is an independent investment firm, focused on providing smart, low cost solutions that address the real-world investment needs of Canadians - capital appreciation, income generation and risk mitigation. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market while helping investors achieve their personal financial goals.

This communication is intended for informational purposes only. This offering is made only by prospectus.  The prospectus contains important detailed information about the ETF and its units. A copy of the prospectus may be obtained from your investment advisor, First Asset or at www.sedar.com. Investors should read the prospectus before making an investment decision. Commissions, trailing fees, management fees and expenses all may be associated with investments in the ETF. The ETF is managed by First Asset Investment Management Inc.

SOURCE First Asset

please call Investor Relations, First Asset at 416-642-1289 or 18776421289 or visit www.firstasset.com.