First Asset Pipes & Power Income Fund filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on March 22, 2012. Under the bid, the fund will repurchase through the facilities of the TSX from time to time up to 389,982 units, representing approximately 10% of the public float and 5.27% of its issued and outstanding shares. All purchases will be made in accordance with the rules and policies of the TSX. All units repurchased pursuant to the bid will be held for resale. The fund will not purchase in any given 30-day period, in the aggregate, more than 147,937 units, representing approximately 2% of the issued and outstanding units. The bid will commence on March 26, 2012 and will expire on March 25, 2013. As of March 7, 2012, the fund has 3,899,828 units in public float and 7,396,864 units issued and outstanding.