Pour diffusion

Utility Split Trust Announces Normal Course Issuer Bid for Class B Preferred Securities and Capital Units

TORONTO, December 20, 2011 - Utility Split Trust (the "Trust") (TSX: "UST.PR.A, UST.PR.B and UST.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Trust to acquire its Class B Preferred Securities and Capital Units (collectively, the "Securities").

Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 120,357 Class B Preferred Securities and up to 120,357 Capital Units of the Trust, representing approximately 10% of the public float, being 1,203,576 Class B Preferred Securities and 1,203,576 Capital Units as of the close of business of December 19, 2011. The Trust will not purchase in any given 30-day period, in the aggregate, more than 24,072 Class B Preferred Securities and 24,072 Capital Units, representing approximately 2% of the issued and outstanding Class B Preferred Securities and Capital Units, being 1,203,576 Class B Preferred Securities and 1,203,576 Capital Units as of the close of business of December 19, 2011. Purchases of Units under the NCIB may commence on December 22, 2011. The Board of Directors of First Asset Investment Management Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Securities purchased by the Trust pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on December 21, 2012.

On December 8, 2010, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 10, 2010, to purchase up to 289,474 Class A Preferred Securities and up to 289,474 Capital Units through the facilities of the TSX. No Securities were repurchased under the bid, which expired on December 9, 2011.

For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.