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

TORONTO, November 26, 2007 - Utility Split Trust (the "Trust") (TSX: UST.PR.A and UST.UN) announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to commence a Normal Course Issuer Bid (the "NCIB") to permit the Trust to acquire its Preferred Securities and Capital Units (collectively, the "Securities").

Pursuant to the NCIB, the Fund proposes to purchase, from time to time, if it is considered advisable, up to 461,420 Preferred Securities and up to 461,420 Capital Units of the Trust, representing approximately 10% of the public float of the Trust, which is the same number as the Trust's outstanding Securities, being 4,614,200 Preferred Securities and 4,614,200 Capital Units as of the date hereof. The Fund will not purchase in any given 30-day period, in the aggregate, more than 92,284 Preferred Securities and 92,284 Capital Units, being 2% of the issued and outstanding Preferred Securities and Capital Units as of the date hereof. Purchases of Securities will commence on November 28, 2007 and will terminate on November 27, 2008, or on such earlier date as the Trust may complete its purchases pursuant to the notice. The Board of Directors of First Asset Funds 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 be cancelled.

Under its previous normal course issuer bid, which commenced on November 28, 2006 and which expires on November 27, 2007, the Trust has purchased and cancelled a total of 125,800 Preferred Securities at an average price of $10.46 per Preferred Security and a total of 125,800 Capital Units at an average price of $13.61 per Capital Unit.

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