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Utility Split Trust: Press Release

TORONTO, Oct. 22, 2008 - Utility Split Trust (TSX:UST.UN) announces a distribution of $0.0625 per Capital Unit for the month ending October 31, 2008. The distribution will be paid on or before November 14, 2008 to unitholders of record on October 31, 2008.

The reduction of the distribution reflects the extraordinary conditions that global markets are currently experiencing and the Manager's belief that under such market conditions, the Trust should adopt a much more defensive position, which includes, among other things, preserving cash levels. Currently, the Trust holds a cash position of approximately 46% and is well positioned to take advantage of investment opportunities when the Manager believes it would be prudent to do so. In addition, the Trust has not employed leverage since January, 2008 when it began to sell holdings as part of this more defensive strategy. The appropriate level of distributions will be assessed on an on-going basis.

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.