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

TORONTO, November 26, 2008 - Utility Split Trust (the "Trust") (TSX: "UST.PR.A 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 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 396,485 Preferred Securities and up to 396,485 Capital Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Securities, being 3,964,850 Preferred Securities and 3,964,850 Capital Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 79,297 Preferred Securities and 79,297 Capital Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on November 28, 2008. 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 not be cancelled and will be held for resale. The NCIB will expire on November 27, 2009.

On November 26, 2007, the Trust announced that it was making a Normal Course Issuer Bid, which commenced November 28, 2007, to purchase up to 461,420 Preferred Securities and up to 461,420 Capital Units through the facilities of the TSX. No Securities were repurchased under the bid, which expires on November 27, 2008.

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