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First Asset Global Infrastructure Fund Announces Results of Unitholder Meeting and Merger Time Line

TORONTO, Thursday, December 17, 2009 - First Asset Global Infrastructure Fund (TSX: FAI.UN) ("Global Infrastructure Fund") announces that Unitholders have approved the merger of Global Infrastructure Fund into Criterion Water Infrastructure Fund ("Water Infrastructure Fund").

The units of Global Infrastructure Fund will be delisted as at the close of business on December 21, 2009 in order to facilitate the merger which is currently scheduled to occur on Wednesday, December 30, 2009. Assuming receipt of all required approvals, on that date, units of Global Infrastructure Fund will be exchanged for Class D units of Water Infrastructure Fund at an exchange ratio calculated based on the relative net asset value of each fund as at the close of business on Tuesday, December 29, 2009.

The former unitholders of Global Infrastructure Fund will not be required to take any action in order to be recognized as unitholders of Water Infrastructure Fund following the merger.

No distributions will be declared by Global Infrastructure Fund in advance of the merger. Former unitholders of Global Infrastructure Fund will receive any distributions declared by Water Infrastructure Fund in respect of the period-ending December 31, 2009.

For more information, please call Investor Relations at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.