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First Asset Global Infrastructure Fund Announces Completion of Merger

TORONTO, Wednesday, December 30, 2009 - First Asset Global Infrastructure Fund (TSX: FAI.UN) ("Global Infrastructure Fund") announces the completion of its merger with Criterion Water Infrastructure Fund (the "Water Infrastructure Fund").

Each issued and outstanding unit of Global Infrastructure Fund received 0.95348 Class D Units of the Water Infrastructure Fund in connection with the merger.

The exchange ratio was determined by dividing (i) the net asset value per unit of Global Infrastructure Fund as at the close of business on December 29, 2009 (i.e. $6.23380 per Unit) by (ii) net asset value per Class D unit of the Water Infrastructure Fund as at the close of business on December 29, 2009 (i.e. $6.53792 per Unit).

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