Press Releases

Utility Split Trust Announces Public Offering of Class B Preferred Securities

Toronto, December 2, 2011 - Utility Split Trust (the "Fund") (TSX: UST.UN; UST.PR.A) announces that it has filed a preliminary short form prospectus with respect to a public offering (the "Offering") of Class B Preferred Securities (the "Class B Preferred Securities").

The Fund was established to provide investors with exposure to a diversified investment in securities of utility issuers, utilizing the split security structure, on a low cost basis, while providing monthly tax efficient distributions to holders of capital units of the Fund. Utility issuers include, among others, corporations or income trusts that generate, transmit and/or distribute electricity, water and/or natural gas, including, corporations or income trusts that supply the raw materials required for the generation of electricity.

The Class B Preferred Securities have been provisionally rated Pfd-2 (low) by DBRS Limited. The issuance of the Class B Preferred Securities will allow the Fund to maintain the leveraged split security structure of the Fund following the repayment of the Fund's currently issued and outstanding preferred securities on or about December 31, 2011, and the retraction on December 15, 2011 of 1,375,194 Capital Units that were deposited for retraction pursuant to the special retraction right that expired on November 29, 2011.

The Offering is being made on a best efforts agency basis in each of the provinces of Canada through a syndicate of investment dealers led by CIBC and including BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.

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

A preliminary short form prospectus containing important information relating to the Class B Preferred Securities has been filed with securities commissions or similar authorities in all provinces of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial advisor. There will not be any sale or any acceptance of an offer to buy the Class B Preferred Securities until a receipt for the final prospectus has been issued.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain statements included herein constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the First Asset Investment Management Inc.'s (the "Manager") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.