Press Releases

Utility Split Trust: Press Release

TORONTO, December 18, 2008 - Utility Split Trust (TSX:UST.PR.A) (TSX:UST.UN) (the "Trust") announces an estimated quarterly distribution of $0.15 per Preferred Security and an estimated monthly distribution of $0.025 per Capital Unit for the month ending December 31, 2008. The distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The Preferred Security distribution and the Capital Unit distribution will be confirmed shortly after the year-end, and prior to payment, once the Trust's year-end tax position is known.

The Trust holds a cash position of approximately 48% 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

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