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First Asset Global Infrastructure Fund Announces Special Meeting of Unitholders

TORONTO, November 2, 2009 - First Asset Funds Inc. ("First Asset"), the Manager and Trustee of First Asset Global Infrastructure Fund ("Global Infrastructure") (TSX: FAI.UN), announces that a special meeting of the unitholders of the Global Infrastructure will be held on Monday, December 7, 2009. If required, an adjourned meeting will be held on Thursday, December 17, 2009. Unitholders of record on October 30, 2009 will be entitled to receive notice of and vote at the meeting. The Notice and Management Information Circular which details the matters to be considered at the meeting will be mailed to unitholders on or about November 16, 2009, and will also be available on www.sedar.com after mailing.

At the special meeting, unitholders will be asked to approve the merger of Global Infrastructure into Criterion Water Infrastructure Fund ("Water Infrastructure"). First Asset believes that the proposed merger is in the best interests of the unitholders. Water Infrastructure is a larger, open-end mutual fund, which would result in enhanced liquidity, cost synergies and the opportunity for improved long term performance. If approved, the merger will be implemented on the basis of the relative net asset values of Global Infrastructure and Water Infrastructure as at the close of business on the day prior to the merger date.

If unitholders approve the proposed merger, First Asset anticipates completing the merger on or about December 23, 2009, subject to receipt of all required third party approvals.

About Criterion Water Infrastructure Fund

Criterion Water Infrastructure Fund is an open-end investment trust established under the laws of the Province of Ontario. Water Infrastructure is a specialty equity fund that invests in equity securities connected to the water infrastructure sector.

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