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First Asset Canadian Dividend Opportunity Fund: Distribution Press Release

TORONTO, July 21, 2010 - First Asset Canadian Dividend Opportunity Fund (TSX:DOF.UN) announces a distribution of $0.05 per Unit for the month ending July 31, 2010. The distribution will be paid on or before August 13, 2010 to unitholders of record on July 30, 2010.

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