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Split REIT Opportunity Trust: Distribution Press Release

TORONTO, July 21, 2010 - Split REIT Opportunity Trust (TSX:SOT.UN) announces a distribution of $0.045 per Capital Unit for the month ending July 31, 2010. The distribution will be paid to Capital Unitholders on or before August 13, 2010 to unitholders of record on July 30, 2010.

The Manager will assess the amount of distributions, if any, on a monthly basis, including consideration of the Preferred Security Test.

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