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First Asset Yield Opportunity Trust Announces Normal Course Issuer Bid For Units

TORONTO, December 16, 2010 - First Asset Yield Opportunity Trust (the "Trust") (TSX: "FAY.U" and "FAY.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Trust to acquire its Series A Units and Series B Units (collectively, the "Units").

Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 264,386 Series A Units and up to 95,146 Series B Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 2,643,866 Series A Units and 95,146 Series B Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 52,877 Series A Units and 19,029 Series B Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on December 20, 2010. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Trust pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on December 19, 2011.

On December 16, 2009, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 19, 2009, to purchase up to 525,147 Series A Units and up to 116,331 Series B Units through the facilities of the TSX. No Series A Units or Series B Units were repurchased under the bid, which expires on December 18, 2010.

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