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First Asset Canadian Dividend Opportunity Fund Press Release

TORONTO, April 5, 2012 - First Asset Canadian Dividend Opportunity Fund (TSX:DOF.UN) (the "Fund") confirms that it will convert into an open-end mutual fund (the "Conversion") on April 19, 2012. The Fund's units will be delisted from the Toronto Stock Exchange at the close of business on April 13, 2012 in order to permit the completion of the Conversion.

For further information, please call Rob MacNiven, Investor Relations, First Asset, at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.