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First Asset Canadian Dividend Opportunity Fund: Press Release

TORONTO, April 20, 2012 - First Asset Canadian Dividend Opportunity Fund (the "Fund") announces that it has completed its previously announced conversion to an open-end mutual fund.

The Fund's investment objectives are the same as those prior to the conversion, in particular, to provide unitholders with (i) monthly distributions; and (ii) the opportunity for capital appreciation, by investing in an actively managed portfolio comprised primarily of high-quality dividend paying Canadian equity securities of Canadian utility issuers, pipeline issuers and telecommunications issuers and select higher yielding equity securities.

The Fund is now also offering Class A and Class F units for sale with four different sales charge options as set out in the following table:


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Class               Sales Charge Option           Fund Code           
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Class A             Initial Sales Charge          CRT 6103            
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Class A             Low Load                      CRT 6101            
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Class A             Deferred Sales Charge         CRT 6100            
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Class F             Fee-Based Account             CRT 6105            
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More information about the Fund is set out in its simplified prospectus which is available on SEDAR at www.sedar.com and on the Manager's website at www.firstasset.com.

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

Commissions, trailing commissions, management fees and expenses all may be associated with this investment. Please read the prospectus before investing. This fund is not guaranteed, its value changes frequently and past performance may not be repeated.