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First Asset Distribution Press Release

TORONTO, May 22, 2012 - First Asset announces the following distributions for the month ending May 31, 2012. In all cases, the distribution will be paid on or before June 15, 2012, to holders of record on May 31, 2012.


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                                                                Distribution
                                                          TSX         Amount
Name                                                   Symbol     (per unit)
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First Asset Yield Opportunity Trust - Series A         FAY.UN $       0.1458
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First Asset Yield Opportunity Trust - Series B          FAY.U $  0.044 (USD)
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First Asset REIT Income Fund                           RIT.UN $         0.05
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First Asset Pipes & Power Income Fund                  EWP.UN $         0.03
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Utility Split Trust - Capital Units                    UST.UN $         0.05
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Triax Diversified High-Yield Trust                     TRH.UN $         0.07
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First Asset Canadian Dividend Opportunity Fund II      DVF.UN $      0.04167
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For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.