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Split REIT Opportunity Trust Announces Switch Ratio

TORONTO, June 27, 2006 - Split REIT Opportunity Trust (the "Trust") announces the following switch ratios in respect of the switch option granted to unitholders of Triax CaRTS Trust (TSX: TXK.UN), Triax CaRTS Technology Trust (TSX: TXR.UN) and Triax CaRTS III Trust (TSX: TXZ.UN):

Trust Net Asset Value per Unit
on June 27, 2006
Switch Ratio
Triax CaRTs Trust $21.12 per Unit 0.84
Triax CaRTs Technology Trust $20.12 per Unit 0.80
Triax CaRTs III Trust $19.91 per Unit 0.80

The switch ratio in each case was determined by dividing (i) the net asset value per security of the relevant Triax CaRTS fund on the CaRTS Valuation Date (June 27, 2006) by (ii) the Unit Offering Price of the Trust ($25). The Trust is scheduled to close on Friday, June 30, 2006.

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