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Split REIT Opportunity Trust Announces Notice of Intention to Purchase Preferred Securities and Capital Units

July 27, 2006 - Split REIT Opportunity Trust (TSX: SOT.PR.A and SOT.UN) announces that to permit the Trust to acquire Preferred Securities and Capital Units (collectively, the "Securities"), the Trust has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Securities. The TSX has accepted the notice.

Under this normal course issuer bid the Trust may purchase up to 160,000 Preferred Securities and up to 160,000 Capital Units of the Trust, representing 10% of the public float of the Trust, which is the same number as the Trust's outstanding Securities, being 1,600,000 Preferred Securities and 1,600,000 Capital Units as of the date hereof. Purchases of Preferred Securities and Capital Units will commence on July 31, 2006 and will terminate on July 30, 2007, or on such earlier date as the Trust may complete its purchases pursuant to the notice. First Asset Funds Inc., the Manager of the Trust, believes the normal course issuer bid is in the best interests of the Trust and that such purchases constitute a desirable use of the Trust's funds. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Trust will pay for any such Securities will be the market price of such Securities at the time of acquisition. Securities purchased will be cancelled.

To the knowledge of the Manager, no director, officer or other insider of the Manager or the Trust intends at present to sell any Securities under this bid.

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.