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First Asset Yield Opportunity Trust Announces Normal Course Issuer Bid for Units

TORONTO, December 15, 2006 - First Asset Yield Opportunity Trust (the "Trust") (TSX: "FAY.UN") announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 125,279 Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 1,252,794 Units as of the date hereof. Purchases of Units under the NCIB may commence on December 19, 2006. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All Units purchased by the Trust pursuant to the NCIB will be cancelled. The NCIB will expire on December 18, 2007.

On December 15, 2005, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 19, 2005, to purchase up to 148,610 Units through the facilities of the TSX. Under the bid, which expires on December 18, 2006, no Units have been purchased.

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