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Split REIT Opportunity Trust Announces Normal Course Issuer Bid

TORONTO, July 27, 2007 - Split REIT Opportunity Trust (the "Trust") (TSX: SOT.UN and SOT.PR.A) announced today acceptance by the Toronto Stock Exchange ("TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid for its Preferred Securities and Capital Units (collectively, the "Securities").

Under this normal course issuer bid, the Trust may purchase, from time to time, if it is considered advisable, up to 151,700 Preferred Securities and up to 151,700 Capital Units, representing approximately 10% of the public float of the Securities, which is the same number as the Trust's issued and outstanding Securities, being 1,517,000 Preferred Securities and 1,517,000 Capital Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 30,340 Preferred Securities and more than 30,340 Capital Units, being 2% of the issued and outstanding Securities as of the date hereof. Purchases of Securities under the normal course issuer bid will commence on July 31, 2007 and will terminate on July 30, 2008 or on such earlier date as the Trust may complete its purchases. 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 Preferred Securities and Capital Units will be the respective prevailing market price of such Preferred Securities and Capital Units at the time of acquisition. Securities that are purchased will be cancelled.

The Board of Directors of First Asset Funds Inc., as manager of the Trust, believes that the proposed purchases are in the best interests of the Trust and are a desirable use of the funds of the Trust.

Under its previous normal course issuer bid, which commenced on July 31, 2006 and which expires on July 30, 2007, the Trust has purchased and cancelled a total of 83,000 Preferred Securities and 83,000 Capital Units at an average price of $10.48 per Preferred Security and $16.73 per Capital Unit, respectively.

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.