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First Asset Opportunity Fund-Press Release

TORONTO, December 5, 2007 - First Asset Investment Management Inc. is pleased to announce that the redemption price for the units of First Asset Opportunity Fund (TSX: FAF.UN) (the "Trust") has increased from $1.95 per unit to $2.06 per unit. The increase is attributable to an offer to purchase a new Class B Unit of the Trust received yesterday from an arms-length third party.

For more information, please contact Rob MacNiven, Investor Relations at (416) 642-1289 or (877) 642-1289 or visit www.firstasset.com.