Pour diffusion

First Asset Yield Opportunity Trust Announces Intention to Purchase Units

TORONTO, December 17, 2007 - First Asset Yield Opportunity Trust (the "Trust") (TSX: "FAY.UN" and "FAY.U") announced today acceptance by the Toronto Stock Exchange ("TSX") of a Notice of Intention to make a normal course issuer bid (the "NCIB") for its Series A trust units ("Series A Units") and Series B trust units ("Series B Units" and, together with the Series A Units, "Units"). As a result of the recent merger involving the Trust, the Trust's units were redesignated as Series A Units and a new series of units, the Series B Units, were created.

Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if it is considered advisable, up to 539,345 Series A Units, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Series A Units, being 5,393,453 as of the date hereof, and up to 204,322 Series B Units, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Series B Units, being 2,043,222 as of the date hereof. The trust will not purchase in any 30-day period, in the aggregate, more than 107,869 Series A Units and 40,864 Series B Units, being 2% of the outstanding Series A Units and Series B Units, respectively, as of the date hereof. Purchases of Series A Units and Series B Units under the NCIB may commence on December 19, 2007 and will terminate on December 18, 2008, or on such earlier date as the Trust may complete its purchases pursuant to the NCIB. 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 such Units will be the respective market price of such Units at the time of acquisition. Units 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.

On December 15, 2006, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 19, 2006, to purchase up to 125,279 of its then trust units through the facilities of the TSX. Under the bid, which expires on December 18, 2007, an aggregate of 1,000 trust units were repurchased and cancelled at an average price of $21.29 per trust unit.

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