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First Asset Yield Opportunity Trust, Preferred Securities Income Fund and Preferred Securities Limited Duration Fund Announce Exchange Ratio

TORONTO, December 14, 2007 - First Asset Yield Opportunity Trust (TSX: FAY.UN) ("FAY"), Preferred Securities Income Fund (TSX: PFS.UN) ("PFS") and Preferred Securities Limited Duration Fund (TSX: PLD.UN; PLD.U) ("PLD") wish to announce the ratios upon which units of PFS and PLD, respectively, will be exchanged for units of FAY in connection with the merger of PFS and PLD into FAY.

On Monday, December 17, 2007, each unit of PFS will be exchanged for 0.7465 Series A units of FAY, and each Series A unit of PLD will be exchanged for 0.7541 Series A units of FAY. In each case, the exchange ratio is determined by dividing (i) the net asset value per unit of PFS or PLD (as the case may be) as at the close of business on December 14, 2007 by, (ii) the net asset value per unit of FAY as at the close of business on December 14, 2007. Each Series B unit of PLD will be exchanged for one (1) Class B unit of FAY.

Unitholders of PFS and PLD will not be required to take any action in order to be recognized as unitholders of FAY or to be in a position to trade units of FAY following the transaction. The Series A units will continue to trade as FAY.UN, and the Series B units will trade as FAY.U.

For further information, please contact Paul Dinelle, Executive Vice-President at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.