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Split REIT Opportunity Trust: Press Release

TORONTO, December 18, 2008 - Split REIT Opportunity Trust (TSX:SOT.PR.A) (TSX:SOT.UN) (the "Trust") announces an estimated distribution of $0.14375 per Preferred Security for the quarter ended December 31, 2008. The distribution will be paid on or before January 15, 2009, to Preferred Security holders of record on December 31, 2008. The Preferred Security distribution will be confirmed shortly after the year-end, and prior to payment, once the Trust's year-end tax position is known.

The Trust announces that no distribution will be paid to Capital Unitholders for the month ending December 31, 2008.

The Manager will assess the ability to pay distributions, and the amount thereof, on a monthly basis. This process includes, among other things, consideration of the Preferred Security Test which requires the Net Asset Value per Capital Unit to exceed $15 as a condition to paying a distribution on the Capital Units.

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