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Split REIT Opportunity Trust: Press Release

TORONTO, January 21, 2009 - Split REIT Opportunity Trust (TSX: SOT.UN) announces that no distribution will be paid to Capital Unitholders for the month ending January 31, 2009.

The Manager will assess the ability to pay distributions, and the amount thereof, on a monthly basis, including consideration of the Preferred Security Test.

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