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First Asset Yield Opportunity Trust Announces Notice of Intenetion to Purchase Units

Toronto, December 17, 2004 - First Asset Yield Opportunity Trust (TSX: FAY.UN) announced today that to enable it to execute its mandatory market purchase program if and when required, and to permit the Trust to otherwise acquire Units, the Trust has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the notice.

Under this normal course issuer bid the Trust may purchase up to 184,905 of the Units of the Trust, representing 10% of the public float of the Trust, which is the same number as the Trust's outstanding Units, being 1,849,047 as of the date hereof. Purchases of Units will commence on December 17, 2004 and will terminate on December 16, 2005, or on such earlier date as the Trust may complete its purchases pursuant to the Notice. 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 any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

Under its previous normal course issuer bid from December 17, 2003 to December 18, 2004, the Trust did not purchase any of its units.

To the knowledge of the Trustee, no director, officer or other insider of the Trustee or the Trust intends at present to sell any Units under this bid.

For further information, please call Tanya Carey at First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289.