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Split REIT Opportunity Trust: Press Release

TORONTO, March 20, 2009 - Split REIT Opportunity Trust (TSX: SOT.PR.A, SOT.UN) (the "Trust") announces a distribution of $0.14375 per Preferred Security for the quarter ended March 31, 2009. The distribution will be paid on or before April 15, 2009, to Preferred Security holders of record on March 31, 2009.

The Trust announces that no distribution will be paid to Capital Unitholders for the month ending March 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.