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Split REIT Opportunity Trust: Press Release

TORONTO, April 21, 2009 - Split REIT Opportunity Trust (TSX: SOT.UN) announces that no distribution will be paid to Capital Unitholders for the month ending April 30, 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.

Consistent with the Manager's belief that the equity markets represent significant value at current levels, the Manager has commenced selectively deploying the Fund's cash position, which represented as much as approximately 43% of net assets during the market downturn, in high quality Real Estate Investment Trusts and expects to reduce the Fund's cash position to below 10% in the near future.

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