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Split REIT Opportunity Trust: Press Release

TORONTO, May 20, 2009 - Split REIT Opportunity Trust (TSX: SOT.UN) announces a distribution of $0.035 per Capital Unit for the month ending May 31, 2009. The distribution will be paid to Capital Unitholders on or before June 12, 2009 to uniholders of record on May 29, 2009.

The Manager will assess the amount of distributions, if any, 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.