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First Asset Canadian Dividend Opportunity Fund Files Final Prospectus

TORONTO, March 23, 2010 - First Asset Canadian Dividend Opportunity Fund (the "Fund") announces that it has filed a final prospectus (the "Prospectus") with the securities regulatory authorities of all the Canadian provinces for its initial public offering of a maximum of 20 million trust units (the "Units") at $10 per Unit, for a maximum offering size of up to $200 million. The offering is scheduled to close on or about April 19, 2010. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol of DOF.UN, subject to the fulfillment of TSX requirements.

The Fund has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of equity securities of Canadian utility issuers, pipeline issuers and telecom issuers and select higher yielding equity securities of issuers which First Asset Investment Management Inc. (the "Manager" or "First Asset") believes will benefit from the near term economic environment in Canada and globally. First Asset believes that these sectors are significantly undervalued, offer attractive yields and/or rising payout ratios, and will benefit from renewed investor interest in businesses with higher yields and stable cash flows.

The Fund's investment objectives are to provide holders of Units with:

  1. monthly distributions; and
  2. the opportunity for capital appreciation.

The distributions are initially targeted to be 6% per annum on the subscription price of $10.00 per Unit ($0.05 per Unit per month or $0.60 per annum).

The Portfolio will be actively managed by First Asset. First Asset is a Canadian wealth management company that manages and administers approximately $1.4 billion in assets. Mr. John Stephenson will be the lead portfolio manager responsible for the Portfolio.

On or about the second anniversary of the closing of the offering, the Fund will, subject to all regulatory approvals required by legislation then in force, automatically either: (i) convert to an open-end mutual fund, or (ii) merge with an open-end mutual fund on a tax-deferred basis, to be managed by the Manager or an affiliate of the Manager.

The syndicate of agents for this offering is being led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Financial Ltd., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

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