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First Asset Canadian Dividend Opportunity Fund: Distribution Press Release

TORONTO, May 18, 2010 - First Asset Canadian Dividend Opportunity Fund (TSX: DOF.UN) announces its initial distribution of $0.0681 per Unit for the month ending May 31, 2010. The distribution will be paid on or before June 15, 2010 to unitholders of record on May 31, 2010. This distribution includes a pro rated amount for the period from the closing of the Fund's initial public offering (April 19, 2010) to May 31, 2010.

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