Press Releases

Split REIT Opportunity Trust Announces Normal Course Issuer Bid For Preferred Securities and Capital Units

TORONTO, July 29, 2010 - Split REIT Opportunity Trust (the "Trust") (TSX: "SOT.UN" and "SOT.PR.A") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") for its Preferred Securities and Capital Units (collectively, the "Securities").

Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 78,352 Preferred Securites and up to 78,352 Capital Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Securities, being 783,529 Preferred Securities and 783,529 Capital Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 15,670 Preferred Securities and more than 15,670 Capital Units, being 2% of the issued and outstanding Securities as of the date hereof. Purchases of Securities under the NCIB may commence on July 31, 2010. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. Securities purchased by the Trust pursuant to the NCIB will be held for resale. The NCIB will expire on July 30, 2011.

On July 29, 2009, the Trust announced that it was making a Normal Course Issuer Bid, which commenced July 31, 2009, to purchase up to 92,134 Preferred Securities and up to 92,134 Capital Units through the facilities of the TSX. The Trust did not purchase any Preferred Securities or Capital Units pursuant to the bid, which expires on July 30, 2010.

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