Press Releases

Split REIT Opportunity Trust: Announces Unitholder Meeting

TORONTO, October 26, 2011 - Split REIT Opportunity Trust (the "Fund") (TSX: SOT.UN; SOT.PR.A) announces that a special meeting of the holders of Capital Units of the Fund will be held on Thursday, November 17, 2011 and, if required, an adjourned meeting will be held on Wednesday, November 30, 2011.

At the meeting, Capital Unitholders will be asked to consider and approve amendments to the declaration of trust to give effect to (i) a merger of the Fund into Criterion REIT Income Fund ("Criterion REIT"), pursuant to which all of the holders of capital units of the Fund will become unitholders of Criterion REIT, and (ii) a special retraction to enable Capital Unitholders who do not wish to become unitholders of Criterion REIT to retract their Capital Units on or about December 31, 2011 on the same terms that would have applied had the Fund redeemed all of the Capital Units as originally contemplated on the scheduled termination date of December 31, 2011. The Preferred Securities of the Fund will be repaid on or about December 31, 2011 on the same terms as originally contemplated by the trust indenture.

The details of the proposed reorganization are further described in the management information circular to be mailed to Capital Unitholders on or about October 26, 2011.

Split REIT Opportunity Trust was established to provide investors with exposure to a portfolio of securities of real estate investment trusts ("REITs"), utilizing the split security structure, on a low cost basis, while providing monthly tax efficient distributions to Capital Unitholders. Based on the current net asset value of the Fund and total distributions paid and anticipated to be paid, both the Preferred Securities and Capital Units have met or exceeded their respective investment objectives as originally outlined in the prospectus for the launch of the Fund in June, 2006. The Fund has paid fixed quarterly distributions of 5.75% per annum on the Preferred Securities. The Fund has paid regular monthly distributions totaling $3.72 or 5.0% per annum (based on the initial issue price) on the Capital Units and the net asset value per Unit has increased by 14.3% (2.7% per annum) for a total return of 7.7% per annum since the initial public offering.

About Criterion REIT Income Fund

Criterion REIT's investment objective is to provide unitholders with quarterly distributions and the opportunity for capital appreciation through investment primarily in REITs, equity securities of corporations carrying on business in the real estate sector and debt or convertible debt issued by REITs and real estate corporations.

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.