Press Releases

First Asset Opportunity Fund

TORONTO, June 22, 2007 - First Asset Opportunity Fund (TSX: FAF.UN) announces that there will not be a distribution for the quarter ending June 30, 2007. Since the unitholders approved the change to the Fund's investment mandate in May, 2007, the investment advisor has converted the Fund's portfolio to cash, and is awaiting the right opportunity to start deploying that cash.

About the Fund

Formerly New Millennium Technology Trust, First Asset Opportunity Fund will provide investors with exposure to an actively managed, diversified portfolio comprised of a broad range of investment opportunities that the Manager deems to be attractive, including, but not limited to, natural resource issuers.

For example, as part of its new investment strategy, the Fund will attempt to capitalize on mispricings in the market for natural resource issuers and the drivers of those returns, such as commodity prices, credit risk and company specific risks. As such, the Fund will seek to be active on both sides of the market and adjust the relative proportions of long and short positions based on dynamic monitoring of the portfolio and the drivers of long-term returns in the sector. By examining and monitoring natural resource-based equities in the Canadian and, to a lesser degree, international markets, as well as the commodity and broad drivers of portfolio return, the Manager hopes to exploit opportunities as they present themselves. In addition, the Manager will look for other special situations in the Canadian marketplace that offer superior risk and reward characteristics.

Further, the benefits of this strategy will be enhanced through the use of existing tax losses. The new investment strategy will effectively use the Trust's existing tax losses to offset income, while providing the opportunity for non-taxable capital growth.

For more information, please contact Rob MacNiven, Investor Relations (First Asset Investment Management Inc.), at (416) 642-1289 or (877) 642-1289.