Press Releases

Split REIT Opportunity Trust: Press Release

TORONTO, November 19, 2008 - Split REIT Opportunity Trust (TSX: SOT.UN) announces that no distribution will be paid to Capital Unitholders for the month ending November 30, 2008.

The Manager believes that in light of the current market conditions, this action will preserve the Trust's Net Asset Value for the benefit of the Capital Unitholders and the Preferred Securityholders, and will assist the Trust in meeting its on-going obligations to the Preferred Securityholders.

The Manager will assess the ability to pay distributions, and the amount thereof, on a monthly basis. This process includes, among other things, consideration of the Preferred Security Test which requires the Net Asset Value per Capital Unit to exceed $15 as a condition to paying a distribution on the Capital Units.

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