Press Releases

First Asset Canadian Dividend Opportunity Fund Announces Exercise of Over-Allotment Option

TORONTO, Monday, May 17, 2010 - First Asset Canadian Dividend Opportunity Fund (the "Fund") (TSX: DOF.UN) announces that the Fund's syndicate of agents for its initial public offering has exercised its over-allotment option and acquired an additional 400,000 units of the Fund. In total, the Fund issued 15,400,000 units pursuant to its initial public offering, yielding gross proceeds of $154 million. The units are listed on the Toronto Stock Exchange under the symbol DOF.UN.

The syndicate of agents for this offering was led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and included BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

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.