Communiqués de presse

Split REIT Opportunity Trust Announces Exercise of Over-Allotment Option

TORONTO, July 26, 2006 - Split REIT Opportunity Trust (the "Trust") is pleased to announce that the Trust's syndicate of agents for its initial public offering, led by CIBC World Markets Inc. and National Bank Financial Inc., has exercised its over-allotment option for an additional 100,000 Capital Units and 100,000 Preferred Securities of the Trust. In total, the Trust issued 1.6 million units of each of the Capital Units and the Preferred Securities pursuant to its initial public offering, for gross proceeds of $40 million. The Capital Units and the Preferred Securities are listed on the Toronto Stock Exchange ("TSX") under the symbols SOT.UN and SOT.PR.A, respectively.

The Trust is designed to provide investors with exposure to a portfolio (the "Portfolio") of securities of real estate investment trusts ("REITs") which First Asset Investment Management Inc. - the Trust's investment advisor - believes offer the best opportunity for stable monthly cash distributions and for capital appreciation from growth in the real estate sector and from consolidation and privatization activity in the REIT market.

The Trust's investment objectives with respect to the Preferred Securities are: (a) to provide, in priority to any distributions on Capital Units, fixed quarterly interest payments equal to 5.75% per annum on the $10 principal amount; and (b) to repay $10.00, on or about December 31, 2011, in priority to any return on the Capital Units. The Preferred Securities have been provisionally rated Pfd-2 (low) by Dominion Bond Rating Service Limited.

The Trust's investment objectives with respect to the Capital Units are: (a) to pay tax efficient monthly distributions based on the distributions that the Trust receives on the Portfolio; and (b) to provide the opportunity to participate in the performance of the Portfolio on a leveraged basis and to benefit from any increase in the distributions paid by REITs held in the Portfolio. The initial Indicative Distribution Amount on the Capital Units is anticipated to be 6.25%.

First Asset Funds Inc., the manager of the Trust, is an indirect wholly-owned affiliate of Affiliated Managers Group, Inc. ("AMG"). AMG is a U.S.-based asset management holding company with equity investments in a diverse group of mid-sized investment management firms throughout North America and Europe. AMG is listed on the New York Stock Exchange under the symbol "AMG".

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.


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