Communiqués de presse

First Asset Yield Opportunity Fund Announces Unitholder Meeting

November 10, 2014 – First Asset Yield Opportunity Trust (the "Fund") (TSX: FAY.UN and FAY.U) announces that a special meeting of the unitholders of series A units and series B units of the Fund (the "Meeting") will be held on Tuesday, December 2, 2014. If required, an adjourned Meeting will be held on Friday, December 12, 2014.

At the Meeting, unitholders will be asked to approve certain amendments to the Fund's declaration of trust in order to, among other things, change the fundamental investment objectives, strategies and restrictions of the Fund (the "Amendments"), as further described below. Unitholders will also be asked to give First Asset Investment Management Inc., the manager of the Fund (the "Manager"), the authority, if the Amendments are approved, to merge the Fund into First Asset Active Credit ETF, a new exchange-traded fund that will be established by the Manager (the "ETF") with the same or substantially similar fundamental investment objectives, strategies, restrictions and fees as the Fund (the "Merger") following the implementation of the Amendments.

The Manager is proposing the Amendments to reflect the expiration of the Fund's forward agreements at the end of their term in December 2014 and the elimination of the related tax forward structure. In addition, in order to preserve and grow capital, the Manager believes that it is in the best interests of unitholders to broaden the range of fixed income securities in which the Fund can invest in order to allow the Fund to access better opportunities in fixed income securities in response to anticipated future rate changes and economic changes. In connection with the Amendments, the Manager will (i) reduce the aggregate annual management fees borne by unitholders, (ii) eliminate the current aggregate annual trustee fee, and (iii) accelerate the Fund’s next annual redemption date from January 29, 2015 to December 24, 2014, prior to effecting the new investment objective. If the Amendments are approved, the Manager anticipates implementing the DOT Amendments in December, 2014 and will begin investing in accordance with the amended investment strategy as soon as practicable.

The Manager will also seek the approval of Unitholders, if the Amendments are approved, to merge the Fund into the ETF. The Manager believes that the ETF offers greater market liquidity and efficient trading, and the potential benefits from economies of scale through the continuous offering of units. If the Merger is approved, the Manager anticipates implementing the Merger in January, 2015, subject to obtaining a receipt for the final prospectus of the ETF and any third party or regulatory approvals required (if any) in order to effect the Merger.

The details of the Meeting and the Manager's proposals are further described in a management information circular to be mailed to unitholders on or about November 11, 2014.

For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit