Communiqués de presse

First Asset Opportunity Fund Announces Follow-On Offering

TORONTO, October 15, 2007 - First Asset Opportunity Fund (TSX: FAF.UN) is pleased to announce that a preliminary short form prospectus has been filed with the securities regulatory authorities of all the Canadian provinces, except Quebec, for a follow-on offering of up to 4,000,000 units of the Trust at a price of $2.50 per unit.

The Trust's investment objective is to seek to achieve superior total returns through active management of a diversified portfolio of equity securities of a broad range of issuers, including leading natural resource issuers. First Asset Investment Management Inc. (the "Manager") manages and provides portfolio management services to the Trust. Based upon the Manager's current outlook, the Trust will attempt to capitalize on perceived inefficiencies 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 Manager will seek to be active in taking both long and short positions and will 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.

As at December 31, 2006, the Trust had capital losses of approximately $8.8 million and non-capital losses of approximately $2.6 million. These losses will be used to shelter any realized capital gains and income of the Trust to facilitate tax-free growth of up to approximately 100% of the net asset value of the Trust after taking into account the maximum proceeds of the Offering.

It is currently expected that the Trust will not make any distributions until the Trust's non-capital loss carry-forwards and other available expenses of the Trust are fully utilized or expire.

The units are listed and posted for trading on the Toronto Stock Exchange (the "TSX") under the symbol "FAF.UN". The syndicate of agents for this offering is being led by CIBC World Markets Inc. and National Bank Financial Inc. and includes Canaccord Capital Corporation, Dundee Securities Corporation, Raymond James Ltd., Richardson Partners Financial Limited and Rothenberg Capital Management Inc.

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