Communiqués de presse

First Asset Opportunity Fund Announces Termination

TORONTO, ONTARIO--(Nov. 6, 2007) - First Asset Opportunity Fund (TSX:FAF.UN)(the "Fund") announces that it has withdrawn its follow-on offering and will redeem all outstanding units effective December 5, 2007 (the "Termination Date"). Unitholders of the Fund on the Termination Date will receive the net asset value per unit as at the Termination Date, currently anticipated to be approximately $1.95 per unit.

For more information, please contact First Asset, Z. Edward Akkawi, Chief Operating Officer (416) 642-1289 or 1-877-642-1289.