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First Asset Yield Opportunity Trust: Distribution Press Release

TORONTO, August 20, 2009 - First Asset Yield Opportunity Trust (TSX: FAY.UN and FAY.U) announces a distribution of $0.1458 per Series A Unit, and US$0.0440 per Series B Unit, for the month ending August 31, 2009. The distributions will be paid on or before September 15, 2009 to unitholders of record on August 31, 2009.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.