Press Releases

First Asset Yield Opportunity Trust Announces Normal Course Issuer Bid For Units

TORONTO, December 17, 2008 - First Asset Yield Opportunity Trust (the "Trust") (TSX:"FAY.U" and "FAY.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Trust to acquire its Series A Units and Series B Units (collectively, the "Units").

Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 456,125 Series A Units and up to 146,571 Series B Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 4,561,254 Series A Units and 1,465,712 Series B Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 91,225 Series A Units and 29,314 Series B Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on December 19, 2008. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Trust pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on December 18, 2009.

On December 17, 2007, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 19, 2007, to purchase up to 539,345 Series A Units and up to 204,322 Series B Units through the facilities of the TSX. Under the bid, which expires on December 18, 2008, an aggregate of 66,900 Series A Units were repurchased and cancelled at an average price of $17.25 per Series A Unit excluding commissions. No Series B Units were repurchased.

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