Press Releases

First Asset Yield Opportunity Trust: Press Release

TORONTO, December 18, 2008 - First Asset Yield Opportunity Trust (TSX:FAY.UN)(TSX:FAY.U)(the "Fund") announces an estimated distribution of $0.1458 per Series A Unit, and US$0.0440 per Series B Unit, for the month ending December 31, 2008. The distributions will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distributions will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

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