Press Releases

First Asset Yield Opportunity Trust Files Final Prospectus on Warrants Offering

Toronto, January 15, 2010 - First Asset Yield Opportunity Trust (TSX: FAY.UN) announces that it has filed a final short form prospectus relating to an offering of warrants to Series A unitholders of the Fund. Each Series A unitholder of record on January 27, 2010 will receive one warrant for each Series A unit (each, a "Unit") held. Two warrants will entitle the holder to purchase a Unit of the Fund upon payment of the subscription price of $16.59 (being the lesser of (i) the most recently published net asset value per Unit prior to the date of the preliminary short form prospectus, and (ii) the most recently calculated net asset value per Unit prior to the date of the final short form prospectus) on or before June 25, 2010, the expiry date. Based on the number of Units deposited for redemption prior to the date hereof, the Manager will redeem an aggregate of 2,726,885 Units on January 28, 2010. As the record date for the offering will occur prior to the redemption, an aggregate of 5,251,478 warrants will be issued on that date pursuant to the final short-form prospectus which if exercised in full would result in the issuance of an aggregate of 2,625,739 Units yielding aggregate gross proceeds to the Fund of approximately $43,561,010.

The Fund has applied to list the warrants under the ticker symbol FAY.WT.A and the Units issuable on the exercise thereof on the Toronto Stock Exchange. It is expected that the warrants will commence trading on January 25, 2010 and will remain trading until noon (Toronto time) on the expiry date June 25, 2010.

Successful completion of the warrant offering will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and it is also expected to increase the trading liquidity of the Units and reduce the management expense ratio of the Fund.

For further information, please contact your financial advisor, call First Asset's investor relations line at 416-642-1289 (toll-free at 1-877-642-1289) or visit our website at www.firstasset.com.