TORONTO, ONTARIO--(Marketwire - April 12, 2012) - First Asset Canadian Dividend Opportunity Fund II (the "Fund") (TSX:DVF.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 615,000 Units of the Fund, representing approximately 10% of the public float, being 6,150,000 Units as of the close of business of April 9, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 123,000 Units, representing approximately 2% of the issued and outstanding Units, being 6,150,000 Units as of the close of business of April 9, 2012. Purchases of Units under the NCIB may commence on April 16, 2012. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund'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 Fund pursuant to the NCIB will be cancelled. The NCIB will expire on April 15, 2013.

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