BOULDER, Colo. -- (Business Wire)

First Opportunity Fund, Inc. (OTCBB: FOFI) announced today that the net asset value (“NAV”) per share of $8.50 reported on Friday, December 10, 2010 was incorrect. The correct NAV per share for December 10, 2010 is $8.67. The closing market price per share on December 10, 2010 remains unchanged at $7.19. Based on a NAV per share of $8.67 on December 10, 2010, the discount to NAV on December 10, 2010 was -17.1%.

For more information on the Fund, please visit us on the Web at www.firstopportunityfund.com.

Contacts:

First Opportunity Fund, Inc.
Nicole Murphey, 303-449-0426

Source: First Opportunity Fund, Inc.