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First Asset/BlackRock North American Dividend Achiever(TM) Trust Announces Details of Special Unitholder Meeting

TORONTO, ONTARIO--(CCNMatthews - April 17, 2007) - First Asset/BlackRock North American Dividend Achievers(TM) Trust (TSX:BDA.UN) announces that the management information circular setting out the details of the business of the special meeting of the unitholders of the Trust to be held on May 8, 2007 is currently being mailed to unitholders of record on April 3, 2007. If needed, an adjourned meeting will be held on May 18, 2007.

At the meeting, Unitholders will be asked to consider extraordinary resolutions approving the following amendments to the declarations of trust:

  1. Additional Redemption Right: An amendment to: (a) permit Unitholders to switch to other investment vehicles sponsored or promoted by the manager or an affiliate of the manager of the Trust, to be offered to the public by prospectus, by adding a further redemption right at 100% of the net asset value per unit from time to time at the discretion of the manager of the Trust, and (b) allow for the equitable allocation of the Trust's income and other amounts among redeeming Unitholders on such a redemption. The Additional Redemption Right will permit investment flexibility and diversification for the benefit of Unitholders.
  2. Issuance of Additional Units: An amendment to permit the trustee, in its sole discretion and without obtaining the approval of the Unitholders, to issue units of the Trust at a price per unit that is less than the net asset value per unit at such time. The Issuance of Additional Units may, in certain circumstances, be in the best interests of the Fund and the Unitholders. For example, the ability of BlackRock Financial Management, Inc., as portfolio manager to the Fund, to take advantage of certain investment opportunities may depend, in part, on the availability of additional capital to employ at opportune times. Approval of the Issuance of Additional Units without the delay and cost of obtaining Unitholder approval, may provide the Fund with the ability to efficiently raise additional capital, allowing it to take advantage of these time-sensitive investment opportunities, thereby capturing additional returns for Unitholders.
  3. Authority to Merge with Affiliated Funds: An amendment granting the manager of the Trust the authority, without seeking Unitholder approval, to merge or otherwise combine or consolidate the Trust with one or more other funds administered by the manager or an affiliate of the manager of the Trust, provided that the fund or funds to be merged or otherwise combined or consolidated with the Trust meet certain criteria described in the Management Information Circular. A merger would enable unitholders to have the opportunity to hold an investment in an entity that has a larger market capitalization, potential increased liquidity and lower operating costs when compared to a single component fund. Any mergers will be effected on a tax-deferred "rollover" basis at an exchange ratio based on the relative net asset values of each of the funds. Completion of any merger would be subject to the fulfillment of certain conditions, including that, among other things, the merging funds having similar investment objectives, the Manager determining that there will be no increase in the management expense ratio and any necessary regulatory and third party approvals are obtained.
  4. Termination of the Trust by the Manager: An amendment to permit the manager of the Trust, in its discretion, to terminate the Trust without approval of Unitholders if, in its opinion, it would be in the best interests of the Unitholders to terminate the Trust. If approved, the proposed amendment would eliminate the administrative costs and delays associated with obtaining Unitholder approval to terminate the Fund, including calling and holding such a meeting and, potentially, an adjourned meeting.

All amendments to the declaration of trust remain subject to receipt of all necessary regulatory approvals, including consent of the Toronto Stock Exchange.

For further information, please call Paul Dinelle, Executive Vice-President, or Rob MacNiven, Investor Relations First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.