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First Asset/BlackRock North American Dividend AchieversTM Trust Announces Normal Course Issuer Bid for Units

TORONTO, ONTARIO--(Dec. 19, 2007) - First Asset/BlackRock North American Dividend Achievers(TM) Trust (the "Trust") (TSX:BDA.UN) announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 525,845 Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Units, being 5,258,451 Units as of the date hereof. The Trust will not purchase in any given 30-day period, in the aggregate, more than 105,169 Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on December 21, 2007. The Board of Directors of First Asset Funds Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust'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 Trust pursuant to the NCIB will be cancelled. The NCIB will expire on December 20, 2008.

On December 19, 2006, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 21, 2006, to purchase up to 484,220 Units through the facilities of the TSX. Under the bid, which expires on December 20, 2007, an aggregate of 77,500 Units were repurchased and cancelled at an average price of $9.6521 per Unit excluding commissions.

Dividend Achievers(TM) is a trademark of Mergent, Inc. and has been licensed for use by the Trust. The product is not sponsored, endorsed, sold or promoted by Mergent and Mergent makes no representation regarding the advisability of investing in the Trust.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.