Press Releases

First Asset/BlackRock North American Dividend Achievers<sup>TM</sup> Trust: Press Release

TORONTO, ONTARIO--(Oct. 22, 2007) - First Asset/BlackRock North American Dividend Achievers(TM) Trust (the "Fund") (TSX:BDA.UN) announced today that it is issuing rights ("Rights") to subscribe for units of the Fund ("Units") to holders of Units ("Unitholders") of record at the close of business on October 30, 2007 (the "Record Date"). Each Unitholder is entitled to one Right for each Unit held on the Record Date. Four Rights will entitle the holder to purchase one Unit at a price of $9.00 per Unit. The Rights may be exercised prior to 4:00 p.m. (Toronto time) on November 22, 2007. The subscription price of $9.00 per Unit is approximately 93.85% of the closing price of a Unit on the Toronto Stock Exchange (the "TSX") on October 18, 2007.

If all the Rights are exercised, the Fund will issue approximately 1,305,741 Units and receive net proceeds of approximately $11,351,669. The net proceeds received from the subscriptions for Units under the Rights Offering will be used to capitalize on certain attractive investment opportunities that the Fund's portfolio manager foresees arising over the next few months.

The TSX has approved the listing on the TSX of the Rights and the Units issuable on the exercise of the Rights.

National Bank Financial Inc. will act as dealer manager to form a soliciting dealer group to solicit subscriptions of the Rights.

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

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