Communiqués de presse

First Asset/BlackRock North American Dividend Achievers<sup>TM</sup> Trust Announces Exercise of Over-Allotment Option

Toronto, December 15, 2005 - First Asset/BlackRock North American Dividend AchieversTM Trust (the "Trust") (TSX: BDA.UN) is pleased to announce that the Trust's syndicate of agents for its initial public offering, led by RBC Capital Markets and CIBC World Markets Inc., has exercised its over-allotment option and acquired additional units of the Trust. In total, the Trust issued 5.015 million units pursuant to its initial public offering for gross proceeds of $50.15 million. The units of the Fund are listed on the Toronto Stock Exchange ("TSX") under the symbol BDA.UN.

The Trust is actively managed by BlackRock Financial Management Inc. ("BlackRock") with the objective of providing Unitholders with monthly cash distributions of 6% per year and to maximize total returns. The Trust's portfolio consists primarily of common stocks selected from a universe of Canadian and U.S. issuers known as "Dividend AchieversTM" as compiled by Mergent®, Inc., a leading provider of global business and financial information on publicly traded companies. "Dividend AchieversTM" are those companies that have a long track record (10 years in the case of U.S. companies and 5 years for Canadian companies) of consecutively increasing their annual regular cash dividends. No leverage will be used in the management of the Trust.

BlackRock is a wholly-owned subsidiary of BlackRock Inc., one of the largest publicly traded investment management firms in the United States, with approximately US$428 billion of assets under management (at September 30, 2005), including over US$2 billion in Dividend AchieversTM- based portfolios (www.blackrock.com).

First Asset Funds Inc., the manager of the Trust, is an indirect wholly-owned affiliate of Affiliated Managers Group, Inc. ("AMG"). AMG is a U.S. based asset management holding company with equity investments in a diverse group of mid-sized investment management firms throughout North America and Europe. AMG is listed on the New York Stock Exchange under the symbol "AMG" (www.amg.com).

Dividend AchieversTM 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 Jeff Labenski, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.