Press Releases

First Asset: Press Release

TORONTO, ONTARIO--(Oct. 23, 2007) - First Asset/BlackRock North American Dividend Achievers(TM) Trust (TSX:BDA.UN), First Asset Diversified Convertible Debenture Fund (TSX:DCD.UN), First Asset REIT Income Fund (TSX:RIT.UN), First Asset Global Infrastructure Fund (TSX:FAI.UN), First Asset Pipes & Power Income Fund (TSX:EWP.UN), First Asset Yield Opportunity Trust (TSX:FAY.UN), Preferred Securities Limited Duration Fund (TSX:PLD.UN)(TSX:PLD.U), Preferred Securities Income Fund (TSX:PFS.UN), Split REIT Opportunity Trust (TSX:SOT.UN)(TSX:SOT.PR.A) and Utility Split Trust (TSX:UST.UN)(TSX:UST.PR.A) (collectively, the "Funds") announce that, in order to be consistent across the Funds and with market practices, and to improve administrative and operational efficiencies, the date by which the Units of each of the Funds must be surrendered in advance of the annual redemption date in order to be redeemed pursuant to the annual redemption provision has been conformed for all of the Funds to 15 Business Days.

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