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First Asset Diversified Convertible Debenture Fund: Distribution Press Release

TORONTO, December 20, 2010 - First Asset Diversified Convertible Debenture Fund (TSX: DCD.UN) announces an estimated quarterly distribution of $0.30 per unit for the quarter ending December 31, 2010. The distribution will be paid on or before January 14, 2011 to unitholders of record on December 31, 2010. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

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