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First Asset Diversified Convertible Debenture Fund: Distribution Press Release

TORONTO, March 22, 2011 - First Asset Diversified Convertible Debenture Fund (TSX: DCD.UN) announces a quarterly distribution of $0.30 per unit for the quarter ending March 31, 2011. The distribution will be paid on or before April 15, 2011 to unitholders of record on March 31, 2011.

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