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Diversified Convertible Debenture Fund Adds Exchange Eligible Issuer

TORONTO, November 14, 2006 - Diversified Convertible Debenture Fund (the "Fund") announces that Royal Host Real Estate Investment Trust ("Royal Host REIT") has been added to the list of Exchange Eligible Issuers. Prospective purchasers may purchase trust units of the Fund either by cash payment or by an exchange of freely tradeable Convertible Debentures of any of the Exchange Eligible Issuers listed in the Amended and Restated Preliminary Prospectus of the Fund dated November 7, 2006, as supplemented below.

Set out below are the particulars of the exchange eligible Convertible Debentures of Royal Host REIT which may be exchanged for Units of the Fund pursuant to the exchange option.

Exchange Eligible Issuer Convertible Debenture TSX Symbol CUSIP No.
Royal Host Real Estate Investment Trust 6.25% due September 30, 2013 RYL.DB.C 78029AAE0

Prospective purchasers that hold certificates representing convertible debentures will be required to re-register these certificates in the name of their broker in order to effect a deposit through CDS. Prospective purchasers intending to utilize the exchange option must deposit exchange eligible Convertible Debentures by means of a book-entry deposit through CDS prior to 5:00 p.m. (Toronto time) on November 23, 2006. Such book-entry deposits must be made by a broker or securities dealer who may have an earlier deadline for receiving instructions from its clients to deposit securities into the exchange option.

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.