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Triax Diversified High-Yield Trust Announces Distribution

TORONTO, August 22, 2007 - Triax Diversified High-Yield Trust (TSX: TRH.UN) announces a distribution for the month ending August 31, 2007 of $0.07 per unit. The distribution shall be paid on September 14, 2007 to unitholders of record on August 31, 2007.

The Trust offers unitholders the opportunity to increase their holdings of units through the convenience provided by its Distribution Reinvestment Plan. All distributions that are reinvested will be used to purchase additional units of the Trust. In order to take advantage of the Plan on the upcoming distribution, unitholders should contact their investment advisor as soon as possible.

For more information, please call Rob MacNiven, Investment Relations at (416) 642-1289 or 1-877-642-1289, or visit www.firstasset.com.