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Triax Diversified High-Yield Trust Announces Estimated Distribution for December 2007

TORONTO, December 18, 2007 - Triax Diversified High-Yield Trust (TSX: TRH.UN) announces an estimated distribution for the month ending December 31, 2007 of $0.07 per unit. The distribution shall be paid on January 15, 2008 to unitholders of record on December 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.