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Triax Diversified High-Yield Trust Announces Distribution

TORONTO, Aug. 20, 2008 - Triax Diversified High-Yield Trust (TSX:TRH.UN) announces a distribution for the month ending August 31, 2008 of $0.07 per unit. The distribution shall be paid on September 15, 2008 to unitholders of record on August 29, 2008.

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 contact Rob MacNiven, Investment Relations at (416) 642-1289 or 1-877-642-1289, or visit www.firstasset.com.