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First Asset Diversified Convertible Debenture Fund: Press Release

TORONTO, June 19, 2009 - First Asset Diversified Convertible Debenture Fund (TSX: DCD.UN) (the "Fund") announces a quarterly distribution of $0.30 per unit for the quarter ending June 30, 2009. The distribution will be paid on July 15, 2009 to unitholders of record on June 30, 2009.

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