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Triax Diversified High-Yield Trust: Distribution Press Release

TORONTO, July 22, 2009 - Triax Diversified High-Yield Trust (TSX: TRH.UN) announces a distribution of $0.07 per Unit for the month ending July 31, 2009. The distribution will be paid on or before August 14, 2009 to unitholders of record on July 31, 2009.

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, Investor Relations at (416) 642-1289 or 1-877-642-1289, or visit www.firstasset.com.