Press Releases

Triax Diversified High-Yield Trust Announces Normal Course Issuer Bid for Units

TORONTO, March 8, 2012 - Triax Diversified High-Yield Trust (the "Fund") (TSX: "TRH:UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 190,251 Units of the Fund, representing approximately 10% of the public float. The Fund has issued and outstanding 1,902,512 Units as of February 29, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 38,050 Units, being 2% of the issued and outstanding Units as of February 29, 2012. Purchases of Units under the NCIB may commence on March 12, 2012. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's resources. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on March 11, 2013. No purchases were made under the Fund's prior normal course issuer bid which expires on March 9, 2012.

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