Press Releases

Triax Diversified High-Yield Trust: Press Release

TORONTO, December 18, 2008 - Triax Diversified High-Yield Trust (TSX:TRH.UN) (the "Trust") announces an estimated distribution of $0.44 per Unit for the month ending December 31, 2008. The estimated distribution will be paid on or before January 15, 2009 to unitholders of record on December 31, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Trust's year-end tax position is known.

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