Communiqués de presse

First Asset Diversified Convertible Debenture Fund Files Final Prospectus for Follow-On Offering

TORONTO, ONTARIO--(CCNMatthews - March 28, 2007) - First Asset Diversified Convertible Debenture Fund (the "Fund") (TSX:DCD.UN) announces that it has filed, and has received a receipt dated March 28, 2007 from the securities regulatory authorities of all the Canadian provinces for the final prospectus for its follow-on offering of up to 3,750,000 units of the Fund (4,312,500 Units if the over-allotment option is exercised in full). The offering is scheduled to close on or about April 11, 2007.

The syndicate of agents for this offering is being co-led by CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., and includes HSBC Securities (Canada) Inc., Dundee Securities Corporation, Canaccord Capital Corporation, Raymond James Ltd., Wellington West Capital Inc., Blackmont Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc., Research Capital Corporation and Richardson Financial Partners Limited.

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