Communiqués de presse

TRIAX DIVERSIFIED HIGH-YIELD TRUST ANNOUNCES DISTRIBUTION

TORONTO, May 22, 2007 - Triax Diversified High-Yield Trust (TSX: TRH.UN) announces a distribution for the month ending May 31, 2007 of $0.07 per unit. The distribution shall be paid on June 15, 2007 to unitholders of record on May 31, 2007.

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 call Triax at (416) 362-2929 or 1 (800) 407-0287, or visit www.triaxcapital.com.