Communiqués de presse

Triax Diversified High-Yield Trust Announces Distribution

April 21, 2004 -- Triax Diversified High-Yield Trust (TSX: TRH.UN) announces a distribution for the month ending April 30, 2004 of $0.07 per unit. The distribution shall be paid on May 14, 2004 to unitholders of record on April 30, 2004.

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 (800) 407-0287.