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Triax Diversified High-Yield Trust Announces Change in Investment Sub-Advisory Relationship

Triax Yield Trust Management Inc. ("Triax"), the manager of Triax Diversified High-Yield Trust, is pleased to announce that Deans Knight Capital Management Ltd. will replace Altamira Management Ltd. as sub-advisor to Triax Investment Management Inc. and will be responsible for the Trust's day-to-day investment management. Deans Knight is a portfolio management company established in 1992 by principals Wayne Deans and Doug Knight to specialize in the management of high- yield corporate bonds and small cap stocks. Deans Knight has a team of 6 analysts and portfolio managers who currently manage approximately $550 million of high yield bond assets for institutional and individual clients. Doug Knight, who will be the principal investment strategist and portfolio manager for the Trust, is one of Canada's preeminent high yield experts. Mr. Knight has over 25 years of experience in the financial industry. Mr. Knight graduated from the University of Western Ontario in 1970 with a BA in Economics and continued his graduate studies at the University of Windsor. Prior to founding Deans Knight, Mr. Knight joined National Trust Company of Canada Limited in 1972, received a Chartered Financial Analyst designation in 1979 and was a founding partner of M.K. Wong & Associates in 1980. The Deans Knight high-yield management team dedicates itself entirely to high-yield bonds which gives it an advantage over traditional bond managers. Rather than focusing on trying to time the markets by predicting interest rates, the team focuses its efforts on the issuers of the bonds themselves and whether they have, among other things, strong cash flows, solid balance sheets and the ability to provide bond holders with a high coupon over a business cycle. The Deans Knight high-yield management team has impressive long-term results in the industry and Triax is pleased to be able to retain its services. Triax believes that unitholders of the Trust will benefit from the high- yield management team's exclusive focus on high yield bonds and its proven, long-term approach to investing in such products. The Trust is an investment trust established with the principal objective of providing investors with superior income equal to or exceeding the yield on 10-year Government of Canada bonds plus 2%. The Trust can invest in a diverse basket of high-yielding securities including corporate bonds, income trusts and other specialty products. Triax Yield Trust Management Inc. is an indirectly wholly-owned subsidiary of First International Asset Management Inc. ("FIAMI"), a leading Canadian strategic investor in the financial services industry, with assets under management of approximately $19 billion. FIAMI owns a one-third interest in Deans Knight. The Trust trades on the Toronto Stock Exchange under the symbol TRH.UN.