Communiqués de presse

First Asset Diversified Convertible Debenture Fund Announces Quarterly Distribution

TORONTO, June 20, 2007 - First Asset Diversified Convertible Debenture Fund (TSX: DCD.UN) announces a quarterly distribution of $0.30 per unit for the quarter ending June 30, 2007. The distribution will be paid on July 13, 2007 to unitholders of record on June 29, 2007.

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