Communiqués de presse

First Asset Diversified Convertible Debenture Fund Announces Rights Offering

TORONTO, April 23, 2009 - First Asset Diversified Convertible Debenture Fund (the "Fund") (TSX:DCD.UN) announces that it is issuing rights (the "Rights") to subscribe for units of the Fund ("Units") to holders of Units ("Unitholders") of record at the close of business on May 1, 2009 (the "Record Date"). Each Unitholder is entitled to one Right for each Unit held on the Record Date. Four Rights will entitle the holder to purchase one Unit at a price of $11.25 per Unit. The Rights may be exercised prior to 4:00 p.m. (local time) on June 10, 2009. The subscription price of $11.25 per Unit is approximately 91% of the closing price of a Unit on the Toronto Stock Exchange (the "TSX") on April 20, 2009. If all the Rights are exercised, the Fund will issue approximately 1,117,668 Units and receive net proceeds of approximately $12.2 million.

The TSX has approved the listing on the TSX of the Rights and the Units issuable on the exercise of the Rights.

CIBC World Markets Inc. has been retained as dealer-manager to form a soliciting group to solicit subscriptions of the Rights.

For further information, please contact Rob MacNiven, Investor Relations, First Asset, at (416) 642-1289 or (877) 642-1289, or visit