Communiqués de presse

First Asset Diversified Convertible Debenture Fund Announces Completion of Rights Offering

TORONTO - Thursday, June 11, 2009 - First Asset Diversified Convertible Debenture Fund (the "Fund") (TSX: DCD.UN) announces that it has completed the offering of rights pursuant to the rights offering circular dated April 21, 2009. The offering was over-subscribed and accordingly the maximum of 1,117,668 Units were issued for gross proceeds of approximately $12.6 million. The Fund will use the net proceeds of the offering to acquire additional investments in accordance with the Fund's investment policies and restrictions, and for working capital purposes to fund the operating expenses of the Fund.

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