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First Asset Diversified Convertible Debenture Fund Closes Follow-On Offering

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TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - First Asset Diversified Convertible Debenture Fund (the "Fund") (TSX:DCD.UN) announces that it has completed its follow-on offering (the "Offering") of 852,000 Units (the "Units") of the Fund at a price of $17.62 per Unit, for gross proceeds of approximately $15 million. The Fund has granted the agents for the Offering an over-allotment option to acquire additional Units on the same terms exercisable at any time during the next thirty days.

The syndicate of agents for this Offering was led by CIBC, co-led by RBC Capital Markets, National Bank Financial Inc. and TD Securities Inc., and included BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd. and Macquarie Private Wealth Inc.

FOR FURTHER INFORMATION PLEASE CONTACT:
First Asset
Rob MacNiven
Investor Relations
416-642-1289 or 1-877-642-1289
www.firstasset.com

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