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Canadian Energy Convertible Debenture Fund: Press Release

TORONTO, July 8, 2011 - Canadian Energy Convertible Debenture Fund (the "Fund") announces that it has completed its previously announced conversion to an open-end mutual fund. The Fund expects to soon prepare and file a continuous offering prospectus for the issue of additional units to be issued and sold on a continuous basis at the net asset value of the units of the Fund.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.