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Canadian Convertible Debenture Fund Announces Exchange Ratios

TORONTO, September 21, 2009 - First Asset Investment Management Inc. is pleased to announce the exchange ratios for the exchange offer by Canadian Convertible Debenture Fund (the "Fund") being made under the final prospectus of the Fund dated September 17, 2009. The closing of the initial public offering of the Units is expected to occur on October 1, 2009 and the Units will trade on the TSX under the symbol CDF.UN.

The number of units of the Fund (the "Units") issuable for the exchange eligible securities (the "Exchange Ratio") was determined, for each $1,000 principal amount of convertible debentures, by dividing the volume weighted average trading price of such principal amount of convertible debentures on the TSX during the period of five consecutive trading days ending on September 21, 2009, plus the interest payable to September 30, 2009, by $10.00.

The following table specifies for each of the securities that have been deposited: (i) the name of issuer; (ii) the symbol; (iii) the convertible debenture; (iv) the volume weighted average trading price during the pricing period; (v) the accrued interest payable to September 30, 2009; and (vi) the Exchange Ratio.

The Exchange Ratios were rounded to four decimal places.

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Name of Issuer     Stock   Convertible            Volume    Accrued Exchange
                  Symbol   Debenture            Weighted   Interest    Ratio
                                                 Average
                                           Trading Price  Per $1000
                                                      ($)
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Advantage Oil &  AAV.DB.D   7.75% due            100.4246    25.6918  10.2993
 Gas Ltd.                   December 1,
                            2011
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Advantage Oil &  AAV.DB.E   6.50% due June       100.1734    16.3836  10.1811
 Gas Ltd.                   30, 2010
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Advantage Oil &  AAV.DB.G   8.00% due             98.1685    20.1644  10.0184
 Gas Ltd.                   December 31,
                            2011
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Algonquin Power   APF.DB   6.65% due July       104.8413    11.1134  10.5952
 Income Fund                31, 2011
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Algonquin Power APF.DB.A   6.25% due             98.7307    20.7232  10.0803
 Income Fund                November 30,
                            2016
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Artis Real       AX.DB.E   7.50% due June       103.2402    17.0548  10.4945
 Estate                     30, 2014
 Investment
 Trust
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Artis Real       AX.DB.C   6.25% due May 31,     99.7099    20.8904  10.1798
 Estate                     2013
 Investment
 Trust
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Artis Real       AX.DB.B   7.50% due            101.0000    29.5890  10.3958
 Estate                     November 9,
 Investment                 2010
 Trust
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Atlantic Power    ATP.DB   6.25% due October    101.2622    26.1986  10.3882
 Corporation                31, 2011
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Canadian          CZZ.DB   7.00% due March       67.8446     0.0000   6.7844
 Royalties Inc.             31, 2015
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Canexus Income    CUS.DB   8.00% due            103.2369     6.5217  10.3889
 Fund                       December 31,
                            2014
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Cargojet Income   CJT.DB   7.50% due April       89.1927    31.4384   9.2336
 Fund                       30, 2013
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Chartwell         CSH.DB   6.00% due             99.5857    19.8904  10.1574
 Seniors Housing            December 1,
 Real Estate                2011
 Investment
 Trust
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Chartwell       CSH.DB.A   5.90% due May 1,      97.5514    24.5699  10.0008
 Seniors Housing            2012
 Real
 Estate
 Investment
 Trust
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Cineplex Galaxy   CGX.DB   6.00% due            101.9211    15.1233  10.3433
 Income Fund                December 31,
                            2012
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Clarke Inc.     CKI.DB.A   6.00% due             75.1205    15.1233   7.6632
                            December 31,
                            2013
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Clearwater        CLR.DB   7.00% due             86.8431    17.5000   8.8593
 Seafoods Income            December 31,
 Fund                       2010
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Clearwater      CLR.DB.A   7.25% due March       74.0000     0.0000   7.4000
 Seafoods Income            31, 2014
 Fund
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Colabor Income    CLB.DB   7.00% due            101.2934    17.6438  10.3057
 Fund                       December 31,
                            2011
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Cominar Real      CUF.DB   6.30% due June       109.8738    15.8795  11.1461
 Estate                     30, 2014
 Investment
 Trust
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Cominar Real    CUF.DB.B   5.70% due June        97.1428    14.3671   9.8579
 Estate                     30, 2014
 Investment
 Trust
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Cominar Real    CUF.DB.C   5.80% due             97.9085     0.0000   9.7908
 Estate                     September 30,
 Investment                 2014
 Trust
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Connacher Oil   CLL.DB.A   4.75% due June        74.6130    11.8750   7.5800
 and Gas                    30, 2012
 Limited
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Crombie Real      CRR.DB   7.00% due March      101.9474    17.6438  10.3711
 Estate                     20, 2013
 Investment
 Trust
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Daylight        DAY.DB.C   10.00% due           111.5515    25.2055  11.4072
 Resources                  December
 Trust                      31, 2013
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Daylight        DAY.DB.B   8.50% due October    109.9810    35.6301  11.3544
 Resources                  31, 2012
 Trust
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Dundee Real       D.DB.B   6.00% due             96.8943    15.1233   9.8406
 Estate                     December 31,
 Investment                 2014
 Trust
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Enterra Energy    ENT.DB   8.00% due             85.1429    20.1644   8.7159
 Trust                      December 31,
                            2011
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Enterra Energy  ENT.DB.A   8.25% due June        82.5449    20.7945   8.4624
 Trust                      30, 2012
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Extendicare       EXE.DB   5.70% due June        89.2528    14.3671   9.0689
 Real Estate                30, 2014
 Investment
 Trust
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Extendicare     EXE.DB.A   7.25% due June        99.1638    18.2740  10.0991
 Real Estate                30, 2013
 Investment
 Trust
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Fairborne         FEL.DB   6.50% due             96.6753    16.3836   9.8313
 Energy Ltd.                December 31,
                            2011
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Firm Capital       FC.DB   6.00% due June        99.9773    15.1233  10.1489
 Mortgage                   30, 2013
 Investment
 Trust
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First Capital   FCR.DB.A   5.50% due             89.8843     0.0000   8.9884
 Realty Inc.                September 30,
                            2017
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First Uranium     FIU.DB   4.25% due June        78.7398    10.7123   7.9811
 Corporation                30, 2012
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Fort Chicago    FCE.DB.B   6.75% due            103.7500    17.0137  10.5451
 Energy                     December 31,
 Partners                   2010
 L.P.
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General Donlee    GDI.DB   7.00% due June        82.5000    17.6438   8.4264
 Income Fund                30, 2014
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H&R Real Estate  HR.DB.B   6.75% due            106.4582    11.3723  10.7595
 Investment                 December 31,
 Trust                      2014
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Harvest Energy  HTE.DB.B   6.50% due             96.0723    16.3836   9.7710
 Trust                      December 31,
                            2010
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Harvest Energy  HTE.DB.D   6.40% due October     84.7515    26.8274   8.7434
 Trust                      31, 2012
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Harvest Energy  HTE.DB.E   7.25% due             80.2948     0.0000   8.0294
 Trust                      September 30,
                            2013
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Harvest Energy  HTE.DB.F   7.25% due             79.0843     5.9589   7.9680
 Trust                      February 28,
                            2014
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Harvest Energy  HTE.DB.G   7.50% due May 31,     77.1338    25.0685   7.9640
 Trust                      2015
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Huntingdon Real HNT.DB.C   7.50% due March       83.8244     0.0000   8.3824
 Estate                     31, 2012
 Investment
 Trust
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InnVest Real    INN.DB.A   6.25% due April       93.9447    28.7671   9.6821
 Estate                     15, 2011
 Investment
 Trust
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InnVest Real    INN.DB.B   6.00% due May 31,     79.9766    20.0548   8.1982
 Estate                     2013
 Investment
 Trust
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InnVest Real    INN.DB.C   5.85% due August      78.1868     9.6164   7.9148
 Estate                     1, 2014
 Investment
 Trust
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InterRent Real    IIP.DB   7.00% due January     86.0000    11.6986   8.7169
 Estate                     31, 2013
 Investment
 Trust
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Just Energy       JEX.DB   6.00% due             94.8020     0.0000   9.4802
 Exchange Corp.             September 30,
                            2014
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Keyera          KEY.DB.A   8.25% due            108.8985    20.7945  11.0977
 Facilities                 December 31,
 Income Fund                2013
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Killam            KMP.DB   6.50% due May 5,     100.0000    16.3836  10.1638
 Properties Inc.            2012
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Liquor Stores     LIQ.DB   6.75% due            102.7930    17.0137  10.4494
 Income Fund                December 31,
                            2012
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Macquarie Power   MPT.DB   6.75% due            100.9394    17.0137  10.2640
                           December 31,
 Infrastructure             2010
 Income Fund
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Medical            DR.DB   7.50% due April       99.2285    31.4384  10.2372
 Facilities                 30, 2013
 Corporation
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NAL Oil & Gas     NAE.DB   6.75% due August     103.1278     5.5068  10.3678
 Trust                      31, 2012
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Newalta Inc.      NAL.DB   7.00% due            100.2334    23.3973  10.2573
                            November 30,
                            2012
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Northland Power   NPI.DB   6.50% due June       102.4217    16.3836  10.4060
 Income Fund                30, 2011
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Pacific           PRE.DB   8.00% due August     124.6557    20.1644  12.6672
 Rubiales Energy            29, 2013
 Corp.
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Paramount       PMT.DB.A   6.25% due June        99.9467    15.7534  10.1522
 Energy Trust               30, 2010
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Paramount       PMT.DB.B   6.25% due April       98.9604    26.1986  10.1580
 Energy Trust               30, 2011
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Paramount       PMT.DB.C   6.50% due June        97.2116    16.3836   9.8849
 Energy Trust               30, 2012
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PDM Royalties     PDM.DB   7.75% due             92.2564    19.5342   9.4209
 Income Fund                December 31,
                            2011
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Pengrowth         PGF.DB   6.50% due            101.0680    16.3836  10.2706
 Energy Trust               December 31,
                            2010
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Penn West       PWT.DB.F   6.50% due            101.2993    16.3836  10.2937
 Energy Trust               December 31,
                            2011
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Penn West       PWT.DB.E   7.20% due May 31,    101.4553    24.0658  10.3861
 Energy Trust               2011
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Primaris Retail   PMZ.DB   5.85% due August      94.8045     9.6164   9.5766
 Real Estate                1, 2014
 Investment
 Trust
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Priszm Income     QSR.DB   6.50% due June        66.0676    16.3836   6.7705
 Fund                       30, 2012
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Progress Energy   PRQ.DB   6.75% due June       101.1815    17.0137  10.2882
 Resources Corp.            30, 2010
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Progress Energy PRQ.DB.A   6.25% due            100.1693     0.0000  10.0169
 Resources Corp.            September 30,
                            2011
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Provident       PVE.DB.C   6.50% due August      98.6696     5.3425   9.9203
 Energy Trust               31, 2012
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Provident       PVE.DB.D   6.50% due April       99.0828    27.2466  10.1807
 Energy Trust               30, 2011
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Retrocom          RMM.DB   7.50% due July        92.9863    12.5342   9.4239
 Mid-Market Real            31, 2012
 Estate
 Investment
 Trust
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Rogers Sugar    RSI.DB.A   6.00% due June       100.6971    15.2877  10.2225
 Income Fund                29, 2012
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Rogers Sugar    RSI.DB.B   5.90% due June       100.8828    15.0329  10.2386
 Income Fund                29, 2013
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Scott's Real      SRQ.DB   7.15% due             93.9765    18.0219   9.5778
 Estate                     December 31,
 Investment                 2012
 Trust
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Superior Plus   SPB.DB.B   5.75% due             99.9947    14.4932  10.1444
 Corp.                      December 31,
                            2012
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Superior Plus   SPB.DB.C   5.85% due October     93.8254    24.5219   9.6277
 Corp.                      31, 2015
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Superior Plus   SPB.DB.D   7.50% due            102.8891     6.7255  10.3561
 Corp.                      December 31,
                            2014
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Trinidad          TDG.DB   7.75% due July        96.9750    19.5342   9.8928
 Drilling Ltd.              31, 2012
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True Energy       TUI.DB   7.50% due June        84.4266    18.9041   8.6317
 Trust                      30, 2011
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Uranium One       UUU.DB   4.25% due             81.3088    10.7123   8.2380
 Inc.                       December 31,
                            2011
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Western           WTN.DB   7.50% due March      106.1429     1.2329  10.6266
 Canadian Coal              24, 2011
 Corp.
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Whiterock Real  WRK.DB.E   6.30% due             96.3817    15.8795   9.7969
 Estate                     December 31,
 Investment                 2011
 Trust
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For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.