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Canadian Convertible Debenture Fund: Press Release

TORONTO, October 21, 2009 - Canadian Convertible Debenture Fund (TSX: CDF.UN) (the "Fund") announces its initial distribution of $0.0625 per Unit for the month ending October 31, 2009. The distribution will be paid on or before November 13, 2009 to unitholders of record on October 30, 2009. The Fund's most recent net asset value per unit was $10.12.

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