Press Releases

Canadian Convertible Debenture Fund Announces Exercise of Over-Allotment Option

TORONTO - October 23, 2009 - Canadian Convertible Debenture Fund (the "Fund") (TSX:CDF.UN) announces that the Fund's syndicate of agents for its initial public offering has exercised its over-allotment option and acquired an additional 1.26 million units of the Fund. In total, the Fund issued 18,760,000 units pursuant to its initial public offering, yielding gross proceeds of $187.6 million. The units are listed on the Toronto Stock Exchange ("TSX") under the symbol CDF.UN.

The syndicate of agents for this offering was led by CIBC World Markets Inc. and included BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., GMP Securities L.P., Manulife Securities Incorporated, Wellington West Capital Markets Inc. and TD Securities Inc.

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