Press Releases

Canadian Energy Convertible Debenture Fund Announces Exchange Ratios

TORONTO, January 8, 2010 - First Asset Investment Management Inc. is pleased to announce the exchange ratios for the exchange offer by Canadian Energy Convertible Debenture Fund (the "Fund") being made under the final prospectus of the Fund dated December 15, 2009. The closing of the initial public offering of the Units is expected to occur on January 15, 2010 (the "Closing Date") and the Units will trade on the TSX under the symbol CFE.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 January 8, 2010, plus accrued interest as calculated in accordance with market practice, to, but not including, the Closing Date, 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, but not including, the Closing Date; and (vi) the Exchange Ratio.

The Exchange Ratios were rounded to four decimal places.


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                                                Volume    Accrued  Exchange
                                               Weighted  Interest    Ratio
Name of Issuer   TSX Symbol     Convertible     Average  Per $1000
                                 Debenture      Trading
                                               Price ($)
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Advantage Oil &  AAV.DB.D    7.75% due          104.1532    9.5548  105.1087
 Gas Ltd.                    December 1, 2011
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Advantage Oil &              6.50% due June     100.9379    2.6712  101.2050
 Gas Ltd.        AAV.DB.E    30, 2010
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Algonquin Power                                 106.1045    8.4384  106.9483
 & Utilities                 7.00% due June
 Corp.           AQN.DB.B    30, 2017
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Bellatrix                                       100.7305    3.0822  101.0387
 Exploration                 7.50% due June
 Ltd.            BXE.DB      30, 2011
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Connacher Oil                4.75% due June      91.1696    1.9521   91.3648
 and Gas Limited CLL.DB.A    30, 2012
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Canexus Income               8.00% due          113.0772    3.2877  113.4060
 Fund            CUS.DB      December 31, 2014
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Enterra Energy               8.00% due           96.8465    3.2877   97.1753
 Trust           ENT.DB      December 31, 2011
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Enterra Energy               8.25% due June      96.5031    3.3904   96.8421
 Trust           ENT.DB.A    30, 2012
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Extendicare Real                                 97.3886    2.3425   97.6229
 Estate
 Investment                  5.70% due June
 Trust           EXE.DB      30, 2014
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Extendicare Real                                102.7300    2.9795  103.0280
 Estate
 Investment                  7.25% due June
 Trust           EXE.DB.A    30, 2013
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Firm Capital                                    101.7143    2.4658  101.9609
 Mortgage
 Investment                  6.00% due June
 Trust           FC.DB       30, 2013
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Fairborne Energy             6.50% due          100.4721    2.6712  100.7392
 Ltd.            FEL.DB      December 31, 2011
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Great Basin Gold             8.00% due          110.4700   12.4932  111.7193
 Ltd.            GBG.DB      November 30, 2014
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Harvest Energy               6.50% due          101.2942    2.6712  101.5613
 Trust           HTE.DB.B    December 31, 2010
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Harvest Energy               6.40% due October  101.0968   13.3260  102.4294
 Trust           HTE.DB.D    31, 2012
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                             7.25% due          101.7503   21.2534  103.8756
Harvest Energy               September 30,
 Trust           HTE.DB.E    2013
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Harvest Energy               7.25% due          101.9110   27.2123  104.6322
 Trust           HTE.DB.F    February 28, 2014
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Harvest Energy               7.50% due May 31,  103.4065    9.4521  104.3517
 Trust           HTE.DB.G    2015
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                             6.00% due           99.3365   17.5890  101.0954
Just Energy                  September 30,
 Exchange Corp.  JEX.DB      2014
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NAL Oil & Gas                6.75% due August   104.9920   25.3356  107.5256
 Trust           NAE.DB      31, 2012
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NAL Oil & Gas                6.25% due          104.6580    7.3630  105.3943
 Trust           NAE.DB.A    December 31, 2014
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Northland Power              6.50% due June     103.0400    2.6712  103.3071
 Income Fund     NPI.DB      30, 2011
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Northland Power              6.25% due          105.1071    2.5685  105.3640
 Income Fund     NPI.DB.A    December 31, 2014
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Paramount Energy             6.25% due June     100.2513    2.5685  100.5082
 Trust           PMT.DB.A    30, 2010
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Paramount Energy             6.25% due April    102.7452    5.7603  103.3212
 Trust(i)        PMT.DB.B    30, 2011
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Paramount Energy             6.50% due June     100.4365    2.6712  101.6950
 Trust           PMT.DB.C    30, 2012
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Pengrowth Energy             6.50% due          102.4470    2.6712  102.7141
 Trust           PGF.DB      December 31, 2010
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Penn West Energy             7.20% due May 31,  102.6269    9.0740  103.5343
 Trust           PWT.DB.E    2011
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Penn West Energy             6.50% due          101.9531    2.6712  102.2202
 Trust           PWT.DB.F    December 31, 2011
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Progress Energy              6.75% due June     101.5889    2.7740  101.8663
 Resources Corp. PRQ.DB      30, 2010
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                             6.25% due          101.1538   18.3219  102.9860
Progress Energy              September 30,
 Resources Corp. PRQ.DB.A    2011
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Provident Energy             6.50% due August   102.2346   24.3973  104.6743
 Trust           PVE.DB.C    31, 2012
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Provident Energy             6.50% due April    100.9867   13.5342  102.3401
 Trust           PVE.DB.D    30, 2011
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Superior Plus                5.75% due          101.6344    2.3630  101.8707
 Corp.           SPB.DB.B    December 31, 2012
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Superior Plus                5.85% due October   99.3555   12.1808  100.5736
 Corp.           SPB.DB.C    31, 2015
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Trinidad                     7.75% due July     102.5762    3.1849  102.8947
 Drilling Ltd.   TDG.DB      31, 2012
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(i) Converted into Paramount Energy Trust (PMT.DB.D), 7.25% due January 31,
    2015.

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