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Canadian Energy Convertible Debenture Fund Files Final Prosepectus

TORONTO, December 21, 2009 - Canadian Energy Convertible Debenture Fund (the "Fund") announces that it has filed a final prospectus (the "Prospectus") with the securities regulatory authorities of all the Canadian provinces for its initial public offering of a maximum of 15 million trust units (the "Units") at $10 per Unit, for a maximum offering size of up to $150 million. The offering is scheduled to close on January 15, 2010 (the "Closing Date"). The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol of CFE.UN, subject to the fulfillment of TSX requirements.

The Fund has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of convertible debentures of Canadian energy issuers.

The Fund's investment objectives are to provide holders of Units with: (i) monthly distributions; and (ii) the opportunity for capital appreciation.

The distributions are initially targeted to be 7% per annum on the subscription price of $10.00 per Unit ($0.05833 per Unit per month or $0.70 per annum).

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

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.