Dundee Corporation Reports 2009 Results

Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee" or the
"Company") is pleased to announce that it has posted its financial results and
Management's Discussion and Analysis for the year ended December 31, 2009 on its
website www.dundeecorporation.com and the System for Electronic Document
Analysis and Retrieval ("SEDAR").


Our operating EBITDA in 2009 was $250.4 million, surpassing operating EBITDA of
$235.6 million earned in 2008. Net earnings per share in 2009 were $0.77 on a
fully diluted basis, as compared to a net loss of $2.62 per share in 2008. Net
earnings in the prior year were adversely impacted by fair value adjustments to
the carrying value of certain corporate investments.


Our business is undergoing a significant change through our investment in wealth
management, real estate and resources. We have now expanded our focus in order
to access a broader range of investment partners, thereby increasing our access
to capital and to non-retail and institutional clients. Our newly defined
mandate as an asset management business, with expertise in these same core
industries, will be centered through Ned Goodman Investment Counsel Limited
("NGIC") (formerly Ravensden Asset Management Inc.) and through Dundee Real
Estate Asset Management ("DREAM"). At December 31, 2009, NGIC provided
sub-advisory and investment services to approximately $3.1 billion of assets
under management, with DREAM providing similar services to $3.3 billion of real
estate assets. Our expansion initiatives also include the establishment of
Arabia-Asia Capital Alliance Ltd., our 60% owned subsidiary incorporated in the
Emirate of Dubai, as a registrant in the Emirate of Dubai to access capital for
our current and future investment products in the Middle East.


NGIC is in the final stages of its plan to raise up to $1 billion for private
equity investment in the resource sector through Dundee Global Resource L.P. We
have initiated steps in our resources segment to eliminate any potential future
conflicts as we prepare for the launch of, and our role as advisors to, Dundee
Global Resource L.P., to which we have committed to provide a $200 million
drawdown subscription. 


Assets under management and administration in our wealth management subsidiary,
DundeeWealth Inc. were $68.8 billion. In particular, assets under management
ended the year at $36.1 billion, a 42% growth year-over-year and an all time
high for DundeeWealth. The considerable growth in AUM is a result of
industry-leading net asset gathering of $2.6 billion, combined with market
appreciation of $7.5 billion. Our mutual fund market share increased to 3.76%
from 3.03% at the end of 2008 as reported by the Investment Funds Institute of
Canada.


DundeeWealth earned EBITDA of $184.7 million and net earnings of $51.6 million
in 2009. DundeeWealth's results include performance fee revenues earned during
2009 of $21.7 million, net of third party allocations and costs. Having repaid
all bank debt subsequent to completion of its $200 million debt issuance,
DundeeWealth enters 2010 with $400 million in cash, cash equivalents and
marketable securities.


The results from our real estate subsidiary, Dundee Realty Corporation continue
to exceed the expectations and budgets developed at the end of the prior year.
Propelled by strong buyer demand, housing and condominium activities
outperformed levels originally anticipated and land sales in western Canada
continue to show substantial growth. Contributions to earnings generated by our
real estate subsidiary exceeded $60 million in 2009. Dundee Realty continues to
prudently manage its capital, paying down its operating line debt from its peak
of $103.9 million to $75.4 million, along with a further $77.9 million reduction
in other debt at December 31, 2009. 


With the successful issuance of $130 million of 6.75% rate reset preferred
shares in the third quarter of 2009, we have fully repaid amounts owing pursuant
to our revolving term credit facility. We have also renewed our revolving term
credit facility, extending the maturity date to November 9, 2010 and increasing
the amount available to $200 million. 


Dundee Corporation is an independent Canadian asset management company with an
established reputation and relationships in those core sectors of wealth
management, real estate and resources that can provide future inflation
protection. We are well positioned to capitalize on our expertise and achieve
success in our asset gathering activities, thereby creating long term value for
our shareholders.


ABOUT DUNDEE CORPORATION

Dundee Corporation is an asset management company dedicated to private wealth
management, real estate and resources that, combined, reflect approximately $73
billion under management and administration. Its domestic wealth management
activities are carried out through its 62% controlled subsidiary, DundeeWealth
Inc. Dundee Corporation's real estate activities are conducted through its 70%
owned subsidiary, Dundee Realty Corporation, which operates as an asset manager
of commercial real estate with activities in a land and housing business in
Canada and the United States. Resource activities are carried out through its
wholly-owned subsidiary, Dundee Resources Limited. Asset management activities
are carried out through Ned Goodman Investment Counsel Limited and Dundee Real
Estate Asset Management.