Dundee Corporation Reports Third Quarter 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 quarter ended September 30, 2009 on
its website www.dundeecorporation.com and the System for Electronic Document
Analysis and Retrieval ("SEDAR").


Our operating EBITDA for the nine months ended September 30, 2009 as compared to
the same period in 2008 amounts to $151.4 million for 2009 and $177.5 million in
2008. Net earnings per share in 2009 were $0.68 on a fully diluted basis, as
compared to a net loss of $0.15 per share in 2008. With the successful issuance
of $130 million of 6.75% rate reset preferred shares in September of this year,
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. 


The results from our real estate subsidiary, Dundee Realty Corporation have been
outstandingly ahead of budgets developed last year. Margins from the sale of
land, housing and condominiums were $24 million in the third quarter alone,
surpassing the combined real estate margins earned in the first two quarters of
this 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. Dundee Realty is prudently managing its
capital, paying down its operating line debt from its peak of $103.9 million to
$54.4 million, along with a further $78.8 million reduction in other debt at
September 30, 2009. 


Our wealth management subsidiary, DundeeWealth Inc., ended the quarter with
$33.6 billion in assets under management. According to data provided by the
Investment Funds Institute of Canada, Dynamic Funds continued to lead its
industry peers in asset gathering activities in the third quarter of 2009,
contributing to an increase in DundeeWealth's mutual fund market share to 3.56%
at September 30, 2009 from 3.03% at the end of 2008. In the nine months ended
September 30, 2009, DundeeWealth earned EBITDA of $106.6 million and net
earnings of $40.4 million. DundeeWealth's results include a pre-tax fair value
increase related to its investments in ABCP of $48.9 million, offset by a
pre-tax fair value decrease of $9.5 million related to its portfolio of CLOs.
Although revenues are not yet back to levels reached prior to the financial
crisis, DundeeWealth has reported an upward trend quarter over quarter this
year, while at the same time enjoying the cost containment initiatives put in
place, decreasing SG&A costs by 14% compared to the same period last year.
Having paid off all bank debt subsequent to completion of its $200 million debt
financing, DundeeWealth is in an excellent position to pursue organic growth and
consider acquisition opportunities that fit its core business model.


At September 30, 2009, Ravensden Asset Management Inc. ("Ravensden"), our
recently established asset management subsidiary, provided sub-advisory and
investment services to approximately $3.2 billion of AUM. Ravensden is also
working towards our initiative 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 resource segment to eliminate any potential future
conflicts as we prepare for the launch of, and our role as advisors to, the
Dundee Global Resource L.P., to which we have committed to provide a $200
million drawdown subscription. 


Dundee Real Estate Asset Management ("DREAM"), the asset management division of
our real estate subsidiary, managed assets of $3.1 billion at September 30,
2009. DREAM is aggressively pursuing opportunities offered by foreign investors
for Canadian assets and is also designing products supporting infrastructure
development, potentially through asset management arrangements. 





Dundee Corporation is an asset management company dedicated to private wealth
management, real estate and resources that, combined, reflect approximately $68
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 74%
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 Ravensden Asset Management Inc. and Dundee Real Estate
Asset Management ("DREAM").