DC.PR.B Dundee Corporation

In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B) ("Dundee") announced today that it has acquired, directly and indirectly, 12,000,000 units of Dundee International Real Estate Investment Trust ("Dundee International REIT") pursuant to its initial public offering for aggregate consideration of $120 million. In addition, in connection with the founding and organization of Dundee International REIT, a subsidiary of Dundee previously acquired 800,000 units. In the aggregate, these holdings represent a 32.16% interest in Dundee International REIT.

The position in Dundee International REIT was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Contacts: Dundee Corporation Ned Goodman President and Chief Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot Vice President and Chief Financial Officer (416) 365-5157