Dundee Corporation Announces Outcome of Its Substantial Issuer Bid

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2011) - Dundee Corporation ("Dundee" or the "Corporation") announced today the results of its substantial issuer bid (the "Offer") to purchase for cancellation up to 10,000,000 of its Class A Subordinate Voting Shares (the "Shares") for $23.75 per Share, which was previously announced on September 12, 2011.

The Offer expired at 5:00 p.m. (Toronto time) on October 19, 2011. Based on the report provided by the depositary for the Offer, 12,583,398 Shares have been deposited as at the expiration of the Offer (and not withdrawn).

Pursuant to the terms of the Offer, Dundee has taken up 10,000,000 Shares at a price of $23.75 on a pro rata basis according to the number of Shares deposited by each depositing shareholder under the Offer. Shares deposited by "Odd-Lot" holders (those holders who beneficially own an aggregate of less than 100 Shares and who deposit all such Shares) will not be subject to pro ration. The aggregate consideration for the Shares to be taken up and accepted for purchase and cancellation by the Corporation is $237,500,000. Payment for such Shares will be made as soon as practicable following take-up by the Corporation, but otherwise in compliance with the Offer. Shares not validly deposited under the Offer or not taken up because of pro ration will be returned to the applicable shareholders as promptly as possible.

The Shares to be purchased under the Offer represent approximately 16.2% of the Shares issued and outstanding as of October 19, 2011. After such purchase, approximately 51,729,662 Shares will remain outstanding.