DundeeWealth Inc.

DundeeWealth Inc.

September 28, 2007 19:15 ET

Scotiabank and Dundee Complete Transaction

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2007) - DundeeWealth Inc. (TSX:DW) announced today that, with all regulatory approvals received, it has completed the $608 million transaction announced September 18, 2007, involving Scotiabank's purchase of Dundee Bank of Canada and its strategic equity investment in DundeeWealth Inc.

At the same time, Scotiabank and Dundee Corporation have today executed the shareholder agreement also previously announced on September 18, 2007.

Under the terms of the finalized arrangements, Scotiabank is purchasing 300,000 newly-issued common shares and 27,000,000 newly issued non-voting special shares each at a price of $12.76 per share for a total of $348 million to acquire 18 per cent of DundeeWealth Inc. The non-voting shares are convertible into common shares any time after March 31, 2009.

Additionally, Scotiabank is paying $260 million to acquire Dundee Bank of Canada.

Under the agreement, Scotiabank will provide "white labeled" banking services to DundeeWealth to support its distribution of products through independent financial advisors across Canada.

"Our new relationship with Scotiabank is rooted in a confident respect for each other that has been gained over many years," said David Goodman, President and Chief Executive Officer of DundeeWealth. "We look forward to the future with a renewed sense of opportunity as DundeeWealth moves into the next phase of its continuing development as a leading Canadian asset manager."

DundeeWealth is a Canadian owned, diversified wealth management company. Through its various subsidiaries DundeeWealth creates innovative asset management, alternative investments and provides investment solutions. In addition, DundeeWealth provides capital markets and advisory services to financial advisors, institutions, corporations and foundations, and provides retail banking services through financial advisors. DundeeWealth oversees $62.6 billion in assets under management and administration through independent financial advisors across Canada. It is listed on the Toronto Stock Exchange (TSX:DW).

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