Prospectus excerpt:  This short form prospectus quali?es the distribution of 6,000,000 5.00% Cumulative Redeemable First Preference Shares, Series 1 (the ‘‘Series 1 Shares’’) of Dundee Corporation (‘‘Dundee Corporation’’ or the ‘‘Corporation’’) at a price of $25 per Series 1 Share.

The holders of the Series 1 Shares will be entitled to receive ?xed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Corporation in an amount equal to $1.25 per share per annum, to accrue from and including the date of original issue, payable quarterly on the last day of March, June, September and December of each year. Assuming an issue date of June 28, 2006, the ?rst dividend will be payable as of September 30, 2006 in the amount of $0.31937 per Series 1 Share. The Series 1 Shares rank senior to the class A subordinate voting shares (‘‘Subordinate Voting Shares’’), the class B common shares (‘‘Common Shares’’), the second preference shares and the third preference shares of the Corporation and rank pari passu with each other and all other series of ?rst preference shares of the Corporation (‘‘First Preference Shares’’) with respect to the payment of dividends and the distribution of the assets of the Corporation on the liquidation, dissolution or winding up of the Corporation. Immediately following the issue of the Series 1 Shares offered hereunder, the issued and outstanding capital of the Corporation will consist of the Series 1 Shares, the Subordinate Voting Shares and the Common Shares. Certain provisions relating to the Series 1 Shares are summarized under ‘‘Details of the Offering’’ and certain provisions of the Subordinate Voting Shares and Common Shares are summarized under ‘‘Description of Share Capital’’.