PDV Prime Dividend Corp

As a result of the Bank of Canada's decision yesterday to decrease the bank rate
in Canada by 0.50%, the Prime Rate has also decreased by 0.50% to 4.75% . As a
result, the May dividends payable to both Preferred Shares and Class A shares of
Prime Dividend are each set to decrease by 0.50% . This would result in the May
Preferred share dividend once declared being set at an annualized rate of 5.50%
(Prime Rate plus 0.75%) and the Class A share dividend being set at an
annualized rate of 6.75% (Prime Rate plus 2.0%).


Prime Dividend invests in a portfolio of high yielding Canadian Companies as
follows:





Banks              Investment Management   Life Insurance      Utilities &
                                                                Other
Bank of Montreal   AGF Management Ltd.     Great-West Lifeco   BCE Inc.
The Bank of Nova   CI Financial             Inc.               TransAlta
 Scotia            IGM Financial Inc.      Manulife             Corp
CIBC                                        Financial Corp.    TransCanada
National Bank of                           Sun Life             Corp
 Canada                                     Financial Inc.     Power 
Royal Bank of                                                   Financial
 Canada                                                         Corp.
Toronto-Dominion                                               TSX Group
 Bank                                                           Inc.



Shares held within the Portfolio will generally represent no less than 4% and no
more than 8% of the net asset value.


The fund's investment objectives are:

Floating Rate Preferred Shares:

(i) to provide holders of the Preferred Shares with cumulative preferential
floating rate monthly cash dividends at a rate per annum equal to the Prime Rate
in Canada plus 0.75% (minimum 5%, maximum 7%) based on original issue price of
$10.00 per share


(ii) on or about December 1, 2012 (termination date), to pay the holders of the
Preferred Shares the original issue price of those shares.


Floating Rate Class A Shares:

(i) to provide holders of the Class A Shares with regular floating rate monthly
cash distributions targeted to be at a rate per annum equal to the Prime Rate in
Canada plus 2.0% (minimum 5%, maximum 10%) based on original issue price of
$15.00 per share


(ii) on or about December 1, 2012 (termination date), to pay the holders of
Class A Shares at least the original issue price of those shares.

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