PDV Prime Dividend Corp

As a result of the Bank of Canada's decision yesterday to decrease the bank rate in Canada by 0.75%, the Prime Rate has been decreased to 3.50% . As a result, the December 31, 2008 dividends payable to the Class A shares of Prime Dividend are set to decrease by 0.50%. This would result in the December Preferred share dividend once declared being set at an annualized rate of 5.00%. The Prime Rate Preferred share has reached its minimum annual rate of 5.00% and will not decline below this level as per the prospectus. The November Class A share dividend once declared will be set at an annualized rate of 5.50% (Prime Rate plus 2.0%).

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

Banks             Investment         Life Insurance       Utilities & Other
                   Management

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

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.

Contacts: Prime Dividend Corp. Investor Relations (416) 304-4443 or 1-877-478-2372 Email: info@quadravest.com Website: www.primedividend.com