PATHFINDER CONVERTIBLE DEBENTURE FUND ANNOUNCES NORMAL COURSE ISSUER BID

TORONTO, Dec. 10 /CNW/ -Pathfinder Convertible Debenture Fund announced today its intention to make a normal course issuer bid for its units through the facilities of the Toronto Stock Exchange (the "TSX"). This normal course issuer bid will commence on December 14, 2010 and will terminate on December 13, 2011. In accordance with the Declaration of Trust by which Pathfinder is governed, market purchases pursuant to its normal course issuer bid may be effected by the Fund.

The Fund had 10,061,919 units issued and outstanding as at December 6, 2010. Pathfinder may, during the 12 month period commencing December 14, 2010 purchase on the TSX up to 994,461 units, being 10% of the public float of 9,944,619 units and may not, in any 30 day period, purchase more than 201,238 units, being 2% of the units issued and outstanding. Pathfinder will hold in treasury for resale all units purchased pursuant to the bid. As at December 6, 2010 Pathfinder has purchased 211,500 units at an average price of $11.70 per unit under its previously approved normal course issuer bid. Pathfinder believes that its units represent good value for the Fund and purchases under the normal course issuer bid may serve to enhance returns to unitholders.

Pathfinder trades on the Toronto Stock Exchange under the symbol "PCD.UN".

For further information:

visit our website at www.middlefield.com or contact the undersigned:

Nancy Tham
Managing Director, Sales and Marketing
[phone]