Global Dividend Fund Announces Normal Course Issuer Bid For Units

    TORONTO, Aug. 16 /CNW/ - Global Dividend Fund (the "Fund")
(TSX: "GDP.UN") announced today acceptance by the Toronto Stock Exchange (the
"TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid
(the "NCIB"). Pursuant to the NCIB, the Fund proposes to purchase, from time
to time through the facilities of the TSX and in accordance with the rules and
policies thereof, if it is considered advisable, up to 618,000 Units of the
Fund, representing approximately 10% of the public float of Units, which is
the same number as the Fund's issued and outstanding Units, being 6,180,000
Units as of the date hereof. The Fund will not purchase in any given 30-day
period, in the aggregate, more than 123,600 Units, being 2% of the issued and
outstanding Units as of the date hereof. All Units purchased by the Fund
pursuant to the NCIB will be cancelled. The price paid for the Units will be
the prevailing market price at the time of purchase. Purchases of Units under
the normal course issuer bid may commence on August 20, 2007 and will expire
on August 19, 2008 or on such earlier date as the Fund may complete its
purchases pursuant to the notice.
    Within the past 12 months, the Fund has purchased 77,250 Units at an
average price of CDN$8.82 per Unit under its mandatory market purchase
program.
    The Board of Directors of frontierAlt Capital Corporation, the manager of
the Fund, believes that such normal course purchases of its Units are in the
best interests of the Fund and are a desirable use of the funds of the Fund.

For further information:

For further information: Asif Khan, Chairman & CEO, frontierAlt Capital
Corporation, Tel: (416) 623-3161, Fax: (416) 360-6202, email:
akhan@frontieralt.com; Kurankye Sekyi-Otu, Executive Vice-President,
frontierAlt Capital Corporation, Tel: (416) 623-3171, Fax: (416) 360-6202,
e-mail: ksekyiotu@frontieralt.com; www.frontieralt.com