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BluMont Capital Posts $1.3 Million Net Income for First Quarter and Announces Investor Conference Ca

Date: Monday, March 1, 2004

BluMont Capital Inc. (“BluMont” or the “Corporation”) (TSXV:BCC) announced today its first quarter results for fiscal 2004. Net income for the three-month period ended December 31, 2003 was $1,278,679 or $0.04 per share, up significantly from a net loss of $272,047 or $0.01 per share reported in the same period last year. Revenue grew 73% from $3.1 million in the quarter ended December 31, 2002 to $5.4 million in the quarter ended December 31, 2003. Core management fees increased 10% due to higher assets under management and performance fees grew 150% from $1.4 million in the quarter ended December 31, 2002 to $3.5 million in the quarter ended December 31, 2003. The performance of the BluMont group of hedge funds over the past six months contributed significantly to the results of the Corporation. After paying the related investment advisor fees and dealer service fees associated with the performance fee revenue of $3.5 million, approximately $2.3 million was retained by the Corporation versus only $0.2 million that was retained in the quarter ended December 31, 2002. All funds managed by BluMont’s Chief Investment Officer, Veronika Hirsch, posted impressive returns with the BluMont Hirsch Performance Fund (a fund that charges no management fee) returning 30.4% for year ended December 31, 2003 (174.7% since its inception date of September 1997). Toreigh Stuart, Chief Executive Officer of BluMont added, “Veronika Hirsch, BluMont’s Chief Investment Officer has once again delivered exceptional performance to unitholders. According to the SEI Investments Pooled Fund Survey, the BluMont Hirsch Performance Fund ranked in the first percentile for the five years ended December 31, 2003”. During the quarter, BluMont continued its strategic initiative by launching two additional BluMont Man guaranteed structured product offerings in association with Man Investments Products Inc. (“Man”), one of the world’s largest alternative investment managers. The BluMont Man Multi-Strategy Series 1 Notes closed with $35.8 million in November 2003 and, in February 2004, it is expected that the BluMont Man Multi-Strategy Series A Notes will close with approximately $31.8 million. In total, BluMont has closed approximately $214 million of BluMont Man structured products in just under one year and intends to provide investors with additional BluMont Man products on a quarterly basis. Currently, the Corporation is offering its second series of the BluMont Man Multi-Strategy Notes with an anticipated closing in mid March 2004. Mr. Stuart, said, “We are extremely pleased to present our financial results to our shareholders who have shown incredible support for the Corporation during this growth stage for the Corporation. We continue to see strong demand for the BluMont Man structured products and intend on delivering this type of product to the retail market on a quarterly basis”. BluMont’s December 31, 2003 quarterly report, which can be accessed on SEDAR or on BluMont’s website at www.blumontcapital.com, provides complete information on the Corporation’s quarterly results. Mr. Stuart will provide a review of the Corporation’s performance and an explanation of the upcoming initiatives for the Corporation in a conference call to begin at 4:15 p.m. EST on Wednesday, March 3, 2004, and will be accessible by dialing in 1-888-280-8771 or 416-695-9703. Please ask the operator for the “Blumont Capital Investor Conference Call”. To ensure a proper connection, it is advisable to call ten minutes prior to the start time. About BluMont Capital BluMont Capital provides Canadian investors the opportunity to invest in leading alternative investment products and is one of Canada's leading hedge fund companies with assets under management of approximately C$430 million. BluMont Capital is 46.1% owned by Toronto-based Integrated Asset Management Corp. (TSXV:IAM), a premier alternative asset manager with approximately C$1.6 billion in assets under management (www.iamgroup.ca). Further information about BluMont Capital can be found at www.blumontcapital.com. For further information, contact: Toreigh N. Stuart Chief Executive Officer BluMont Capital 416-216-3566 BluMont Capital 220 Bay Street, Suite 1500 P.O. Box 23 Toronto, ON M5J2W4 T: 416.216.3566 1.866.473.7376 F: 416.216.3559 blumontcapital.com BluMont Capital 220 Bay Street, Suite 1500 P.O. Box 23 Toronto, ON M5J2W4 T: 416.216.3566 1.866.473.7376 F: 416.216.3559