BPI Global Opportunities II Fund renews normal course issuer bid

Date: Friday, January 23, 2004

TSX Symbol: BOI.UN TORONTO, Jan. 23 /CNW/ - BPI Global Opportunities II Fund (the "Fund") intends to purchase for cancellation up to 545,575 of its Units by way of a normal course issuer bid through the facilities of The Toronto Stock Exchange. The 545,575 Units represent 10% of the public float of the Fund being 5,455,750 Units as at January 22, 2004. The number of issued and outstanding Units as at January 22, 2004 is 5,455,750. The purchases may commence on January 27, 2004 and will terminate on January 26, 2005 or on such earlier date as the Fund may complete its purchases pursuant to a notice of intention filed with The Toronto Stock Exchange or provide notice of termination. Any such purchases will be made by the Fund at the prevailing market price at the time of such purchases in accordance with the requirements of The Toronto Stock Exchange. Pursuant to the Amended and Restated Declaration of Trust of the Fund, the Fund may only repurchase Units at a price per Unit which does not exceed the Net Asset Value per Unit on the day immediately prior to the offer to purchase or invitation for tenders. If the Units are trading at a substantial discount to the Net Asset Value per Unit, the Manager of the Fund believes that it would be in the best interests of the Fund and the holders of the Units to purchase Units in the market. The Fund did not purchase any Units pursuant to its previous normal course issuer bid which commenced on January 27, 2003 and will expire on January 26, 2004. To the knowledge of the Manager, no director, senior officer or other insider of the Fund intends at present to sell any Units under this bid. However, sales by such persons through the facilities of The Toronto Stock Exchange or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose Units are purchased would be the same as the benefits available to all other holders whose Units are purchased.