BluMont Man-IP 220 Series 2 Notes close at C$83.7 million

Date: Monday, July 14, 2003

BluMont Man-IP 220 Series 2 Notes close at C$83.7 million, bringing total assets raised to date in the Man-IP 220 Series offerings to C$146.4 million. BluMont Capital Inc. (“BluMont”) (TSXV: BCC) is pleased to announce that its wholly-owned subsidiary, BluMont Capital Corporation, has raised C$83.7 million with its second multi-manager/multi-strategy principal guaranteed structured product - the BluMont Man-IP 220 Series 2 Notes. The successful offering, which closed July 11, 2003, was supported by a syndicate of agents co-led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, National Bank Financial Inc. and TD Securities Inc., and including HSBC Securities (Canada) Inc., Dundee Securities Corporation, Canaccord Capital Corporation, Desjardins Securities Inc., First Associates Investments Inc., and Raymond James Ltd. The closing of the Series 2 Notes, along with the Series 1 Notes which were issued earlier this year, brings the total assets raised in the BluMont Man-IP 220 Notes investment program to C$146.4 million. This innovative product is the result of BluMont Capital’s strategic alliance with Man Investments, one of the world’s largest independent alternative investment managers. The BluMont Man-IP 220 Series 2 Notes are modeled upon the original Man-IP 220 fund, which has proven to be one of Man’s most successful product structures with an impressive six-year track record of positive returns each year since its December 1996 inception and an annualized net return of 19.0% as of March 31, 2003. The Series 2 Notes aim to deliver double-digit annual returns to investors through access to two of Man's most popular investment approaches — the Man-Glenwood Portfolio which specializes in fund-of-hedge funds, and the Man-AHL Diversified Programme, the world’s largest managed futures program — each of which has a long track record of success and low correlation to each other as well as to traditional asset classes The Series 2 Notes feature a principal repayment guarantee provided by Citibank Canada that ensures the return of an investor’s initial investment at maturity. The Series 2 Notes are 100% RSP eligible as Canadian content and were available to investors for a minimum investment of C$5,000. “We are extremely pleased with the assets raised in our second offering of the BluMont Man-IP 220 Notes” says Toreigh Stuart, Chief Executive Officer of BluMont Capital, “In today’s challenging market environment, more and more investors are gravitating to investment products with a principal guarantee that offer the potential for positive returns and increased diversification. The success of the Series 2 Notes offering has clearly demonstrated we have a strong and viable investment solution.” With approximately C$380 million in assets under management, BluMont Capital is one of Canada’s fastest growing hedge fund companies providing Canadian investors the opportunity to invest in leading alternative investment products. BluMont Capital is a subsidiary of Toronto-based Integrated Asset Management Corp. (TSXV:IAM), a premier alternative asset class manager with over C$1.3 billion in assets under management. Further information about BluMont Capital can be found at www.blumontcapital.com . Man Investments (Man) is an independent and global leader in alternative investments, providing innovative products and tailor-made solutions for private and institutional clients. Established in 1983, Man has launched over 200 products, many of them with leading financial institutions. It manages over US$30 billion as of July 9, 2003 and employs more than 700 people worldwide. Man's headquarters are in Switzerland and London and it also has regional offices in Chicago, Hong Kong, the Middle East, Montevideo, New York and Tokyo. Further information on Man Group can be found at www.maninvestments.com The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For further information, contact: Toreigh N. Stuart or Paul Perrow, Chief Executive Officer, President, BluMont Capital BluMont Capital 416-216-3566 416-216-3566