BluMont Man-IP 220 Series 1 Notes close at $62.7 million

Date: Monday, March 24, 2003

iPerformance Fund Inc. (TSXV: IPR), now operating as BluMont Capital Inc., (“BluMont”) is pleased to announce that its wholly-owned subsidiary, BluMont Capital Corporation, has closed its first multi-manager/multi-strategy principal guaranteed structured product - the BluMont Man-IP 220 Series 1 Notes. The successful offering, which closed March 20, 2003, raised $62.7 million and was supported by a syndicate of investment dealers led by CIBC World Markets Inc. BluMont Man-IP 220 Series 1 Notes are the result of BluMont’s strategic alliance with Man Investments, a leading specialized alternative investment manager with assets under management of approximately US$23.1 billion as at October 31, 2002. The Series 1 Notes are modeled upon Man’s existing offshore Man-IP 220 Ltd product, which has a six-year track record of proven performance that highlights no down years since its December 1996 inception and an annualized net return of 19.8% as at January 31, 2003. The Series 1 Notes aim to deliver double-digit annual returns and provide investors access to two of Man's most successful investment approaches - the Man-Glenwood Portfolio which specializes in fund-of-funds products and the Man-AHL Diversified Programme, a world leading managed futures programme – each of which has a long track record of success and low correlation to traditional asset classes. The Series 1 Notes feature a principal repayment guarantee provided by Citibank Canada that ensures the return of an investor’s initial investment at maturity. The Series 1 Notes are also 100% RSP eligible as Canadian content and were available to investors until March 20, 2003 for a minimum investment of only C$5,000. “We are very pleased with the assets raised in our first Series offering of the BluMont Man-IP 220 Notes” says Toreigh Stuart, Chief Executive Officer of BluMont Capital, “and it is our intention to follow with a Series 2 offering in the coming months, so as to offer those investors seeking an alternative to stocks and bonds a product that provides the prospect of positive returns and increased diversification, coupled with the security of a principal guarantee.”