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iPerform Hedge Funds Changes Name to BluMont Capital; Appoints New President

Date: Monday, January 20, 2003

Toronto, Ontario – iPerformance Fund Inc. (TSXV: IPR) (the "Corporation") is pleased to announce that, effective January 20, 2003, its subsidiary, iPerformance Fund Corp., will be changing its name to BluMont Capital Corporation. The name change is being conducted as part of an overall corporate re-branding initiative to better reflect BluMont Capital’s position as one of Canada’s leading hedge fund companies, providing blue-chip alternative investment products of the highest calibre. “The new name is more befitting of who we are and where we are going as a company“, explained Bryan Nykoliation, Vice President of Marketing. “2002 was a very successful year for the company, with significant strides made towards meeting our mandate to offer Canadian investors the opportunity to invest with leading hedge fund managers from around the globe.” Over the past 12 months to December 31, 2002, the firm accomplished several key milestones including a +393% increase in hedge fund assets under management from C$57 million to C$281 million, the launch of the largest retail-offered closed-end hedge fund product in the history of the Toronto Stock Exchange, the launch of two new single-manager funds, the BluMont Market Neutral Fund and the BluMont Hirsch Long/Short Fund, and the entering into of a strategic alliance with one of the world’s largest alternative investment firms – Man Investment Products. “On behalf of the Corporation, I am pleased to announce the appointment of Paul Perrow as President of both iPerformance Fund Inc. and BluMont Capital Corporation effective today.” declared Toreigh Stuart, Chief Executive Officer of BluMont Capital. “I’m looking forward to Paul helping me continue to build the company.” Mr. Perrow brings over 15 years of Canadian investment industry to BluMont Capital. He has held a variety of senior management positions including Senior Vice President with C.I. Funds and Co-Head and Managing Director with Merrill Lynch Investment Managers Canada. “Over the past year, we have worked on creating a strong foundation for the company both with product offerings and with our management and sales teams” Toreigh Stuart said today. “Our name change and re-branding initiative represent the beginning of a new stage of development for the company and I look forward to an exciting year as we strive to expand the alternative investment products we provide.” It is anticipated that, at its upcoming annual meeting of shareholders, the Corporation will request that its shareholders approve a name change from "iPerformance Fund Inc." to "BluMont Capital Inc.". BluMont Capital is one of Canada’s leading hedge fund companies, providing blue-chip alternative investment products of the highest caliber. BluMont Capital is 46.1% owned by Toronto-based Integrated Asset Management Corp. (TSXV:IAM), a premier alternative asset class manager with over C$1 billion in assets.