BluMont Hirsch Performance Fund To Close at $150 million

Date: Friday, December 17, 2004

BluMont Capital Inc. (TSXV: BCC) has announced that its wholly-owned subsidiary, BluMont Capital Corporation (“BluMont” or the “Manager”), will be closing the BluMont Hirsch Performance Fund (the “Fund”) to new investors the sooner of March 31, 2005 or once the Fund reaches $150 million in assets. For existing investors in the Hirsch Performance Fund, the Manager will be allowing additional investment allocations until the Fund reaches $200 million in assets. BluMont’s decision to cap the Fund was made in an effort to maintain and maximize performance and to achieve its objective of above-average, long-term capital growth by investing primarily in Canadian companies that encompass a range of capitalizations and that have superior fundamentals and growth profiles. This opportunistic, long-only Canadian equity fund has attracted numerous new investors over the past year as well as media accolades owing to a combination of its spectacular seven-year track record and the fact that it charges no management fee. As of November 30, 2004 the BluMont Hirsch Performance Fund generated an annualized net return of 16.5% and a total net return of 200.0% since its September 1997 inception. Investors pay only a performance fee if their specific investment generates positive gains above a high water mark. Rated five-stars by Fundata and Fund Library, and ranked as the #1 Canadian Equity Fund on a five-year annualized return basis by SEI Investments, the Fund is 100% RSP eligible and, as defined more fully in the Fund’s offering memorandum, is available to accredited investors for a minimum investment of $25,000. “In a period when declining investment returns have made investors more fee-sensitive, this unique fund structure resonates extremely well with both advisors and their clients,” said Toreigh Stuart, Chief Executive Officer of BluMont Capital. “ We have had considerable interest recently in our BluMont Hirsch Performance Fund and we expect this product to reach investment capacity by the end of the first quarter of 2005.”