BluMont Man Alternative Yield Fund closes at C$20 Million.

TORONTO -- The BluMont Man Alternative Yield Fund ("Alternative Yield Fund" or the "Fund") (TSX:BMY.UN) is pleased to announce that it has raised gross proceeds of C$20 million on the closing of its initial public offering. BluMont Capital Corporation is the manager of the Fund. The Alternative Yield Fund is a closed-end investment trust that seeks to provide unitholders with tax-efficient monthly distributions of $0.05 per unit (6% annually), to preserve capital and achieve growth over the term of the Alternative Yield Fund. CIBC World Markets Inc., led a syndicate of investment dealers comprised of BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation and Wellington West Capital Inc. in connection with the offering.

The Fund has granted the agents for the offering an overallotment option to acquire additional units exercisable at any time over the next 30 days.

The Alternative Yield Fund has been formed to provide unitholders with distributions derived from exposure to a leveraged investment portfolio of alternative investments that has the potential to deliver positive returns in both rising and falling markets, to provide benefits of diversification as well as low correlation to stock and bond portfolios. The portfolio of alternative investments will consist of allocations to two investment programmes managed by Man Investments, the asset management division of Man Group plc: the Glenwood Portfolio and the AHL Diversified Programme. The Glenwood Portfolio (fund-of-hedge funds) is designed to achieve medium-term capital growth with low volatility by allocating assets across a broad range of alternative investment strategies in order to achieve strong risk-adjusted returns. The AHL Diversified Programme is designed to achieve medium-term capital growth by trading a diversified portfolio of stock index, bond, currency, short-term interest rate and commodity (energy, metal and agricultural) futures contracts and other financial derivative instruments. The investment portfolio will provide initial exposure of approximately 75% to the Glenwood Portfolio and approximately 25% exposure to the AHL Diversified Programme, with an initial targeted total investment exposure of approximately 130% of the net asset value of the Alternative Yield Fund.

About BluMont Capital

BluMont Capital is a leading provider of alternative investment products to Canadian investors. Specializing in hedge funds, the firm offers investors investment solutions that provide diversification and return potential. BluMont employs approximately 40 people nationwide and has approximately C$770 million in assets under management. BluMont is 46.1% indirectly owned by Toronto-based Integrated Asset Management Corp. (TSXV:IAM), a leading alternative asset investment management company with approximately C$3 billion in assets and committed capital under management. Further information on BluMont Capital can be found at www.blumontcapital.com.

About Man Investments

Man Investments Inc. ("Man Investments") is the asset management division of Man Group plc, an international financial services business that is listed on the London Stock Exchange and is a constituent of the FTSE 100 index of major UK-listed companies. Man Investments, established in 1983, and its affiliates has launched over 450 alternative investment products and as of January 12, 2006, had an estimated US$45.8 billion in assets under management for institutional and private clients worldwide.

BluMont Man Alternative Yield Fund (TSX VENTURE:BMY.UN)