Galileo Funds Inc. Announces Amendment to Annual Information Form of Galileo
Small/Mid Cap Fund

TORONTO, Dec. 8 /CNW/ - Galileo Funds Inc., the trustee and manager of the Galileo Mutual Funds, today announced that it is filing an amendment to the Annual Information Form dated November 10, 2009 of the Galileo Small/Mid Cap Fund (the "Fund"). The amendment reflects the fact that the Fund does not qualify as a "mutual fund trust" under the Income Tax Act (Canada) for the year 2009 (in order to so qualify, the Fund must, among other things, comply with certain conditions as to the number of its unitholders and the dispersal of ownership of its units). As a result, the Fund is likely to be subject to alternative minimum tax under the Income Tax Act for the year 2009. This will have no material effect on the net asset value of the Fund. It is expected that the Fund will qualify as a "mutual fund trust" under the Income Tax Act at all material times for the year 2010.

The Fund continues to be a registered investment under the Income Tax Act for registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered disability savings plans, registered education savings plans and tax-free savings accounts. The investment objective of the Fund is to provide capital growth. The Fund invests primarily in shares of smaller and medium North American companies that are expected to profit from future economic growth, and may also invest in income and royalty trusts.

SOURCE GALILEO FUNDS INC.

For further information: For further information: Evelyn Foo, Chief Financial Officer of Galileo Funds Inc., at (416) 594-3633 or efoo@galileoequity.com

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GALILEO FUNDS INC.

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