Hesperian Capital Management Ltd. Declares Eligible Dividend to Shareholders of the Norrep Income Growth Class



    CALGARY, Oct. 31 /CNW/ - Hesperian Capital Management Ltd. ("Hesperian"),
the manager of a strategically focused group of public mutual funds and
limited partnerships (the Norrep Group of Funds), announces today that it has
declared a dividend of $0.06 per common share for the Norrep Income Growth
Class. This dividend is payable on October 31, 2008 to shareholders of record
at the close of business on October 30, 2008.
    Hesperian Capital Management Ltd hereby advises that this dividend is an
"eligible dividend" in accordance with the Canada Revenue Agency release dated
December 20, 2006. For more information regarding the designation of
dividends, please refer to this release. Shareholders with questions regarding
the tax treatment of dividends should consult with their own tax advisors or
contact their local office of the Canada Revenue Agency and where applicable,
the provincial taxation authorities.

    Hesperian Capital Management Ltd. is a Calgary-based investment firm with
approximately $450 million in assets under management. Please visit
www.hesperiancapital.com for more details about Hesperian and the Norrep Group
of Funds.

    Certain information set forth in this press release, including a
discussion of future plans and operations, contains forward-looking statements
that involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
some of which are beyond management's control, including but not limited to,
the impact of general economic conditions, industry conditions, fluctuation of
commodity prices, fluctuation of foreign exchange rates, environmental risks
industry competition, availability of qualified personnel and management,
stock market volatility, timely and cost effective access to sufficient
capital from internal and external sources. Actual results, performance or
achievement could differ from those expressed in or implied by these
forward-looking statements.

    %SEDAR: 00017183E




For further information:

For further information: Keith Leslie, CFA, Vice President & Portfolio
Manager, Hesperian Capital Management Ltd, (403) 531-1402,
keith@hesperiancapital.com

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NORREP

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HESPERIAN

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