Diversified Alpha Fund II Files Preliminary Prospectus

TORONTO, Sept. 30, 2011 /CNW/ - Diversified Alpha Fund II (the "Fund") announces that it has filed a preliminary prospectus dated September 30, 2011 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of transferable trust units (the "Units") of the Fund at $10.00 per Unit.

The Fund will provide holders of Units ("Unitholders") exposure to a diversified portfolio of investments managed by GMP Investment Management ("GMPIM"). GMPIM will use its proprietary process of capital allocation and risk management to invest both long and short, across its four Core Asset Strategies of (i) equities; (ii) credit; (iii) quantitative (primarily options and futures contracts), and (iv) cash.  The Fund will be managed by Propel Capital Corporation ("Propel").

The Fund's investment objectives are to: (i) preserve capital; (ii) maximize risk adjusted absolute returns while minimizing down-side volatility; and (iii) provide Unitholders with quarterly, tax-advantaged distributions.

The distributions are initially targeted to be 6.0% per annum on the subscription price of $10.00 per Unit ($0.15 per Unit per quarter or $0.60 per annum). The Fund will not have a fixed distribution amount but will determine and announce in June and December of each year an indicative distribution amount for the following two quarters.

The syndicate of agents for this offering is being led by CIBC, GMP Securities L.P., and RBC Capital Markets, and includes Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., and Dundee Securities Ltd.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

SOURCE Diversified Alpha Fund II

For further information:

Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca

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Diversified Alpha Fund II

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