Hesperian Capital Management Ltd. Announces Re-Opening of the Norrep II Class of Norrep Opportunities Corp.

    CALGARY, Jan. 12 /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"), announced today that the
Norrep II Class of Norrep Opportunities Corp., which has been closed to new
investors since March 2006, will be re-opening to both new and existing
investors for a limited time effective January 13, 2009 through April 3, 2009.
    "While the current global economic downturn has impacted the market, it
has also created unique opportunities for investors," stated Alex Sasso,
Portfolio Manager of the Norrep II Class. "Many strong businesses are
currently undervalued and new investment choices have become available. We
decided to re-open the Norrep II Class in order to take advantage of these
    The Norrep II Class is designed to achieve long-term capital appreciation
by investing in small and mid capitalization equities using a value approach
as a primary method to securities selection. The investment objectives,
strategies and methodology of the Norrep II Class, which have been
instrumental in the Fund achieving one of the best long-term Canadian small
cap track records, will not change with the re-opening of the fund.
    The Norrep II Class and its companion product, the Norrep Fund, have
consistently added value versus their benchmark index. The portfolios are
dominated with fundamentally sound, high return businesses that produce
attractive cash flows. The methodology has worked in bull and bear markets as
evidenced in the table below.

    Annual Returns   1998 1999 2000 2001 2002 2003 2004 2005 2006 2007  2008
    Norrep Fund      -21%  32%  45%  24%  21%  44%  25%  32%  26%  20%  -51%
    Value Added       -3%  12%  38%  21%  22%   1%  11%  12%   4%  19%    2%
    Norrep II Class                       27%  46%  23%  34%  19%  16%  -52%
    Value Added                           28%   3%   9%  14%  -3%  15%    1%
     Index(*)        -18%  20%   7%   3%  -1%  43%  14%  20%  22%   1%  -53%

                          1 Year   3 Year   5 year   10 Year  Since Inception
    Norrep Fund Return      -51%     -10%       4%       17%        13%
    Value Added               2%       7%       9%       13%        11%
    Benchmark Index(*)      -53%     -17%      -5%        4%         2%
    Norrep II Class Return  -52%     -13%       2%       N/A        12%
    Value Added               1%       4%       7%       N/A         8%
    Benchmark Index(*)      -53%     -17%      -5%       N/A         4%
    (*) Benchmark Index - BMO Small Cap Equity Only Weighted Total Return

    To purchase the re-opened Norrep II Class during this limited time
offering, please consult your Investment Advisor. Should you require
additional information or have any questions, please contact Richard Rohan,
Vice President of Business Development, Hesperian Capital Management Ltd at
403-537-5709 or richard@hesperiancapital.com.

    Hesperian Capital Management Ltd. is a Calgary-based investment firm with
approximately $400 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.
    The rate of return is used only to illustrate the effects of the compound
growth rate and is not intended to reflect future values of the mutual fund or
returns on investments in the mutual fund. Commission, trailing commissions,
management fees and expenses all may be associated with mutual fund
investments. Please read the prospectus before investing. The indicated rates
of return are the historical annual compounded total returns including changes
in share value and reinvestment of all distributions and do not take into
account sales, redemption, distribution or optimal charges or income taxes
payable by any securityholder that would have reduced returns. Mutual funds
are not guaranteed, their values change frequently and past performance may
not be repeated.

For further information:

For further information: Richard Rohan, Vice President of Business
Development, Hesperian Capital Management Ltd at (403) 537-5709 or

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