STAR PORTFOLIO CORP. SUCCESSFULLY CLOSES ITS IPO OF STAR MANAGERS CLASS AND
IS NOW TRADING ON THE TORONTO STOCK EXCHANGE

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/

TORONTO, Oct. 29 /CNW/ - Star Portfolio Corp. (the "Corporation") is pleased to announce that it has completed its initial public offering (the "Offering") of 7,250,000 units ("Units") in respect of Star Yield Managers Class (the "Fund") at a price of $12.00 per Unit for aggregate proceeds of $87,000,000. Each Unit entitles the holder thereof to one Star Yield Managers Class share ("Share") of the Corporation and one transferable warrant ("Warrant"). The Corporation has granted the agents an over-allotment option exercisable in whole or in part for a period of 30 days following the closing of the Offering to acquire up to an additional 1,087,500 Units.

Each Warrant entitles the holder to purchase one Share at a subscription price of $12.00 on or before 5:00 p.m. (Toronto time) on October 31, 2011 (the "Warrant Expiry Time"). Warrants not exercised by the Warrant Expiry Time will be void and of no value. The Shares and Warrants comprising the Units will separate no later than 30 days after the closing of the Offering, and may be transferred separately thereafter. Prior to separation into constituent Shares and Warrants, the Units will trade on the Toronto Stock Exchange (the "TSX") under the symbol XYM.A. Once separated, the Shares and the Warrants will trade on the TSX independently under the symbols: XYM and XYM.WT.

The Fund has been created to provide investors with attractive tax-efficient distributions and the opportunity for capital appreciation through investment in, or exposure to, diversified private investment funds or portfolios of income-generating securities managed by three of Canada's leading investment managers and their teams: Oscar Belaiche of Goodman & Company, Investment Counsel Ltd.; Eric Bushell of Signature Global Advisors (CI Investments Inc.); and Ben Cheng of Catapult Financial Management Inc., a wholly owned subsidiary of Aston Hill Financial Inc. (collectively, the "Portfolio Managers").

The Fund's investment objectives are to provide Shareholders with: (i) monthly tax-efficient distributions, initially estimated to be $0.07 per Share ($0.84 per annum representing an annual cash distribution of 7.0% per annum based on the $12.00 per Unit issue price); and (ii) the opportunity for capital appreciation. The Fund will seek to achieve its investment objectives by portfolio diversification through exposure to the differing management styles of the Portfolio Managers, and a variety of investment classes, including 'hard assets' (global real estate and infrastructure securities), global fixed income (including high yield securities) and preferred shares, convertible debentures, dividend paying equities and other income-producing securities.

The syndicate of agents was led by BMO Capital Markets, Dundee Securities Corporation, CIBC and RBC Capital Markets and includes National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Canaccord Genuity Corporation, Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated, Rothenberg Capital Management Inc. and Wellington West Capital Markets Inc.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will", "estimate" and similar expressions to the extent they relate to the Fund and the Corporation. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Fund and the Corporation believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Fund nor the Corporation undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

BMO Capital Markets
For further information, please contact Mark W. Lobsinger [phone], [email protected]

About BMO Capital Markets
BMO Capital Markets is a leading full-service North American financial services provider, with over 2,000 employees operating in 14 North American offices and 26 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$386 billion in total assets and 38,000 employees as at July 31, 2010.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

For further information:

please contact Mark W. Lobsinger [phone], [email protected]