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Norrep Yield Fund Completes Merger with Norrep High Yield Class of Norrep Opportunities Corp.

CALGARY, ALBERTA -- (Marketwire) -- 11/27/12 -- Hesperian Capital Management Ltd. is pleased to announce that the merger of the Norrep Yield Fund into the Norrep High Yield Class of Norrep Opportunities Corp. has been completed. As a result of the merger, the assets of the Norrep Yield Fund (the "Trust") were transferred to the Norrep High Yield Class (the "Fund") in exchange for MF Series and F Series shares of the Fund on November 23, 2012. Following the merger, the units of the Trust were redeemed and unitholders received shares of the Fund based on the relative net asset values of the Trust and Fund on November 22, 2012.

The main purpose of the merger is to permit Norrep Yield Fund investors to enjoy the advantages of a public, multi-class mutual fund corporation. These benefits include the ability to i) receive tax effective distributions in the form of eligible dividends instead of interest income, ii) switch tax-free between the other share classes (i.e. funds) under Norrep Opportunities Corp., iii) make additional purchases on any business day, and iv) redeem a portion or the entire investment on any business day without prior notification.

The Trust received an aggregate of 1,049,220 MF Series and 94,281 F Series mutual fund shares of the Fund with a net asset value of approximately $10,804,538. As a result of the transfer, each Class A unitholder of the Trust received approximately 1.066 MF Series shares of the Fund for each Class A unit of the Trust based on a net asset value of $10.06 per Class A unit. Each Class F unitholder of the Trust received approximately 1.071 F Series shares of the Fund for each Class F unit of the Trust based on a net asset value of $10.26 per Class F unit. The mutual fund shares were distributed to unitholders on November 26, 2012 and the Trust will be subsequently dissolved.

As a result of the merger, a unitholder will realize a capital gain (or capital loss) to the extent that the fair market value of the Norrep High Yield Class shares received in exchange for the Norrep Yield Fund units exceed (or are less than) the adjusted cost base of the units immediately before the merger. Investors may continue to hold the shares of the Fund or may transfer, on a tax-deferred basis, to another fund class of Norrep Opportunities Corp. Please visit www.norrep.com for information on the Norrep Funds.

Hesperian Capital Management Ltd. is an independent investment management firm with offices in Calgary and Toronto. Please visit www.hesperiancapital.com for more details.

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.

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