(November 30 – 17:35 ET) – Altamira Management Ltd., the Investment Manager of New Altamira Value Fund, intends to merge the Value Fund with Altamira North American Recovery Fund effective December 31, 2001.

In addition, Altamira is offering unitholders of the Value Fund an early redemption right beginning in March 2001. The units are not currently redeemable. The unitholders of the Value Fund will be asked to approve the proposed merger at a special meeting to be held on December 28, 2000. Information about the meeting is contained in a circular that was mailed to unitholders today.

The proposed merger would be beneficial to unitholders by allowing them to exchange their units for units of the Recovery Fund and thereby maintain their investment in a fund with a similar mandate to that of the Value Fund without creating a tax liability from the premature disposition of the units or termination of the fund. Following the merger, unitholders of the Value Fund would also be able to switch into any other Altamira mutual fund at no cost.

The merger is subject to all necessary regulatory and unitholder approvals and, if approved, will be effective on or about December 31, 2001. If approved by unitholders of the Value Fund, the unitholders of the Recovery Fund will be asked to approve the proposed merger at a special meeting expected to be held in the first quarter of 2001.

At the special meeting to be held on December 28, 2000, unitholders of the Value Fund will also be asked to approve an amendment to the Declaration of Trust to add a right to redeem units (a) quarterly at the net asset value per unit as at the last business day of March, June, and September, 2001, less a 2% redemption fee and (b) for a cash price equal to the net asset value per unit on December 31, 2001.

The total amount redeemable shall not exceed 20% of the net asset value of the Value Fund on each redemption payment date, except for the December 31 redemption payment date.
-IE Staff