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December 2007

Penfund announces $40 million follow-on investment in GoodLife Fitness Clubs

TORONTO, Ontario (December 11, 2007) – Penfund, an independent investment company specializing in providing capital to middle market companies, announced today a $40 million follow-on investment in GoodLife Fitness Clubs.

“Penfund is proud of its longstanding partnership with GoodLife. We are confident this follow-on investment will accelerate GoodLife’s expansion across Canada and help solidify its reputation as Canada’s leading chain of fitness clubs,” said Barry Yontef, a Penfund partner. Mr. Yontef added that Penfund designed a highly customized facility that provides GoodLife with long-term, patient capital.

Mr. Yontef said that GoodLife represents an ideal client. “Its world class management team has established a leading market position based on offering reasonably priced memberships, a high level of customer service and the best equipment and facilities in the sector”.

Pat Jacklin, GoodLife’s CFO said, “we are thrilled to expand our relationship with Penfund. They’ve been a supportive partner and we look forward to working together to grow our business”.

The terms of Penfund’s investment were not disclosed.


About GoodLife Fitness Clubs

GoodLife was founded in 1979 by David Patchell-Evans and now has 144 clubs across Canada. Starting from a single, 2,000 square foot club in London, GoodLife has grown into the largest group of fitness clubs in Canada. GoodLife currently employs 4,000 associates and has more than 300,000 members. The Company has received many awards including being named one of Canada’s 50 Best Managed Companies in 2003, 2004 and 2005 and is the consecutive winner of the Consumers Choice Award for Toronto and Ottawa since 2001. David Patchell-Evans was the Ernst & Young Entrepreneur of the Year in Ontario in 2006. GoodLife has been a consistent supporter of the communities in which it operates and has donated significant amounts to autism research.


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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.8 billion.

For further information, please contact:

Pat Jacklin

GoodLife Fitness Clubs

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