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May 2007

Penfund announces the first closing of Penfund Capital Fund III at $240 million

TORONTO, Ontario (May 10, 2007) – Penfund, an independent investment company specializing in providing capital to middle market companies, announced today the $240 million first closing of its newly launched Penfund Capital Fund III.

“As Canada’s first institutional fund with the ability to invest across the capital structure, Penfund Capital Fund III represents a significant innovation in the Canadian capital market,” said John Bradlow, a Penfund partner. Mr. Bradlow added that Penfund is now a one-stop integrated financial partner providing high yield and mezzanine debt, control and minority equity and alternative financing products such as bridge facilities, standby lines, underwritten facilities and financial guarantees.

Mr. Bradlow said that Penfund provides capital in amounts of $5 – $50 million to support transactions involving acquisitions, buyouts, recapitalizations, ownership reorganizations and organic growth.

“We offer highly customized, flexible financial solutions ,” said Mr. Bradlow. “Our extensive experience and rapid decision-making process allows us to move quickly and respond to changing circumstances. We have the financial strength and product breadth of a large financial institution but we are in fact an entrepreneurial partnership. Companies don’t have to wade through a sea of paperwork or wait for extended periods of time for decisions. We give them the right answers and provide the right financing mix quickly and efficiently.”

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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI.  Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently exceed $1.6 billion.

For further information, please contact:

John Bradlow

Partner & Chairman

416 645-3799jbradlow@penfund.com
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May 2007