Covington Group of Funds Successfully Exits PlateSpin Ltd. Investment

Toronto, Ontario
March 31, 2008

Covington Group of Funds (“Covington”) is pleased to announce that Novell, Inc. (“Novell”) has completed its acquisition of Covington investee PlateSpin Ltd. (the “Company”). The acquisition for USD$205 million (all cash transaction) will see PlateSpin’s customers benefit from the larger resources and global reach provided by the amalgamation of the two entities.

A leader in workload lifecycle management solutions for the enterprise data center, PlateSpin has received wide-spread recognition for their innovative technology solutions as well as their corporate successes. Over the last three years the Company has received numerous awards including: 2nd Fastest Growing Technology Company in Canada (2007 Deloitte Technology Fast 50), 5th place ranking on the PROFIT HOT 50 (2007), “Green Product of the Year” Award from Techworld (2007), and “Movers and Shakers” in Canadian IT (Branham Group 2006).

As the largest retail venture capital investor in the Company, Covington’s investment funds, combined, have invested approximately $3 million in PlateSpin. “We are extremely pleased with the success of our investment in the Company. The sale represents one of the most significant exits in Canada’s enterprise software sector over the past year and we are delighted to pass this success onto our shareholders,” states Philip Reddon, Managing Director, Covington Capital Corp. Supported by successes such as PlateSpin, investors in Covington Strategic Capital Fund Inc. and Covington Venture Fund Inc. – New Millennium Series, have seen their funds deliver over 40% rate of return in the last year alone. PlateSpin is also held within two of Covington’s CSBIFs.

*Returns calculated from March 31, 2007 to March 27, 2008

Investing over $400 million in 2007, Canada’s retail venture capital investors are a vital part of fostering the success of companies such as PlateSpin as well as Canada’s overall economic growth and development. Covington looks forward to continuing to play an integral role in supporting the achievements of Canadian entrepreneurs and their companies both in the near and long-term.

About Covington Group of Funds

Founded in 1995, Covington Group of Funds (www.covingtonfunds.com) is one of Canada’s largest and most experienced venture capital fund providers. Covington Group of Funds manages over $450 million in venture capital assets on behalf of institutional and retail investors. These funds invest in small-and-medium businesses throughout many industry sectors. The Covington Group of Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group, Inc. AMG is an asset management company with equity investments in a diverse group of boutique investment management firms. AMG’s strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates.


Important information about Covington Funds is contained in their prospectus. Commissions, trailing commissions, management fees and expenses all may be associated with this investment. Covington’s Funds are not guaranteed, their value changes frequently and past performance may not be repeated. Inception date for Covington Venture Fund – New Millennium Balanced Fund Series IV December, 2005. The indicated rates of return are the historical annual compounded total returns, including changes in value and do not take into account sales, redemption or optional charges or income taxes payable by any shareholder that would have reduced returns. Performance data for Covington Venture Fund – New Millennium Balanced Fund Series IV as at February 29, 2008: 1 Year 20.67%, 3 Years 9.88%, 5 Years 5.99% and Inception 3.58%. Inception date for Covington Strategic Capital Fund January 2004. Performance data for Covington Strategic Capital Fund Series I as at February 29, 2008: 1 Year 23.45%, 2 Years 14.11%, 3 Years 11.52% and Inception 7.47%. Series II: 1 Year 23.97%, 2 Years 14.34%, 3 Years 11.73% and Inception 7.68%. Covington Strategic Capital Fund quartile ranking as of February 29, 2008 YTD: 1 and 2007

For more information please contact:
Fiona Robertson
EVP Sales and Marketing
Covington Group of Funds
416-365-9155
fiona.robertson@covingtonfunds.com

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