Juniper Fund Management Corporation

Juniper Fund Management Corporation

March 24, 2006 16:47 ET

Juniper Fund Management Corporation: News Release

OAKVILLE, ONTARIO--(CCNMatthews - March 24, 2006) - The Juniper Fund Management Corporation (the "Corporation") the manager, trustee and fund administrator of Juniper Equity Growth Fund and Juniper Income Fund (collectively, the "Funds") advises that the temporary cease trade order, as instructed by the staff of the Ontario Securities Commission (the "Commission") on March 10, 2006, has been extended. A new hearing has been scheduled before the Commission on Thursday, May 4, 2006.

On March 8, 2006, the Commission ordered all trading in the securities of the Funds to cease forthwith for a period of 15 days (the "Temporary Order"). On March 23, 2006, this Temporary Order was extended to May 4, 2006. The effect of the Temporary Order is that unitholders will be unable to purchase, sell or redeem units of the Funds while the Temporary Order is in effect. One of the reasons for the continuation of the Temporary Order is the concerns of Staff of the Commission that the Funds' accounting, governance practices and books and records are such that the calculation of Funds' net asset value per unit may be materially incorrect. On May 4, 2006, the Commission will hold a hearing at 10:30 a.m. in the large hearing room, 17th floor, 20 Queen Street West, Toronto, to determine whether the Temporary Order should be extended or whether any further order is required.

Henderson Partners LLP of Oakville, ON have resigned as auditors of the Funds effective March 22, 2006 due to certain conflict and auditor independence concerns made in the OSC's recent compliance review of the Corporation, and its role as Manager of the Funds. Although Henderson Partners LLP deems these concerns to be unfounded, they feel it is in the best interests of the Funds and its unitholders to resign, enabling the unitholders to appoint a new auditor for the Funds.

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