Arrow closes Series 3 Notes

Date: Monday, March 29, 2004

Arrow Hedge Partners has announced the closing of Arrow Multi-Strategy Notes, Series 3 product. But investors looking to get into this product line will likely have another chance.

"Based on the continuing market demand, we would expect to offer another series of this product in the near future," stated Mark Purdy, managing director at Arrow. "The Arrow Multi-Strategy Notes product provides investors with the assurance of guaranteed principal repayment, the benefit of consistent return potential through a fully diversified fund of hedge funds and comprehensive risk management from an industry leader."

The notes are linked to the Arrow Multi-Strategy Hedge Fund and offer guaranteed principal repayment at maturity, plus any appreciation in the value of the fund. The fund's annual absolute after-fee return objective is between 7% to 9%.