iPerform Strategic Partners Hedge Fund Announces Annual Redemption

Date: Wednesday, February 5, 2003

iPerform Strategic Partners Hedge Fund (TSX: ISH.UN) announced today that unitholders who chose to exercise their annual redemption privilege redeemed a total of 2,888,195 units, or 14% of the outstanding units at a net asset value per share of $8.56. The effect of the redemption is a $24.89 million reduction in the net assets of the fund. The iPerform Strategic Partners Hedge Fund is a closed-end fund whose primary objective is to achieve capital appreciation while managing risk though the use of a diversified hedged equity investment program. The fund pursues this objective by allocating its assets across a diversified portfolio.