iPerform Strategic Partners Hedge Fund (the “Fund”) today announced that the Fund intends to replace

Date: Tuesday, September 3, 2002

On behalf of the Fund, notice has been given to Global Asset Management (USA) Inc. (“GAM”) by iPerformance Fund Corp., the manager of the Fund (the “Manager”). GAM has been instructed to begin liquidating the investment portfolio it manages, which presently accounts for 10.1% of the Fund’s current net asset value. The Fund has signed investment management agreements with two investment firms: J.C. Clark Ltd. and SciVest Capital Management Inc., to initially manage 5.6% and 4.5%, respectively, of the Fund’s investment portfolio. It is expected that these investment advisors will begin managing their specific separate investments accounts on September 9, 2002. J.C. Clark Ltd. is headed by John Clark, a 37-year veteran of the investment industry. While adhering to a long/short value investment philosophy, J.C. Clark’s flagship product, The Preservation Trust, as of July 2002, had a 37% annualized return since its April 1999 inception. The J.C. Clark separate investment account will be managed with a similar mandate to The Preservation Trust. The addition of J. C. Clark as an investment advisor to one of the Fund’s investment accounts adds further to the Fund’s style diversification. SciVest Capital Management Inc., headed by Dr. John Schmitz, is manager of the SciVest Market Neutral Equity Fund, which has achieved a #2 ranking in Globefund’s universe of alternative strategy funds for the 12 month period ending July 2002, with a one-year return of 24%. Dr. Schmitz possesses substantial expertise in the research, development and implementation of quantitative investment management processes By employing a similar market neutral investment mandate to the SciVest separate investment account, it is anticipated that the addition of SciVest Capital Management Inc. to the Fund’s advisor line up will stabilize the overall volatility of the Fund. About the Fund: The iPerform Strategic Partners Hedge Fund is a closed-end fund the primary objective of which is to achieve capital appreciation while managing risk through the use of a diversified hedged equity investment program. The Fund pursues this objective by allocating its assets across a diversified portfolio, using four distinct long/short equity hedge styles.