iPerform Strategic Partners Hedge Fund announces normal course issuer bid

Date: Wednesday, August 28, 2002

iPerform Strategic Partners Hedge Fund (the “Fund”) today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by the Fund of its intention to make a normal course issuer bid through the facilities of the TSX. The notice provides that the Fund may, during the 12-month period commencing on August 30, 2002 and ending on August 29, 2003, purchase up to 1,000,000 trust units in total, being approximately 5% of the public float of the Trust, being 20,365,000 units. The price that the Fund will pay for any such units will be the market price at the time of acquisition. The actual number of units that may be purchased and the timing of any such purchases will be determined by the manager of the Fund. As of August 23, 2002 there were 20,400,000 units outstanding. All units purchased by the Fund under the normal course issuer bid will be cancelled. The Fund believes that from time to time, the market price of its units does not adequately reflect their value in relation to the business of the Fund and its future business prospects. As a result, depending upon future price movements and other factors, the Fund believes that its outstanding units may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold units by increasing their proportionate interest in 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. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.