Arrow Hedge Partners announces the launch of its new Arrow Multi-Strategy Fund.

Date: Tuesday, March 5, 2002

March 5, 2002: Arrow Hedge Partners Inc. of Toronto, today announced the launch of the Arrow Multi-Strategy Fund. The objective of the fund is to achieve absolute returns with low volatility and low correlation to major market indices. The Arrow Multi-Strategy Fund will provide high net worth sophisticated investors and institutional investors with a globally diversified portfolio of investment styles, strategies, and asset classes by investing in several managers. The Multi-Strategy Fund currently allocates to eight Arrow single manager funds including: the Arrow Goodwood Fund, a Canadian equity hedge fund; the Arrow Capital Advance Fund, a U.S. equity hedge fund; the Arrow Eagle & Dominion Fund, a U.S. small and mid-capitalization equity hedge fund; the Arrow White Mountain Fund, a European equity hedge fund; and the Arrow WF Asia Fund, an Asian equity hedge fund. Additionally, the Arrow Multi-Strategy Fund allocates to the recently launched Arrow Ascendant Capital Fund, a market neutral arbitrage fund advised by David Jarvis and Rick Kung of Ascendant Capital Management Inc., in Toronto, and the Arrow Milford Capital Fund, a high yield U.S. bond fund advised by Chris Currie of Milford Capital Management Inc. The fund also includes the Arrow Epic Capital Fund, a Canadian equity hedge fund advised by David Fawcett and Tom Schenkel of Epic Capital Management Inc., also of Toronto, Canada. "The goal of Arrow Hedge is to provide clients with access to high quality hedge funds and multi-manager funds that provide superior absolute performance with lower levels of risk. In compliance with sophisticated investor regulations, minimum investment levels for the Arrow Multi-Strategy Fund are $150,000 for all provinces in Canada, with the exceptions of Alberta, where the minimum is $97,000, and for accredited investors in British Columbia and Ontario, who can invest as little as $25,000. Arrow Hedge was founded in December 1999 and currently manages over $100 million on behalf of Canadian investors.