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Top-Ranked Fund Manager Robert McWhirter Launches Three Hedge Funds

Date: Friday, December 3, 2004

Robert J. McWhirter, F.C.S.I., CFA, President and Portfolio Manager of Selective Asset Management Inc. ("SAMI"), today announced the launch of three hedge funds he and his team will manage: - Selective Asset Long Biased Equity Hedge Fund LP; emphasizes companies with positive fundamentals; - Selective Asset Short Biased Equity Hedge Fund LP; emphasizes companies with weak and/or deteriorating fundamentals; - Selective Asset Long/Short Fund of Funds LP; an equal mix of the Long Biased and Short Biased Funds. "Investors are looking for ways to optimize their returns in the face of challenging markets. We've created these funds to offer clients flexibility, whether markets are rising, declining or moving sideways," Mr. McWhirter explained. "Our proven methodology uses a disciplined approach and seeks to achieve better frequency of out-performance and deliver better returns to our clients," Mr. McWhirter said. At the core of SAMI's investment philosophy is a disciplined approach based on a proprietary quantitative model that Mr. McWhirter created. "We invest across all sectors and investment decisions are primarily based on a growth at a reasonable price management style that seeks to identify stocks that are undervalued or overvalued, as applicable to each Fund's investment bias, relative to their growth prospects," Mr. McWhirter explained. "Using this approach, earnings growth, forecasted earnings, analyst's earnings estimates, stock price performance and technical analysis will be balanced by asset growth factors such as return on equity, value criteria and earning variability factors," he added. "While we expect the current equity rally to continue until year end and possibly into the first quarter of 2005, we continue to have concerns about the level of overall equity valuations. In addition U.S. 10 year bond yields have risen above a 5 month down trend and appear to be headed higher. Given the longer term valuation concerns, we recommend the Selective Asset Short Biased Equity Hedge Fund LP or the Selective Asset Long/Short Fund of Funds LP, which we believe would provide diversification against market volatility," Mr. McWhirter said. About Selective Asset Management Inc. ("SAMI") Selective Asset Management Inc. was founded by Robert J. McWhirter, F.C.S.I., CFA. Mr. McWhirter has more than 25 years experience in the securities industry and is a top-ranked money manager. Funds managed by Mr. McWhirter are ranked with high ratings from Fundata.com, Globefund.com and Morningstar.ca. Headquartered in Toronto, Canada, Selective Asset Management Inc. is registered with the Ontario Securities Commission as an Investment Counsel, Portfolio Manager. The three Hedge Funds are available via Offering Memorandums that outline the investment objectives, strategy and risks of the Funds. For more information visit: www.selectiveasset.com