Advantage Advisers Multi-Sector Fund I Declares Dividend.

NEW YORK -- Advantage Advisers Multi-Sector Fund I (the "Fund") (Symbol - XAMSX) announced that it would declare a dividend of $4,981,047 in cash for the Fund on December 28, 2004 to the shareholders of record on December 27, 2004.

The ex-date of the dividend is December 28, 2004. The dividend represents the Fund's capital gains for the 2004 tax year.

Advantage Advisers Multi-Sector Fund I is a closed-end interval fund that seeks to achieve capital appreciation while managing risk through the use of a multi-strategy hedged-equity investment program. The Fund pursues this objective by investing primarily in securities of issuers in three sectors, banking/financial services, healthcare/biotechnology and technology. Oppenheimer & Co. Inc. is the Fund's principal distributor.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," or other similar words. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's filings with the Securities and Exchange Commission as well as the Fund's prospectus.

An investor should consider the investment objectives, risks, and fees and expenses of the Fund carefully before investing. Investors can obtain a copy of the Fund's prospectus by calling [phone]. The prospectus should be read carefully before investing.