K2 Advisors Hires Steve Ezzes to Head Investment Research.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 11, 2002

K2 Advisors, the New York-based Fund of Hedge Funds announced today that Steven L. Ezzes had joined the firm as Managing Director of Research.

K2's co-founder William 'Doug' Douglass III said the addition of Mr. Ezzes would bring outstanding experience and industry knowledge to the firm's manager research process. "Finding quality managers that can excel individually and in the context of our aggregate fund has been a key factor in our success." said Mr. Douglass. "Steve Ezzes is a longtime friend of K2 Advisors. He understands our investment philosophy, and is perhaps the best person in the industry to help us expand this process."

Steven L. Ezzes has long experience in investment management industry. He began his career at Citibank in the Investment Management Division as a securities analyst before joining Lazard Freres as a member of the Equity Capital Markets Group. In 1984, he joined Goldman, Sachs as a Vice President in the High Yield Securities Group, where he was responsible for capital markets and sales. In 1988, he was asked to join Bass Investment Limited Partnership as a Partner. BILP was a multi-billion private equity fund founded by Richard Rainwater from the Bass Organization and Dort Cameron from Drexel Burnham. After BILP he joined Thomas H. Lee Capital as a Managing Director. At THL Capital, he worked with Mr. Lee investing in hedge funds and private equity transactions. Thomas H. Lee Partners is the largest private equity firm in the world.

"I have known the founders, Dave Saunders and Doug Douglass, of K2 Advisors in conjunction with my work investing in hedge funds. I share their commitment to understanding a manager's strategy thoroughly and building a strong, supportive relationship with those few managers we select for our fund." says Mr. Ezzes.

At K2 Advisors Mr. Ezzes will head up a team of analysts that will identify, meet and perform due diligence on all fund managers that will be considered for inclusion in the portfolio.

K2 Investment Partners, L.P. was founded in 1994 with the mission of preserving and growing capital by producing high absolute returns with low correlation, reduced volatility and limited risk. The fund's long/short and low volatility hedge funds have collectively delivered seven, five and three year returns of 19.6 %, 17%, and 19.2 % respectively. K2 Advisors' performance was achieved while maintaining low net exposures across region and industry sectors and low correlation among managers and to the overall major equity indexes. K2 Advisors oversees over a billion dollars in assets.