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PR Newswire - Press Release

Alpha Scout Fund Continues to Strongly Outperform

05.07.07, 10:32 AM ET

- Alpha Scout, Canada's premier Fund of Hedge Funds, Up 4.44% (net of
all fees, performance entitlement, and expenses) in 2007 first
quarter
- Outstanding result is more than triple the gain by the Fund's
performance benchmark and is achieved with 30% less volatility than
the S&P/TSX index
- First-quarter performance follows excellent 2006 - up 20.46% - when
Alpha Scout ranked as one of the top-performing Fund of Hedge Funds
in Canada
- Assets under management have tripled in 20 months since Fund's
inception with cumulative net return of 30.39%

TORONTO, May 7 /PRNewswire/ - The Alpha Scout Fund, a Toronto-based fund
investing in best-of-class hedge funds, reported first-quarter results up
4.44%, substantially exceeding both market returns and hedge fund benchmarks.
All figures are in Canadian dollars unless otherwise indicated.

The Alpha Scout Fund's 4.44 percent increase for the quarter ended March
31, 2007 is net of all fees, performance entitlements, and expenses, and
reflects excellent results in each of the quarter's three months (1.64 percent
in January, 1.70 percent in February, and 1.04 percent in March).

This increase compares with only a 1.31 percent gain in the quarter by the
fund's performance benchmark, comprising the S&P/TSX composite (40 percent of
the benchmark); S&P 500 (30 percent); and Lehman Brothers Government-Credit
Bond Index (30 percent), rebalanced monthly.

The fund's performance also beat the Credit Suisse/Tremont Hedge Fund
Index, which recorded a return of 3.34 percent in the 2007 first quarter. For
the quarter, the Alpha Scout Fund's net return also significantly beat the
broad markets' performance as the S&P/TSX Composite Index in Canada rose 1.99
percent and the U.S. S&P 500 was up only 0.18 percent.

"We are very pleased with our performance for the first quarter of 2007
which was consistent with Alpha Scout's excellent results for 2006 and the
gains we have recorded since establishing the Fund in August 2005," said Ann
Glazier Rothwell, President, Chief Investment Officer and a co-founder of the
Fund.

For 2006, Alpha Scout was ranked as one of the top-performing fund of
hedge funds in Canada, achieving a 20.46 percent increase, net of all fees,
compared with an 11.06 percent gain by the fund's performance benchmark.

"It is noteworthy that in continuing to achieve our outstanding results,
we have also met our goal of preserving and growing capital while incurring
below-market risk. Measured by the fund's standard deviation, compared with
that of the S&P/TSX Composite Index, our investors incurred 30 percent less
risk than they would have by investing in the broad market. Further, our
results in the quarter are indicative of our goal of achieving positive
results even when markets are relatively weak or possibly declining," said Ms.
Glazier Rothwell.

The Alpha Scout Fund reported that during the first quarter it continued
to be invested in a portfolio of 15 hedge funds, carefully selected from
approximately 225 funds that it has screened.

"During the quarter, we increased our exposure to market-neutral
strategies through two funds to lower our net market exposure and volatility
within the portfolio," she said.

"Since we founded The Alpha Scout Fund in August 2005, we have been able
to triple our assets under management to approximately $20 million," said
Henry Fiorillo, Chairman of Alpha Scout Capital Management. "This increase is
attributable to the fact that investors in the fund have added to their
original investment, while we have attracted additional investors, and
achieved a cumulative net return since inception of 30.39 percent. The fund's
consistently excellent performance is continuing to attract great interest
from Canadian as well as international investors."

About The Alpha Scout Fund

The Alpha Scout Fund, launched August 1, 2005 by its founders, Henry
Fiorillo and Ann Glazier Rothwell, CFA, invests in a portfolio of exceptional
asset managers. As of May 1, 2007, the fund is invest ed in 14 funds. Both
founders have significant experience in identifying, analyzing, and selecting
superior hedge fund managers. Further information on The Alpha Scout Fund may
be obtained from its website: www.alphascoutfund.com.

The returns cited for the Alpha Scout Fund are net of all fees, expenses
and performance entitlement, subject to year-end audit. Past returns are not a
guarantee of future performance of the Fund. Returns cited for The Alpha Scout
Fund and the S&P/TSX Composite are in Canadian dollars and for the S&P 500 and
Credit Suisse/Tremont Hedge Fund Index are in U.S. dollars. Returns for the
S&P 500 and S&P/TSX Composite are based on changes in the price index. S&P/TSX
Composite, S&P 500, Credit Suisse/Tremont Hedge Fund Index and Lehman Brothers
Government-Credit Bond Index are trademarks of their respective owners.

SOURCE Alpha Scout Fund
-0- 05/07/2007
/CONTACT: Ann Glazier Rothwell, CFA, Chief Investment Officer, (416)
482-6100 ext. 226, aglazier@alphascoutfund.com; Media Relations Contact:
Richard W. Wertheim, Wertheim + Company Inc., (416) 594-1600 ext. 223, (416)
518-8479 (cell), wertheim@wertheim.ca/

CO: Alpha Scout Fund
ST: Ontario
IN: FIN
SU: FND ERN

-30-

KJ
-- TO450 --
1744 05/07/2007 10:30 EDT http://www.prnewswire.com

Copyright © 2004 PR Newswire All rights reserved.

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