Proposed Change of Manager of frontierAlt Opportunistic Global Fund



    /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
    DISTRIBUTION TO U.S. NEWS WIRE SERVICES/

    TORONTO, Oct. 29 /CNW/ - frontierAlt Funds Management Limited
("frontierAlt") and Ark Fund Management Ltd. ("Ark") are pleased to announce
that they have entered into an agreement (the "Agreement") pursuant to which
the trustee and manager of the frontierAlt Opportunistic Global Fund (the
"Fund") is proposed to be changed from frontierAlt to Ark (collectively, the
"Change of Manager"), subject to the receipt of all necessary unitholder and
regulatory approvals.
    Effective on the Change of Manager, the name of the Fund will be changed
by Ark to "Ark NorthRoad Global Fund" and the portfolio advisor of the Fund
will be changed to NorthRoad Capital Management LLC.
    The proposed Change of Manager will be subject to approval by the
unitholders of the Fund at a special meeting to be held on November 25, 2008.
Prior to the meeting, a management information circular and form of proxy will
be mailed to unitholders. If approved, the proposed merger is expected to
become effective on or about December 1, 2008.
    Ark Fund Management Ltd. is a Toronto-based fund company that offers
mutual fund and hedge fund products to Canadian investors. The firm is focused
on delivering high quality investment funds with flexible investment mandates
to maximize the diversification benefits to the investment portfolios of our
clients.
    NorthRoad Capital Management LLC is an employee-owned investment firm
that specializes in managing global equity portfolios. The firm adheres to a
strict value investment discipline that focuses on high return on equity
businesses. Based in New York, NorthRoad was founded in 2002.

    About frontierAlt

    frontierAlt is a financial services company with its head office in
Toronto, Ontario. frontierAlt specializes in the manufacturing and
distribution of structured products, flow-through limited partnerships and
mutual funds.

    This press release is for information purposes only and does not
constitute an offer to sell or a solicitation to buy the securities referred
to herein. This press release is not for dissemination in the United States or
for distribution to U.S. news wire services.

    This news release contains certain "forward-looking statements". The
statements that are not historical facts contained in this press release are
forward-looking statements that involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. There
can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.





For further information:

For further information: Kurankye Sekyi-Otu, Chief Executive Officer,
frontierAlt Funds Management Limited, Tel: (416) 623-3171, Fax: (416)
360-6202, e-mail: ksekyiotu@frontieralt.com, www.frontieralt.com; Peter
Shippen, Chief Executive Officer, Ark Fund Management Ltd., Tel: (416)
304-6800, Fax: (416) 304-6832, e-mail: arkinfo@arkfunds.ca, www.arkfunds.ca

Organization Profile

FRONTIERALT FUNDS MANAGEMENT LIMITED

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ARK FUND MANAGEMENT LTD.

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