Star Hedge Managers Corp. - Notice of Warrant Exercise Period - October 15,
2009-October 29, 2009 (subject to any applicable dealer restrictions).

TORONTO, Oct. 15 /CNW/ - The management of Star Hedge Managers Corp. (the "Fund") hereby notifies that Warrants for the purchase of Class A Shares of the Fund may be tendered for exercise during the period commencing October 15, 2009 and ending October 29, 2009 (the "Exercise Period"), for exercise on October 30, 2009. CDS Inc. and/or investment dealers through which Warrants are held may impose earlier deadlines for the exercise of Warrants and holders of Warrants should consult with their investment dealers to ensure Warrants are tendered for exercise prior to any such shorter deadline. Warrants not tendered for exercise prior to the deadline for exercise will expire and be void and of no value.

Each Warrant entitles the holder to purchase one Class A Share of the Fund at a subscription price of $10.35 on October 30, 2009. The Fund publishes the net asset value per Class A Share monthly. The undiluted and fully diluted net asset values per Class A Share as at September 30, 2009 were $12.1951 and $11.1429, respectively. The fully diluted net asset value per Class A Share is calculated assuming all Warrants are exercised. The Class A Share return for the one year period ending September 30, 2009 is listed below.

    
    -------------------------------------------------------------------------
                                                  One Year Return
                                        September 30, 2008-September 30, 2009
    -------------------------------------------------------------------------
    Star Hedge Managers Corp. (NAV
    performance, undiluted Class A
    Shares)*                                         30.3%
    -------------------------------------------------------------------------
    S&P/TSX Composite Index
    (Total Return)(xx)                                 0.51%
    -------------------------------------------------------------------------
    *  The Fund's $12.1951 undiluted net asset value per Class A Share as
         at September 30, 2009 represents an increase of 30.3% over the
         Fund's initial net asset value of $9.3614 for Combined Units posted
         September 30, 2008. Past performance may not be repeated. Combined
         Units consisted of one Class A Share and one Warrant, with no part
         of the net asset value attributable to Warrants.
    (xx) Source: Bloomberg.
    

The Fund has been created to provide long-term capital growth by investing in a portfolio consisting of private investment funds or portfolios managed by three of Canada's leading portfolio managers: Eric Sprott of Sprott Asset Management, Rohit Sehgal of Dynamic Funds, and Norm Lamarche of Front Street Investment Management Inc.

Class A Shares and Warrants are listed on The Toronto Stock Exchange under the symbols XHM.A and XHM.WT.

For more information please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".

SOURCE STAR HEDGE MANAGERS CORP.

For further information: For further information: BMO Financial Group, Mark W. Lobsinger, (416) 359-7742

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STAR HEDGE MANAGERS CORP.

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