Star Hedge Managers Corp. - Press Release

TORONTO, Oct. 2 /CNW/ - Star Hedge Managers Corp. (the "Fund") announces undiluted and diluted Net Asset Values per Class A Share as at September 30, 2009 of $12.1951 and $11.1429, respectively.

The $12.1951 undiluted Net Asset Value per Class A Share represents an increase of 30.3% over the Fund's Net Asset Value per Class A Share of $9.3614, posted on September 30, 2008.

Both the $12.1951 undiluted NAV per Class A Share and $11.1429 diluted NAV per Class A Share represent a premium over the $10.35 exercise price for the Warrants for Class A Shares. Warrants are exercisable October 30, 2009.

The closing prices for Class A Shares and Warrants on The Toronto Stock Exchange on September 30, 2009 were $10.27 and $0.20, respectively.

About Star Hedge Managers Corp.

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: Rohit Sehgal of Dynamic Funds, Eric Sprott of Sprott Asset Management Inc. and Normand Lamarche of Front Street Investment Management Inc.

Class A Shares and Warrants to purchase Class A Shares 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, Internet: www.bmocm.com

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STAR HEDGE MANAGERS CORP.

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