Advantage Advisers Multi-Sector Fund to Propose the Wind-up of Operations

NEW YORK, July 9 /PRNewswire/ -- Advantage Advisers Multi-Sector Fund I was
organized in 2002 to allocate its assets among three sectors believed to have
attractive growth prospects each managed by a separate sub-investment adviser.
Advantage Advisers LLC, the investment adviser of the Fund, believes that
since the formation of the Fund, investor interest has waned in this strategy.
The Board believes that it is in the best interests of the Fund and its
shareholders to wind up its existence. In particular, the Fund has seen a
decline in its assets to $44,170,208 as of June 30, 2009 and a consequential
increase in the Fund's expense ratio. In addition, the Fund's last quarterly
repurchase offer was oversubscribed. The Fund's net asset value is calculated
daily and is available under the ticker symbol XAMSX.

After considering various alternatives and in light of the over-subscribed
quarterly repurchase offer, the Board determined that it would be in the best
interest of existing shareholders to make a special repurchase offer for 100%
of their interests at net asset value (which will reflect an accrual for
anticipated expenses of the shareholder meeting and other related expenses) as
soon as practicable. The repurchase will be payable in cash after the
conclusion of the repurchase offer period. The Board has also authorized
management to call a special meeting of shareholders for the purpose of voting
on a proposal to liquidate the fund after the conclusion of the repurchase
offer period. If shareholder approval is obtained, it is anticipated that the
Fund will be liquidated by the end of 2009.

KBW Asset Management Inc., the sub-investment adviser responsible for the
Fund's separate investment account investing in the banking / financial
services sector has notified the Fund that it is resigning as sub-investment
adviser and the Fund has accepted this notice. The resignation will take
effect August 31, 2009, unless extended. The resignation of KBW was not due
to investment performance, nor has there been any issue of misconduct or
impropriety.

Advantage Advisers, LLC is a subsidiary of Oppenheimer Asset Management Inc.
and an affiliate of Oppenheimer & Co. Inc.

SOURCE Oppenheimer & Co. Inc.

Brian Maddox, FD, +1-212-850-5600, Brian.Maddox@fd.com, for Oppenheimer & Co.
Inc.