Forward Management Establishes Forward Private Advisors to Address the Rapidly Expanding Alternative Strategy Industry and Hires Michael Herr as Director of Alternative Investments

Business Wire, Sept 15, 2004

SAN FRANCISCO -- Forward Management, LLC ("Forward"), the Investment Advisor to the Forward Funds and Sierra Club Funds is now working with Palladium Capital Advisors, LLC, a broker-dealer based in NY, to provide services and products intended to address the demand for alternative investment strategies for the institutional and high net worth marketplace. Forward's new business unit for this effort is called Forward Private Advisors. The first alternative strategy available is managed by Maple Financial Group, an asset management company with a global presence, based in Toronto, Canada.

Forward has hired Michael Herr as Director of Forward Private Advisors. Michael Herr has been working in the financial services industry for over 20 years. He recently retired as a Senior Vice President from Salomon Smith Barney. Michael has extensive experience in all aspects of the industry including having been a partner in a regional securities firm sold to A.G. Edwards. After his retirement from Smith Barney, he worked as a Managing Director for Convergent Technology in the area of mergers and acquisitions.

"Maple has produced a strong performance record and uses a very disciplined approach in an effort to reduce volatility," said Michael Herr, Director of Forward Private Advisors.

About Forward Management

Forward Management, LLC, based in San Francisco, provides investment management services and products to institutional money managers, financial advisors and individual investors. Forward acts as a talent scout to identify sub-advisors who have long track records managing assets in specific investment disciplines. It has partnered with these sub-advisors to create two different mutual fund families, the Forward Funds, a family of five no-load Funds and the Sierra Club Funds, a family of three environmentally responsible funds. For more information about Forward Funds, including management fees and expenses, visit www.forwardfunds.com or call 800-999-6809. For more information about the Sierra Club Funds, please visit www.sierraclubfunds.com or call 888-827-0121. Please read the prospectus carefully before investing. Forward Management also provides sales and marketing services for the institutional Uniplan REIT Portfolio.

About Maple Financial

Maple Financial Group which has in excess of $13 billion in assets and more than 400 employees worldwide has been at the forefront of proprietary market neutral trading for 18 years. The company is owned in majority by National Bank of Canada and Ontario Teacher's Pension Plan Board, Canada's second largest pension fund. Forward Private Advisors retains the exclusive U.S. access to certain of Maple's key alternative strategies.

Investing in the securities markets involves the risk of loss. Alternative investment strategies can use investment techniques that create special additional risks and are suitable for only institutional and sophisticated high net worth investors. Past performance is no indication of future results.