MMay 6, 2005: In its ongoing pursuit to deepen its institutional relationships and distribution network, Palladium Capital Advisors (“Palladium”) announced today that it has joined forces with San Francisco-based Forward Management (“Forward”) to provide alternative investment services and products for the institutional and high-net-worth marketplace.

Under the terms of the agreement, Forward Management has established a new unit, Forward Private Advisors, which it is anticipated will become a branch office of Palladium on Forward´s premises. Forward Private Advisors will be dedicated to provide services and products intended to address the demand for alternative investment strategies for the institutional and high net worth market place.

Forward Management is the investment advisor to the Forward Funds and the Sierra Club Mutual Funds and is committed to identifying leading investment managers in niche asset classes. Their Funds provide investors active investment management focused on adding alpha to core investment portfolios.