ONECAPITAL MANAGEMENT PARTNERS ADDS ANDREW T. MALLOY AS MANAGING DIRECTOR - 05/29/02

New York, NY (May 29, 2002) - OneCapital Management Partners, LLC (?OneCapital?) announced today that Andrew T. Malloy has joined the company as a Managing Director and member of the firm?s Investment Committee. Mr. Malloy, a twenty-year veteran of the alternative investment and wealth management industries, will focus his efforts on the family office and high net worth markets and will be an active member of the firm?s portfolio management and investment group.

Andrew Malloy said: ?OneCapital presents an exciting opportunity to join a very special company and a team of experienced alternative investment professionals that share a common vision and a unique business plan that represent the future of our industry. The company?s focus on building a diversified business and its experience with, and insights into the importance of institutional-quality marketing, distribution, business development, and client service coupled with its rigorous investment process and risk management, differentiates OneCapital from other industry participants and will create numerous opportunities in the creation, distribution, and management of alternative investment and related structured products.?

Reid Bernstein, Co-Chief Executive Officer of OneCapital, said: ?We are very excited about Andy Malloy. Andy brings invaluable investment expertise, outstanding industry and investor relationships, and a very high energy level. We believe that his breadth and depth of experience make him a very important senior addition to our team.?

Mr. Malloy was a Senior Managing Director of TAG Associates, Ltd. and the Chief Investment Officer of TAG Portfolio Management Group and its hedge fund of funds, the TAG Relative Value Fund. Prior to joining TAG in 1993 and creating the TAG Portfolio Management Group, he was a Senior Vice President at Oppenheimer & Co., Inc. and at Kidder Peabody in their respective alternative investment management and advisory businesses. Mr. Malloy has been involved with the alternative investment industry since he began his career in 1982 at Bear, Stearns & Co. He has been a frequent speaker at alternative investment conferences and is the author of several articles on alternative investment strategies and the wealth management process. He is on the Boards of the Hedge Fund Association, Outward Bound USA, the Heuga Center, and the Stratton Mountain School.

OneCapital Management Partners, LLC is a diversified alternative investment management company that develops, markets, distributes, and manages multi-advisor and single-advisor investment funds and related structured products. XL Capital Ltd (NYSE: XL), OneCapital?s strategic partner, recently acquired a minority interest in the company.