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Tuesday 22 January, 2002

Euro-Partners Arb.Fu

Re: Changes to the Fund

Euro-Partners Arbitrage Fund
22 January 2002

                              COMPANY ANNOUNCEMENT




                  For Immediate release      22 January, 2002



                       EURO-PARTNERS ARBITRAGE FUND, LTD.


                          Re:     Changes to the Fund



The Board of Directors (the 'Board') of Euro-Partners Arbitrage Fund Ltd. (the
'Fund') wishes to announce the following changes to the Fund with effect from 22
January 2002.


Change in Placement Agent Fees

The Board wishes to announce placement fees of up to 2% of the amount invested
by an investor may be payable by Wyser-Pratte Management Co., Inc. (the
'Investment Manager') under terms and conditions to be negotiated between the
Investment Manager and a placement agent. Previously, investors could be charged
an amount up to 2.5% of the investor's subscription amount, to be paid by the
Fund to one or more placement agents, and the Fund reimbursed placement agents
for reasonable out-of-pocket expenses not to exceed $35,000 in connection with
their sales activities.


Change to Investment Objective and Investment Program


The restriction providing in substance that the Fund will not invest more than
10% of the value of is assets at the time of purchase in the securities of any
one issuer is amended to read as follows: 'The Fund will not invest more than
15% of the value of its net assets at the time of purchase in securities of any
one issuer (other than U.S. government securities and other money market
instruments).'


In addition, the Board wishes to inform of an update to the investment program
whereby the Investment Manager may invest up to 25% of the Fund's assets,
determined at the time of purchase, in a corporate governance strategy,
determined at the time of purchase. Corporate governance analysis is used to
evaluate the corporate governance malfunction and identify the corporate
governance tactic that is most likely to address the corporate governance
malfunction and increase the value of a security.

Change in Addresses of Administrator

Bank of Bermuda (Cayman) Limited, administrator of the Fund, has relocated to
36C Bermuda House, British American Centre, Dr. Roy's Drive, P.O. Box 513GT,
George Town, Grand Cayman, Cayman Islands, British West Indies.

Furthermore, the Board wishes to announce the resignation of Mr. David T. Smith
as non-executive director of the Fund with effect from 5 September, 2001. Mr.
Smith resigned due to other business commitments.


In addition, the Board wishes to announce the appointment to the Board of Mr.
Anthony T. Riker with effect from 5 September, 2001. The delay in announcing Mr.
Smith's resignations and Mr. Riker's appointment is due to an administrative
oversight.


Anthony T. Riker

Mr. Riker is a Vice President and Business Development Manager, Global Fund
Services of The Bank of Bermuda Limited ('the Bank'). He graduated in 1982 from
Boston University with a degree in Economics. Following graduation, Mr. Riker
entered the management trainee program at the Bank, working in Internal Audit.
He left the Bank in 1987 as an Audit Senior and went to work for Boston Safe
Deposit and Trust Company as an Audit Officer. In 1992, he transferred to their
London office to work as Credit Officer and Audit Manager. Mr. Riker returned to
the Bank in 1993, where he has held various positions in the Global Fund
Services group.


A memorandum detailing the names of all the companies and partnerships of which
Mr. Riker has been a director or partner at any time in the previous five years,
together with an indication of whether or not Mr. Riker is still the director or
partner, is available for inspection on request for a period of 14 days from the
date of this announcement from the Fund's Administrator.


Save as disclosed herein, no further information is required to be disclosed in
relation to Mr. Riker under the Irish Stock Exchange's listing requirements for
investment funds.



Enquiries

The Bank of Bermuda Limited    Contact: Ingeborg Martin

                               Phone: +1 441 299 5322

NCB Stockbrokers Limited       Contact: Andrew Bowen

                               Phone: +353 1 611 5907



                      This information is provided by RNS
            The company news service from the London Stock Exchange


                                                                                
                                                                   

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