Bernstein Named Sub-Advisor of Managers International Equity Fund.

Business Editors

NORWALK, Conn.--(BUSINESS WIRE)--March 11, 2002

The Trustees of Managers International Equity Fund (MGITX), a diversified international equity fund, have approved the appointment of Bernstein Investment Research and Management, a unit of Alliance Capital Management L.P. ("Bernstein") as a sub-advisor of the Fund, effective March 11, 2002.

Bernstein continues the investment management business of Sanford C. Bernstein & Co., Inc., a New York-based, research-oriented value manager offering investment management services to a wide array of institutional clients. Bernstein was acquired by Alliance Capital in October 2000.

Managers International Equity Fund will continue to have three sub-advisors independently managing portions of the Fund. The Fund also utilizes growth manager Mastholm Asset Management and Zurich Scudder's global thematic team.

Andrew S. Adelson, Chief Investment Officer of International Equities of Bernstein, will serve as portfolio manager for Bernstein's allocation of the Fund, and will utilize the firm's International Strategic Value style, employing bottom-up, research driven analysis to create a relatively concentrated portfolio of 35 to 50 names.

Peter M. Lebovitz, President and CEO of The Managers Funds LLC ("Managers"), said, "We are pleased to have Bernstein as a Managers Funds sub-advisor. This team has worked together for, on average, 15 years, and has a long history of strong results and innovation in their investment process. We believe that this appointment will continue to provide the Fund with diversification by investment style." Thomas Hoffman, Director of Research of Managers, added, "We feel that Bernstein's traditional value philosophy fits well with the Fund's two other sub-advisors. We like Bernstein's International Strategic Value style, which, while relatively concentrated for an international process, adds diversification by style, sector and security to our Fund."

Headquartered in Norwalk, Connecticut, Managers was established in 1983. The firm's 19 no-load mutual funds provide banks, investment advisors, financial consultants, retirement plans and retail investors with a wide range of U.S. and non-U.S. equity and fixed-income strategies. Managers serves as the investment advisor and, through its wholly owned subsidiary, Managers Distributors, Inc., the distributor to The Managers Funds. Managers employs a proprietary selection process to search for and select independent investment managers to serve as sub-advisors. Once chosen, the sub-advisors are subject to ongoing monitoring by Managers' research team. Managers is an Affiliate of Affiliated Managers Group, Inc. (NYSE: AMG).

For more complete information concerning Managers International Equity Fund, including fees, expenses and risks, please contact The Managers Funds LLC at [phone] or visit our Web site at www.managersfunds.com for a Prospectus. Please read the Prospectus carefully before investing. The Prospectus is not an offer to sell shares in the Fund in any state where such offer or sale is prohibited by law. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.