Newgate LLP Wins Money Manager of the Year Award.

Business Editors

GREENWICH, Conn.--(BUSINESS WIRE)--April 24, 2001

Avy Hirshman, Partner and Senior Portfolio Manager of Newgate LLP, announced today that Newgate has been selected as Emerging Markets Money Manager of the Year 2000 by Emerging Markets Week, an Institutional Investor publication.

According to Emerging Markets Week, Newgate "topped the William M. Mercer performance charts, returning -17.3% in a year when the Morgan Stanley Capital International Emerging Markets Free Index returned -30.6% and the median fund return was -28.6%." The publication further noted that Newgate, "garnered the most support from consultants who pointed to the firm's value approach...as instrumental in propelling it to the top of the heap."

"We believe that Newgate has clearly distinguished itself as an emerging markets manager" said Matthew Peterson of Rockville, Md.-based CMS Financial Services. "Our firm has over $25 million invested with Newgate and we have been pleased with both the results and the level of confidence Newgate has been able to instill in our clients and us. We believe that, especially in emerging markets, boutique firms like Newgate offer a consistency of management and investment philosophy."

Commenting on the award, Avy Hirshman stated, "It is truly an honor to be named Money Manager of the Year during a year of global market despair. It is a clearly an acknowledgement that the investment community continues to embrace "value-driven strategies."

"Last year, I was buying utilities when everyone else was buying TMT," Hirshman confided, "As telecoms and technology companies such as Telebras (NYSE:TBH), Telmex (NYSE:TMX), Taiwan Semiconductor (NYSE:TSM) and South Korea Telecom (NYSE:SKM) started to tumble, our defensive investments in companies such as Huaneng Power (NYSE:HNP), Shandon Huaneng Power (NYSE:SH) and Beijing Datang Power (HK:991) in China, Korea Electric Power (NYSE:KEP) in South Korea, Electrobras (NYSE:CAIGY) in Brazil and Endesa (NYSE:EOC) in Chile began to shine. We didn't chase the "hot dot" (or dot.com) at Newgate. Our strict top-down valuation parameters kept us focused on undervalued, growing economies."

"Looking ahead," Hirshman continued, "we expect emerging market equities to outperform developed market equities as the full impact of slowing growth in the US and Europe gets factored into stock prices. We are positive on China, Brazil and India, while remaining cautious in Mexico, Argentina, the South Africa and Malaysia."

As of 3/31/01, Newgate's top holdings included;

PetroChina (NYSE:PTR) China Mobile (NYSE:CHL) United Microelectronics (NYSE:UMC) Taiwan Semiconductor (NYSE:TSM) Korea Electric Power (NYSE:KEP) Korea Telecom (NYSE:KTC) Embraer (NYSE:ERJ) Embratel (NYSE:EMT) Anglogold, Ltd. (NYSE:AU)

Newgate LLP is an independent, minority-owned investment advisor specializing in emerging market equity management. Headquartered in Greenwich, Connecticut, Newgate provides professional money management services to clients that include major corporations, public and private institutions, pension funds, insurance companies and individuals. Additional market commentary and performance information is available at the Company's website www.newgatellp.com

Emerging Markets Week is the authoritative source of investment and banking news in developing countries. More information can be found at their website www.emergingmarketsweek.com