Re Investment Manager

RNS Number:9625K
Metage Special Emerging Markets Fnd
1 October 2001



METAGE SPECIAL EMERGING MARKETS FUND LIMITED ("the Company")

During September the Directors of the Company were advised that the investment 
team responsible for the Company's portfolio at Lake Asset Management Limited 
("Lake"), the Investment Manager of the Company, would be resigning from Lake 
and moving to Metage Capital Limited ("Metage").  The Directors believe that it 
would be in the best interests of the Company to have the same team continue to 
manage the portfolio of the Company.  Accordingly, Lake has agreed to resign as 
the Investment Manager and we are pleased to advise that Metage has accepted the
appointment in Lake's stead with effect from 1st October, 2001.  All material 
terms including the fee structure of the investment management agreement are 
unchanged. The principals of Metage have stated their intention to provide 
continuity in all aspects of the management of the Company's portfolio.

Metage is a limited liability Company registered in the U.K. It commenced 
activities in July 1999 and was authorised by IMRO to conduct investment 
business in September 2001. Metage's founders are Mr. Richard Webb and 
Mr. Daron Sheehan.

Contact:
Linda M. Sutherland
(441) 299-6122
email: sutherlm@bankofbermuda.com

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