(March 30 – 16:10 ET) – GlobeInvest Capital Management Inc., the manager of GlobeInvest Emerging Markets Country Fund, has announced that it is proposing termination of the Fund no later than June 30, 2001. Termination will be conditional upon receiving approval at a meeting of unitholders expected to be held no later than June 15, 2001.

GlobeInvest has determined that the portfolio of the Fund can no longer be managed to achieve adequate returns given its small size. The assets of the Fund currently are approximately $1.4 million.

As a result of the pending proposal to wind up the Fund, City of London Investment Management Company
Limited, the investment manager of the Fund, has resigned its position effective March 30, 2001. GlobeInvest will carry out the investment management responsibilities for the Fund, pending the proposed wind-up of the Fund.

Pursuant to applicable regulatory requirements, unitholders are to be provided with 60 days’ notice of the termination of the Fund. A notice of meeting and proxy circular describing the proposed termination will be mailed to unitholders as soon as possible.

The Fund will continue to process redemption requests prior to the termination of the Fund.
-IE Staff