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For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP

Carter Ledyard Partner Named To Advisory Board Of

NEW YORK, July 23, 2001 -- Carter, Ledyard & Milburn is pleased to announce that Mary Joan Hoene, Partner in the Investment Management Practice Group, was named to the Advisory Board of FundWatchDog Services LLC, a company dedicated to providing services specifically tailored to fund board members, known as the industry's "watchdogs." The company was started by George O. Martinez, a former Senior Vice President with State Street Bank & Trust who has teamed up with A. Michael Lipper to launch the new venture. Mr. Lipper is well known as the founder of Lipper Analytical Services, a major fund research organization now owned by Reuters and called Lipper Inc.

In addition to news and information about the fund industry, FundWatchDog provides training courses-complete with self-evaluation questions-for member directors. Ms. Hoene has contributed a training module on Exchange Traded Funds. The site also offers a secure online communication link between a participating fund management firm and its fund boards - a private, customized environment where managers and board members can communicate and share information.

The Advisory Board includes high-ranking representatives from all "Big 5" accounting firms, other leading investment management law firms, and several major fund complexes.

Ms. Hoene has significant experience with investment company and investment advisor issues. Before joining Carter, Ledyard in 1999, she worked for major financial institutions, including AIG and the Mitchell Hutchins Asset Management Inc. a subsidiary of PaineWebber, and was also Deputy Director of the Division of Investment Management at the Securities and Exchange Commission. At Carter, Ledyard, she works on a wide range of investment management matters.

Carter Ledyard & Milburn LLP (, established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.

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