Hyperion Capital Management Resumes Full Operations At Back Up Location in Uniondale, Long Island

Business Wire, Sept 14, 2001

Business Editors

UNIONDALE, N.Y.--(BUSINESS WIRE)--September 14, 2001

Hyperion Capital Management (Hyperion) said today that all of its employees safely evacuated its offices at One Liberty Plaza, directly across from where the World Trade Center towers had stood, and that the firm's disaster recovery plan is being implemented.

The firm has moved to its back-up location at Mr. Lewis S. Ranieri's offices at Hyperion Partners in Uniondale, NY. Electronic files have been restored and all critical aspects of Hyperion's business operations have been resumed. The firm has also re-established access to market services, and established contact with clients' custodians and banks, as well as the broker/dealer community. Portfolio managers have already begun to execute trades for client portfolios.

Hyperion Capital Management can be reached until further notice at the following location:

Hyperion Capital Management, Inc. 50 Charles Lindbergh Boulevard Suite 500 Uniondale, NY 11553 Tel: 516-745-6644 Fax: 516-745-6787

Hyperion said its employees extend their heartfelt sympathy to the families and friends of the many people who were injured or lost their lives in Tuesday's horrific acts of terrorism. The firm has also pledged its support to the organizations and individuals involved in the rescue operations taking place.

Hyperion is a fixed income investment advisor with assets under management of $6.4 billion. The firm's clients include pensions, insurance companies, and foundations. Hyperion also manages three closed-end mutual funds. The firm was founded in 1989 by Mr. Ranieri, who was instrumental in the development of the securitized mortgage market. Mr. Ranieri is widely recognized as the "father" of mortgage-backed securities (MBS).

For additional information, contact: John Feeney, Managing Director, 516-745-6644.