Gramercy Announces Addition of Emerging Markets Debt Team

Former Heads of JP Morgan Asset Management's Emerging Markets Debt Group to Establish New EMD Strategies

GREENWICH, Connecticut, June 29, 2010 - Gramercy today announced that Jeffrey Grills, 38, and Gunter Heiland, 43,
have joined the firm to establish new investment management strategies
focused on emerging markets debt. Mr. Grills and Mr. Heiland join Gramercy
from JP Morgan Asset Management (JPMAM), where they served as portfolio
managers and co-heads of the Emerging Markets Debt Group where AUM peaked at
US$12 billion under their leadership.

Gramercy, a dedicated emerging markets investment manager, is
headquartered in Greenwich, CT and was founded in 1998. Today the firm
manages over US$2.6 billion in a number of emerging markets investment
strategies. The firm has 62 employees of which 31 are dedicated investment
professionals.

On July 1st the new team will launch three emerging markets debt
strategies: emerging markets US dollar sovereign debt, emerging markets local
currency sovereign debt, and emerging markets corporate debt. Mr. Grills and
Mr. Heiland will be collaborating with Robert Rauch, a Gramercy Partner and
Head of Research, to co-manage the emerging markets corporate debt strategy
that synthesizes their respective strengths.

Robert Koenigsberger, Founder and Chief Investment Officer of Gramercy,
said, "We are delighted that Jeff and Gunter have joined Gramercy as it
accelerates our ability to offer clients a complete suite of emerging markets
investment strategies on a single platform. Gramercy now has a significant
presence in the performing sovereign and corporate debt markets that
complements our current capabilities in the distressed debt areas of emerging
markets, where we have been the market leader for over 12 years. We are
uniquely positioned to enable our clients to seamlessly asset allocate across
all emerging markets debt, spanning performing and distressed credits."

Prior to joining Gramercy, Mr. Grills was employed at JP Morgan since
1993 and has over 16 years of investment experience. Within JPMAM, his
primary responsibilities included overseeing all investment functions for the
Emerging Markets Debt Team and focusing on risk management and portfolio
construction. Mr. Grills is a CFA charterholder and received a BS in
mathematics and economics from Duke University.

Mr. Heiland was employed at JP Morgan since 1997 and has over 20 years of
investment experience. Along with Mr. Grills, Mr. Heiland managed all
investment functions for the Emerging Markets Debt Team at JPMAM and focused
on trading and implementation. Mr. Heiland began his career at Salomon
Brothers, graduating from the Sales and Trading program and then moving on to
the Government Desk. He holds a BS degree from Rensselaer Polytechnic
Institute.

"Gramercy's singular commitment to emerging markets investing is
extremely compelling to us," said Mr. Grills. "We want to be part of a group
whose expertise complements our team and understands the opportunities to
invest as we do."

"Investor demand for emerging markets debt exposure continues to grow
given this market's US$2 trillion size, broad diversity of credit issuers,
geographies and currencies, and a return profile that produced better results
with significantly less volatility than other markets over the past decade,"
said Mr. Heiland. "We know investors will benefit from Gramercy's ability to
access multiple segments of emerging markets investments via a single
platform."

About Gramercy:

Gramercy is a dedicated emerging markets investment manager based in
Greenwich, CT. The firm offers investors superior risk-adjusted returns
through a comprehensive approach to emerging markets supported by a
transparent and robust global platform. Gramercy offers both alternative and
long-only strategies across all asset classes (external debt, local currency
debt, corporate high yield debt, distressed debt, equity, macro, private
equity, and special situation).

Ed Beshlian, Gramercy, +1-203-552-1920, ebeshlian at gramercy.com