CF BWH International Fund

Investment Objectives: The aim of the Fund is to outperform the FTSE APCIMS Private Investor Growth Index on a rolling one-year basis. This is to be achieved through investment in a portfolio of underlying Funds. The Fund is required to have a minimum of 15% invested in Fixed Interest and/or cash at all times.

Charging Structure: The Annual Management Charge is 1.5% and there is an initial charge that is levied at the discretion of the Manager.

As at 30th June 2004

Discrete performance %, over 1 year to 30th June Performance %

Over 5 years to 30th June 2004

2000

2001

2002

2003

2004

BWH International

+10.4%

-11.4%

-11.5%

-2.8%

+14.5%

-4.2%

FTSE APCIMS Growth Index

+8.2%

-7.4%

-13.8%

-6.9%

+13.4%

-8.8%

* Please note that AAM only assumed management of the Fund on 1st August 2003 and all performance prior to that derives from the previous manager of the Fund, BWH.