Zenith EU Growth

Investment Objectives: The aim of the Fund is to outperform the FTSE EuroTop 300 Index on a rolling one-year basis through investment in a portfolio primarily composed of equities with their primary listing in the countries that constitute the European Union. The Fund seeks long-term capital appreciation and for the foreseeable future, income will be accrued.

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

2003

2004

Zenith EU Growth

-13.6%

+10.5%

FTSE EuroTop 300 Index

-14.9%

+13.3%