The WIOF US Value Equity Fund recorded excellent performance results in thelast quater of 2004.

In this period the fund returned 13.7% compared to the benchmark index risingby 7.1% (S&P500) an out-performance of 6.6%. The US Value Equity fund makesimpressive end of year performance rally… The WIOF US Value Equity Fundrecorded excellent performance results in the last quater of 2004. In thisperiod the fund returned 13.7% compared to the benchmark index rising by 7.1%(S&P500) an out-performance of 6.6%. This performance record comparedfavourably with other internationally managed investment funds in the same assetclass, with the WIOF US Value Equity Fund out-performing its peers in the samecategory* over the same time period. The US Value Equity Fund managed by BrandesInvestment Partners LLC has been available in the WIOF investment fund rangesince September, 2002. The Brandes value philosophy targets out-of-favor stocksthat are trading at discounts to their intrinsic values, and then holding thesestocks until the market recognizes their true worth. As the father of valueinvesting Benjamin Graham once said; „the stock market often goes far wrong,and sometimes an alert and courageous investor can take advantage of its patenterrors.“ As of September 30, 2004 Brandes managed USD 85.4 billion ofassets.