Luxembourg, April 8th 2005 Dear Investor, Re: The EU Savings Directive As you may be aware the European Council enacted on 3rd June 2003 a new Tax Directive (Directive 2003/48/EC - “the EU Savings Directive”) the purpose of which is to ensure a fair taxation of savings income within the European Union. The scope of the EU Savings Directive is expected to come into effect on 1st July 2005 and is limited to enable taxation on interest payments made by Financial Institutions in one member state to beneficial owners who are individuals resident in another member state of the European Union. The final aim of the Directive is to ensure exchange of information between member states’ fiscal authorities. However, Luxembourg, Belgium and Austria will be allowed to apply a withholding tax instead of exchange of information. While withholding tax will be the default option in Luxembourg (i.e. you accept direct withholding of tax on all your interest payments), you may however choose one of the following alternative options:

• Exchange of information between member states’ fiscal authorities by completing and duly signing the enclosed authorization form (i.e., Luxembourg tax authorities exchange information with your local tax authorities).

• Or you may finally opt for a certificate of disclosure issued by the tax authorities of

your country of residence; one certificate is required per custody account/security and an applicability period limited to 3 years (i.e., you assume the responsibility to declare to your local tax authorities the interest payments).

The Directive also introduces some new rules to ensure that Financial Institutions comply with additional ‘Know Your Customer’ requirements in order to withhold the tax in Luxembourg. To allow us to bring our records up to date we would be grateful if you could provide us with a certified copy of one of the following documents, except where this has been provided during the past 12 months:

• Passport • Country identification card • Or any documentary proof of identity.

At the same time please fill in the enclosed “EU Savings Directive Beneficial Owner Form” completing all relevant sections. The booklet “EU Savings Directive Digests” with detailed comments and explanation should help you to understand this topic and guide you while filling in the form.

For your guidance, you will also find enclosed

a) a summary list with the tax status of the underlying sub-funds of the Universe, the CMI Global Network Fund Sicav, as per December 31, 2004. Please note this is for your reference only. The tax status of each sub-fund respectively its share classes is potentially subject to change anytime, depending on the portfolio investments or any change in the investment policy of such a given sub-fund.

b) a worked example of how tax will be applied in case of a dividend distribution and in case of a redemption.

We would be grateful if you could return copy evidence and the completed form in the pre-paid envelop enclosed before 29th April 2005. Please be aware that in case you would neither fill in the form nor express a specific choice of taxation, the withholding tax will be applied by default. We thank you in advance for your co-operation. Should you have any queries regarding the above, please do not hesitate to contact us on (+352) 25 47 01 9645. Yours sincerely, Encs. EU Savings Directive Beneficial Owner Form EU Savings Directive Digests Return Envelope Summary Tax Status of Funds Example of Taxation applicable on Dividends and Redemptions

Universe, the CMI Global Network Fund Sicav

Name of Sub-fund

Withholding Tax applicable on distributions

Withholding Tax applicable on realised income

Continental European Equity NO NO Euro Bond YES YES Euro Currency Reserve YES YES Euro Top 50 Equity NO NO German Equity NO NO Global Bond Fund YES YES Global Equity NO NO Global Mixed NO NO Japan Bond Fund YES YES Japan Equity NO NO Pacific Basin Equity NO NO Sterling Currency Reserve YES YES UK Bond YES YES UK Equity NO NO US Bond YES YES US Dollar Currency Reserve YES YES US Equity NO NO CMIG Access 80% YES NO CMIG Fixed Term Euro Bond YES YES CMIG Fixed Term US Bond YES YES Euro Equity Index Tracking NO NO Japan Equity Index Tracking NO NO UK Equity Index Tracking NO NO US Equity Index Tracking NO NO

EUSD Taxation

Examples 1. Dividend payments

Dividend Ex-date

Number of shares as at Ex-date

Dividend per share as at Ex-Date

Taxable Income per Share (TIS) in the distribution. Tax Rate

Gross Dividend Proceeds

Tax Amount Net Dividend Proceeds

Holding 01/10/2005 100 1.80 1.45 15% 180 21.75 158.25

Note : in respect of dividend payments, the tax is due on the "income portion" (represented by the TIS figure) that is included in the dividend amount as declared by the Board of Directors. Net Asset Value figures are shown for illustration purposes only.

2. Sale/redemption of shares

Dealing date

Nbr of shares as at Dealing date

Net Asset Value per share as at Dealing Date

Taxable Income per Share (TIS) as at Dealing Date Tax Rate

Gross Subscription / Redemption Proceeds

Tax Amount

Net Subscription/Redemption Proceeds

Purchase/Subscription 05/07/2005 100 150 1.00 n/a 15000 n/a 15000Sale/Redemption 28/04/2006 100 185 2.65 15% 18500 24.75 18475.25

Note : in respect of redemption proceeds, the tax is due on the difference of the "income portion" (represented by the TIS figure) between the date of subscription/purchase of shares and the date of redemption/sale of shares. Net Asset Value figures are shown for illustration purposes only.