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CompositesClient Report

Composites Analysis

Composite: Euro Zone Balanced

Benchmark: AWACB

Currency: DEM ex EUR

CONTENTS

Disclosure

Performance and Risk

Charts and Statistics

Analysis of Dispersion

Assets under Management

Performance History

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Disclosures

Composite Created The Euro Zone Balanced (the Composite) consists of equity investments in non-U.S. companies with small, mid and large market capitalizations. The Composite was created on 01/04/00. Performance results for the Composite incepted on June 1, 2001 and reflect the total returns of the International Systematic Fund (formerly known as International Structured Fund) managed by First Asset Management Firm Capital Management prior to the effective date of the Composite on 06/01/03. The Composite includes all discretionary institutional and mutual fund accounts (including sub-advisory relationships) with comparable investment objectives and risks, managed by FAM for at least one full month, and beginning June 1, 2003 having a minimum account size of $25 million. The Composite includes both tax-exempt and taxable accounts and all reinvestment of earnings.

GIPS Compliance Claim First Asset Management Firm Capital Management (FAM or the Firm) as defined below has prepared and presented this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPS), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS). AIMR has not been involved with the preparation or review of this report. The Firm, as defined below, has also prepared and presented this report in compliance with GIPS.

Definition of Firm FAM is an investment advisory firm registered with the Securities and Exchange Commission. On January 31, 2001, DeutcheInvest AG, the public German insurance company through various wholly owned/controlled subsidiaries, acquired and now controls First Asset Management Firm and its affiliates. As part of an ongoing process of reviewing the business and the positioning of the Firm in the market place, the Firm is defined as all actual, institutional and mutual fund accounts (including sub-advisory relationships) managed by FAM. First Asset Management Firm also provides investment management services to its affiliate CORPINC Advisors Managed Accounts LLC (CAMA), with regard to certain managed account assets for which CAMA serves as the investment adviser. These assets are not included as part of the Firm assets for AIMR/GIPS purposes. The effective date of FAM's firm-wide compliance with the AIMR-PPS is January 1, 1993.

Performance and Risk

Return % Volatility Annualised VolatilityAccounts

Firm Assets

Composite Benchmark Composite Benchmark Composite Benchmark absolute %

1995 26,54 18,11 5,96 4,06 20,64 14,06 1 112.089.995 100,00%

1996 28,60 27,74 5,94 4,99 20,59 17,30 1 143.689.823 100,00%

1997 30,93 31,19 2,85 3,78 9,88 13,08 9 6.379.382.851 41,55%

1998 9,10 12,83 2,99 2,93 10,37 10,17 11 10.660.026.208 64,53%

1999 25,85 30,52 3,68 3,65 12,74 12,64 12 7.768.210.685 62,72%

2000 1,09 14,00 2,23 3,74 7,71 12,95 10 5.980.044.449 42,64%

2001 6,23 12,52 1,31 2,68 4,52 9,28 10 6.318.446.805 36,47%

2002 -3,59 -8,22 1,45 2,94 5,03 10,19 9 5.195.244.261 41,34%

2003 9,94 -3,95 0,78 2,02 2,71 7,00 8 4.278.394.936 41,46%

2004 -5,46 7,00 1,43 2,24 4,94 7,77 8 4.306.843.754 44,09%

Jan 05 to end Feb 05

2,04 3,47 N/A N/A N/A N/A 8 4.485.685.709 40,72%

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Charts and Statistics

Analysis per 01.01.1995 bis 28.02.2005Base Currency: DEM ex EURMarket Value of Composite: 1.826.417.558 tsd EUR% of Assets under Management: 40,72 %No. of Accounts: 8

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Relative Return

Relative StatisticsOutperformance -43,67Outperformance p.a. -1,42

Jensens Alpha 2,79

Tracking Error 2,93

Information Ratio -0,04

Absolute Statistics

Composite Benchmark

Total Return 221,21 264,88Total Return p.a. 12,16 13,58Volatility p.a. 11,69 11,911 Mo.-High 12,07 9,131 Mo.-Low -10,56 -9,17Gains/Losses 2,40 2,35

RegressionAlpha 0,34Beta 0,60

Correlation 0,61

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Analysis of Dispersion

Æ Return DispersionAccountsAsset

weightedEqual

weighted

Asset weighted

Dispersion

Account Max

Performance

AccountMin

Performance

Q4 04 -1,19 -1,17 0,04 -1,09 -1,26 8

Q3 04 -2,09 -1,95 0,16 -1,15 -2,13 8

Q2 04 -3,74 -3,63 0,14 -3,17 -3,94 8

Q1 04 1,56 0,49 2,06 2,70 -3,42 7

2004 -5,44 -6,29 1,80 -4,30 -9,57 8

2003 9,66 13,90 8,63 38,47 -14,45 8

2002 -3,61 -17,11 17,56 11,81 -61,06 9

2001 7,44 2,09 16,67 22,16 -42,56 10

2000 5,33 6,56 6,97 17,61 -6,18 10

1999 31,44 48,51 32,54 193,20 -6,27 12

1998 9,08 15,15 13,51 55,21 2,22 11

1997 29,75 28,78 5,73 46,58 16,68 9

1996 28,60 28,60 N/A 28,60 28,60 1

1995 26,54 26,54 N/A 26,54 26,54 1

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Assets under Management

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Assets Composite

Total Firm Assets

Assets Composite vs Total Firm Assets

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Performance History

Composite Benchmark

2004 -5,46 7,00 Q4 04 -1,19 -3,40 Q3 04 -2,09 3,11 Q2 04 -3,69 4,95 Q1 04 1,46 2,36

2003 9,94 -3,95 Q4 03 2,72 -3,53 Q3 03 1,23 0,31 Q2 03 3,30 0,88 Q1 03 2,34 -1,61

2002 -3,59 -8,22 Q4 02 2,85 -0,30 Q3 02 -1,95 1,20 Q2 02 -5,74 -10,72 Q1 02 1,42 1,89

2001 6,23 12,52 Q4 01 2,93 4,52 Q3 01 -2,76 -4,97 Q2 01 2,89 5,45 Q1 01 3,16 7,43

2000 1,09 14,00 Q4 00 -1,23 -4,67 Q3 00 2,53 12,81 Q2 00 0,30 -0,11 Q1 00 -0,47 6,12

1999 25,85 30,52 Q4 99 8,73 16,82 Q3 99 -0,68 -7,07 Q2 99 7,22 8,93 Q1 99 8,70 10,38

1998 9,10 12,83 Q4 98 6,16 14,53 Q3 98 -7,63 -5,93 Q2 98 2,60 -0,85 Q1 98 8,45 5,62

1997 30,93 31,19 Q4 97 5,36 3,79 Q3 97 6,39 6,25 Q2 97 7,48 9,38 Q1 97 8,67 8,76

1996 28,60 27,74 Q4 96 21,01 6,71 Q3 96 -6,77 3,56 Q2 96 13,87 5,91 Q1 96 0,10 9,15

1995 26,54 18,11 Q4 95 16,19 3,59 Q3 95 1,28 12,51 Q2 95 16,11 7,58 Q1 95 -7,39 -5,80

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