15.02.2005

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 thebenchmark index rising by 7.1% (S&P500) an out-performance of 6.6%.

The US Value Equity fund makes impressive end of year performance rally…The WIOF US Value Equity Fund recorded excellent performance results in the lastquater of 2004. In this period the fund returned 13.7% compared to thebenchmark index rising by 7.1% (S&P500) an out-performance of 6.6%. Thisperformance record compared favourably with other internationally managedinvestment funds in the same asset class, with the WIOF US Value Equity Fundout-performing its peers in the same category* over the same time period. The USValue Equity Fund managed by Brandes Investment Partners LLC has been availablein the WIOF investment fund range since September, 2002.

The Brandes value philosophy targets out-of-favor stocks that are trading atdiscounts to their intrinsic values, and then holding these stocks until themarket recognizes their true worth. As the father of value investing BenjaminGraham once said;

„the stock market often goes far wrong, and sometimes an alert andcourageous investor can take advantage of its patent errors.“

As of September 30, 2004 Brandes managed USD 85.4 billion of assets.