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            Investment Philosophy 
             
               In 
            managing your International Investment Account our goal is to help 
            you achieve stable, above average returns over the long-term.This 
            is accomplished through a disciplined investment process which focuses 
            on preserving your capital. 
             
             
             
             Defining your Investment Objectives 
             
               Because 
            every investor will have differing objectives as far as risk and returns 
            are concerned it is important for you to select the most appropriate 
            portfolio. Capital Investment Services s.a.l. will be pleased to review 
            your financial situation and objectives with you to help ensure you 
            make the right choices. 
             
             
             
            Three Portfolio Styles to Choose from 
             
               The 
            Growth Portfolio invests mainly in stocks and equity linked 
            securities with lower weightings in cash, short-term investments and 
            convertible bonds. It is appropriate for investors' long-term capital 
            appreciations that are willing to accept some volatility due to market 
            fluctuations. 
             
               The 
            Balanced Portfolio invests in bonds, equities, cash and 
            short-term investments in a more balanced way and will have a lower 
            equity weighting than the Growth Portfolio. It is designed to achieve 
            a more equal balance between international bonds and equities so as 
            to produce the best mix of income and capital growth with less risk 
            and volatility than the Growth Portfolio. 
             
               The 
            Income Portfolio invests in bonds and each instrument is 
            intended to provide higher levels of income with some capital growth. 
            It is suitable for risk averse investors who wish to preserve capital 
            but generate returns over and above those generally available holding 
            cash deposits. | 
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