Our December Newsletter announced that we were reviewing our charging structure. We wanted to look for a way of eliminating all charges made by Argyle for switching funds within your portfolio during your Annual Review or at any other point in our management of your money.

After much research we have decided to make the following changes to our charges with effect from 1st, April, 2005.

Our current annual portfolio charge of 0.50% is to be altered as follows:

1. No charges will be made by Argyle for any fund switches within your portfolio whether recommended by Argyle or requested by you.
   
   
2. Argyle will make a quarterly portfolio administration charge of 0.20%.

The portfolio charges will continue to be deducted from your portfolio in the present manner by Transact and paid by them to Argyle.

You may be aware that the Financial Services Industry was “Depolarised“ in December, 2004. Amongst other things Depolarisation involves firms, such as Argyle, which are truly Independent, making their remuneration process clear to clients. We are also obliged to tell our clients how our charges compare to market average rates. The Financial Services Authority has published a Menu of Market Average Rates for us to use in our literature.

We will be sending you a revised Terms of Business Agreement, which will present our situation to you as required by the Financial Services Authority. We think that you will be pleasantly surprised to find that our charges are extremely competitive when compared to the official Menu.