the MRM Performa Liquid Asset Fund.

The rating is based on Standard & Poor's analysis of the fund's credit quality, investment policies, market-price exposure, and conservative management. The rating signifies that safety of invested principal is excellent and that the fund has a superior capacity to maintain a $1 per share net asset value at all times. This is achieved through conservative investment practices and strict internal controls.

The MRM Performa Liquid Asset Fund is offered under the umbrella of MRM Liquid Assets Fund Ltd., a Bermuda-registered open-ended mutual fund company.

Minimum investment in the fund is US$100,000 with a subsequent minimum of US$10,000. The fund currently retains Butterfield Trust (Bermuda) as the custodian and Hemisphere Management Ltd. as the administrator.

As investment adviser on the fund, MRM Securities Ltd., an indirect, wholly owned subsidiary of Mutual Risk Management Ltd. (MRM), a Bermuda-based insurance company, has delegated the day-to-day investment responsibilities of the fund to PRP Performa Ltd., an international organisation with offices in Liechtenstein, Switzerland, and Bermuda. As subadviser to the fund, PRP Performa Ltd. has managed the fund since its inception in 1997.

The overall investment objective is to achieve income while attempting to limit risk by investing in a diversified portfolio of cash and near cash instruments, such as commercial paper (including asset-backed commercial paper), US government agency and corporate securities (both fixed and floating), time deposits, certificates of deposit, and repurchase agreements.