Black Diamond Asset Management Hires Hausladen and Slack to Launch Wholesale Distribution of Funds.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 28, 2003

Black Diamond Asset Management (BDAM) announced today that John Hausladen and Stephen Slack have joined the Company as Managing Directors. BDAM recently launched the Black Diamond Funds, a family of five AAAr(a) rated, Principal Protected Mutual Funds focused on active management of leading US stock market indexes. Hausladen and Slack will be responsible for wholesale sales and support of key broker-dealers in certain regions of the Eastern United States.

Hausladen, a 23-year veteran of the asset management industry, previously served as a senior sales executive for GoldK, Inc. a leading 401k-retirement platform technology firm, and the John Hancock Funds.

Slack, a 30-year veteran of the asset management industry, previously served as a senior sales executive for several firms including Salomon Brothers Asset Management, the Delaware Funds and the Lord Abbott Funds.

The Black Diamond Funds consist of:

-- Black Diamond Principal Protected 500 Series 1 (S&P 500 Index)

-- Black Diamond Principal Protected 100 Series 1 (NASDAQ 100 Index)

-- Black Diamond Principal Protected 2000 Series 1 (Russell 2000 Index)

-- Black Diamond Principal Protected 400 Series 1 (S&P Mid-Cap 400 Index)

-- Black Diamond Principal Protected LS Series 1(b) (CSFB Tremont HedgeFund Long/Short Equity Index)

All of the Funds seek to meet or exceed the performance of their benchmark index over the 7-year investment period through the active management of Index Options, shares of exchange-traded funds (ETFs) and options on ETFs. Additionally, all of the Funds offer 100% principal protection(c) (including all sales loads) at maturity (seven years) through the purchase of US Zero Coupon Treasuries, and a periodic profit protection feature and daily liquidity at NAV with no surrender charges. The Funds' Series 1 offering period closes May 23, 2003.

BDAM and the Funds have engaged Broadmark Asset Management, LLC (BAM), an institutional money manager and a registered investment advisor, as sub-adviser to manage the Funds' day-to-day investing activities. The California Public Employees' Retirement System (CalPERS), the nation's largest public retirement system with approximately $136 billion of assets under management, owns a significant equity interest in BAM. JPMorgan is providing all custodial, administrative, fund accounting and transfer agency services to the Funds.

About Black Diamond Asset Management LLC

Black Diamond Asset Management LLC, a Florida-based registered investment advisor, is the investment adviser to the Black Diamond Funds. The founding principals of BDAM have in excess of 75 years of combined experience in managing equity and fixed income assets for high net-worth retail and institutional clients.

(a) The AAAr rating reflects Standard & Poors analysis of the Funds' ability to repay the initial principal investment amount at the maturity date. The rating only applies when shares of the Funds are held to maturity. The "r" symbol is attached to the ratings of instruments with noncredit risks. It highlights risks to principal or volatility of expected returns that are not addressed in the credit rating.

(b) See Black Diamond Funds prospectus. This Series is offered only to qualifying high net worth investors.

(c) See Black Diamond Funds prospectus. You would not receive your full Protected Amount on the Principal Protection Maturity Date if: There are insufficient Designated Treasury Securities to provide you with your Protected Amount on the Principal Protection Maturity Date; The Series has insufficient assets to pay its expenses, causing the Series to sell Designated Treasury Securities prior to the Principal Protection Maturity Date; however, the Series will maintain a cash reserve of 5% of its net assets for the purpose of paying its expenses; You redeem some or all of your shares in a Series prior to the Principal Protection Maturity Date or fail to reinvest all of your dividends and distributions in additional shares of the Series; or the Series incurs any extraordinary expenses, such as litigation expenses or other expenses not incurred in the ordinary course of business, which could lower the amount of principal protection.

ALPS Distributors, Inc. is the distributor of the Black Diamond Funds.

To obtain a Black Diamond Funds prospectus, call 954-617-1700, ext. 401 or email [e-mail]