Winslow Management Study Shows Environmental Responsibility Can Be Profitable

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Winslow Management Study Shows Environmental Responsibility Can Be Profitable

Green Index Returns 98.5% vs. -10.69 For S&P; 500, 32.77% For Russell 2000

BOSTON, MASSACHUSETTS, Mar. 25 -/E-Wire/-- A new study by Winslow Management Company adds to the evidence that companies that are good to the environment are also good to their shareholders.

Since it was created four years ago, the Winslow Green Index (WGI), an equally weighted index of 100 "green-screened" companies, has had a cumulative increase in value of +98.5%. In comparison, the S&P; 500 has had a cumulative decrease in value of -10.69%, while the Russell 2000 had a cumulative return of +32.77%. The annualized return for the period was +16.78% for the Winslow Green Index, in spite of the bear market of 2000 through 2002, while the annual return for the S&P; 500 was -2.53% and for the Russell 2000 was +6.62%. These performance returns cover the period August 1999 through December 2003. As always, past performance is no guarantee of future results.*

Source: Winslow Management Company

"Green stocks aren't likely to outperform their benchmark by a factor of more than three-to-one in all cases, but our study provides further evidence that green begets green," said President Jackson W. Robinson. "That is, we believe companies that care about the environment are well positioned to produce better returns than companies that don't."

"We believe companies that take advantage of environmental opportunities can gain a competitive advantage over their peers through cost reductions, quality improvements, increased profitability, and access to new and growing markets," Robinson added. "Environmentally responsible companies also have less risk of environmental liability, which could have a major impact on future stock prices."

Robinson's conclusions are not only supported by Winslow Management's latest study, but also by the following studies that evaluate the connection between environmental and financial performance:

"The Emerging Relationship Between Environmental Performance and Shareholder Wealth", by Ralph Earle, Assabet Group (2000). Perhaps the most comprehensive study to date, this study researched more than 70 articles, research papers and books discussing the link between companies' environmental behavior and its financial performance, as well as the performance of nine green funds. Based on the total body of evidence, author Ralph Earle III says that, "the direction of the results paints a potentially compelling picture of a marriage between environmental excellence and investment performance." Assabet also found no evidence concluding that environmental performance had a negative impact on stock performance.

--- "New Alpha Source for Asset Managers: Environmentally-Enhanced Investment Portfolios", by Innovest Strategic Value Advisors (April 2003). This study investigates the effects of incorporating environmental and social analysis as part of the investment decision-making process. The study is based on live, real time simulations for six investment portfolios of a major pension fund during 2002. In five of the six portfolios, the results indicated that Innovest's social and environmental ratings had a positive impact on performance. The study provides further evidence that positive environmental performance can add value to a portfolio.

--- Winslow Management Company (www.winslowgreen.com) seeks to invest in high growth and environmentally proactive and environmentally sensitive companies. From its inception in 1984, Winslow has been investing the assets of high-net-worth individuals, non-profit institutions, and pension funds in growth companies that are environmentally sensitive. Its products and services include: The Winslow Green Growth Fund**, an aggressive equity growth fund open to individual and institutional investors; The Green Century Balanced Fund***, to which it is the subadviser; individual portfolio management for high-net-worth individuals and institutions, and a hedge fund that is open to qualified clients. Based in Boston, Winslow manages assets totaling approximately $208 million as of 12/31/03.

* The Winslow Green Index (WGI) is an equally weighted index of 100 "green screened" stocks selected by Winslow Management Company. The green screen evaluates issuers on the basis of factors such as minimizing environmental impact, compliance with environmental regulations, and a proactive environmental policy. As of October 1, 2003, Winslow adjusts the component stocks in the WGI on a quarterly basis. As of December 31, 2003, the average market capitalization of the issuers included in the WGI was $9.013 billion. The results of the WGI do not reflect the results of an actual trading in a client or proprietary account managed by Winslow. The S&P; 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Russell 2000 Growth Index measures the performance of Russell 2000 companies with high price-to-book ratios and high forecasted growth values. Returns for the WGI, the S&P; 500 Index and the Russell 2000 Growth Index are calculated monthly, assume reinvestment of dividends and, unlike an investment in a mutual fund or other account, do not reflect any fees, charges or expenses. An investor cannot invest directly in either index. Past performance does not guarantee future results. Returns and principal values fluctuate and you may lose money investing in securities, including securities of environmentally friendly issuers.

The performance of the WGI does not represent actual trading in a client or proprietary account. Winslow began calculating the index in August 1999. From August 1, 1999 through September 30, 2003 there were no changes to the securities that comprised the index. As of October 1, 2003 Winslow reviews the securities on the first day of each calendar quarter. There have been no material changes to the criteria used to select securities for the WGI since its inception. The client accounts managed by Winslow had portfolios during the period that were materially different than the model.

** Mutual funds are subject to market risk, which causes their value

to fluctuate. The Winslow Green Growth Fund seeks capital

appreciation through environmentally responsible investing. The

Fund invests in small and medium sized companies, which pose

greater risks than those associated with larger, more established

companies. Forum Fund Services, LLC, distributor. Before investing

you should carefully consider the Fund's investment objectives,

risks, charges and expenses. This and other information is in the

prospectus, a copy of which may be obtained by calling

1-[REDACTED-PHONE] or visiting the Fund's website at www.wggf.com.

Please read the prospectus carefully before you invest..

*** For a free prospectus with more complete information, including

fees and expenses, please call 1-800-93-GREEN or visit

www.greencentury.com. Please read the prospectus carefully before

you invest or send money. Like all funds invested in stocks, the

Green Century Balanced Fund's share price will fluctuate daily

depending on the performance of the companies that comprise the

Fund's investments. The universe of securities that the Fund may

invest in is more limited compared to those of funds that don't

apply any environmental criteria. Under certain economic

conditions, that means the Fund's performance could be better or

worse than the market as a whole.

Distributor: UMB Distribution Services, LLC 3/04.

Winslow Management Company

Leigh Ann Steele, [REDACTED-PHONE]

[REDACTED-EMAIL]

Kowal Communications, Inc.

David P. Kowal, [REDACTED-PHONE]

http://www.winslowgreen.com)

http://www.greencentury.com / www.wggf.com

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