GAIM Advisors to launch new principal protected note

London-based GAIM Advisors (GAIM) is launching the GAIM Diversified III Principal
Protected Notes.


Following the successful issue of two GAIM Diversified Notes last year, GAIM
Advisors is launching a new series of the Diversified Notes linked to GAIM Hedge
Fund in Euro and in Dollars.


Simone Borla, Managing Director, Sales & Marketing at GAIM Advisors, said: "During
the year we issued six capital protected notes in conjunction with some of the worlds
leading investment banks through our network of intermediaries. We believe that
alternative investment strategies will continue to represent an important cornerstone
of portfolio construction with their ability to complement traditional investments."
Borla added: "Our network of intermediaries has grown significantly to include some
of the most prestigious names in the private banking world. We will continue to seek
partnerships with similar distributors and we will continue to develop innovative
products in conjunction with our partners."


The new Notes are issued and guaranteed by CDC IXIS Capital Markets, a core
player in the European capital markets. Backed by the Caisse des Dépôts Group,
CDC IXIS Capital Markets commands AAA/Aaa ratings from the Moody's, Standard
and Poor's, and Fitch ratings agencies.


The GAIM Hedge Fund is an index-based fund of hedge funds. The fund invests in
approximately 30 of the largest hedge funds within the Event Driven, Global Macro,
Market Neutral, Long/Short and Multi-Strategy sub-indices of the CSFB-Tremont
Hedge Fund Index. Investors can monitor the performance of these strategies on
www.hedgeindex.com.


The GAIM Diversified III Principal Protected Notes have a low correlation to equity
and bond markets, and aim to provide a consistent return whatever the prevailing
conditions of the financial markets. Issuance Date of the Notes is 11 March 2004.
Background Note: GAIM Advisors Ltd is a London-based investment management
firm established in 1991 and is authorised and regulated by the Financial Services
Authority. GAIM Advisors specialises in alternative investment strategies and is
wholly owned by Integrated Asset Management plc. a financial services company
listed on the Alternative Investment Market of the London Stock Exchange.


Integrated's core business is in alternative investment products, fund management
and institutional brokerage services for niche markets. Integrated Asset
Management is owned by a mix of institutional shareholders, management and
private investors. The company was founded in 1997, currently has in excess of
USD 320 million in assets under management and has offices in 6 countries across 4
continents.

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