MLA INTERNATIONAL TRUST A truly international spread which has grown 42.5% in 12 months MLA International Trust invests for capital growth in the world's leading stock markets and strongest currencies - it has notched up gains of 42.5% in its offer price in the last 12 months.

The Trust has grown by 132.9%* since launch in March 1983.

This outstanding performance is due to selecting the right markets worldwide at the right time.

1986 has been an excellent year for Japanese stock markets and for the Yen but other areas of the world have also contributed to the Trust's success. For example, 41% is in Europe, where markets are currently predicted to be set for further growth. 15% is in the USA, still one of the world's strongest economies and set for continued recovery in the future. The Trust also has a significant weighting in Hong Kong.

This spread of investment is poised to benefit from growth wherever it occurs in the world's major markets.

EUROPE 41% JAPAN AND FAR EAST 31% UK 13% USA 15% Top investment management Although past performance is no guarantee for the future, MLA International Trust is managed by one of Britain's top unit trust management About MLA MLA Unit Trust Management is part of the Municipal Insurance Group, made through this advert- The Group's specialist investment team now have funds under management in excess of £750 million. SUPPORTING THE LIFEBOATS by MLA.

Charges: There is an initial charge of 5% included in the offer price, and an annual management charge of 1% (plus VAT) of the capital value of the Trust I-'und. This is deducted half-yearly from the value of the Trust I-'und to meet the expenses of the Managers.

Intermediaries: Commission is paid to recognised intermediaries; rates available on request.

Distribution: Net Income will be distributed twice a year on 31st May and 30th November.

Dealing: Units are valued and dealt in daily. Any orders will be dealt with at the price ruling on the date of receipt of instructions. Prices and yield are usually published in the Financial Times and Times.

Selling units: To sell your units, simply sign the unit certificate and return it to the Managers, who will send you a cheque within seven working days. Units will be bought back at not less than the bid price calculated in accordance with the formula contained in the Trust Deed.

Tax: The Trust pays no capital gains tax on its investments. Unitholders pay no capital gains tax unless their yearly total of capital gains exceeds £6,300.

The tax information contained in this advertisement is based on our present (November 1986) understanding of Inland Revenue practice and current tax legislation.

The Trust Deed: The Managers and Trustee are permitted under the terms of the Trust Deed to execute, at a future date, a Supplemental Deed to allow the writing or purchase of Traded Call Options or the purchase of Traded Put Options on behalf of the Trust. In the event of future changes to current legislation by the Secretary of State for Trade and Industry which make provision for the writing or purchase or dealing by the Managers or the Trustee on behalf of the Trust of or in currency futures or options or forward exchange contracts which are traded on a Recognised Stock Exchange or Recognised Option Exchange or other currency exchange or market, the Managers may make suitable amendments to the Trust Deed without the consent of the unitholders.

Trustee: Midland Bank Trust Company Limited.

Managers: MLA Unit Trust Management (being a trading name of MLA Investment Management Limited) 99-100 Sandling Road, Maidstone, Kent. ME14 1XX Tel: 0622 674751. Registered No. 1242681 (England). Registered Office; 22, Old Queen Street, London. SW1 9HN teams, who are already masters of the UK market - MLA General Trust, which invests primarily in British shares, has grown an average of 31.5%* a year since launch in June 1976. It is the top-performing UK general trust of all over a 7-year period. (Source: Money Management, November 1986.) In addition, MLA International Trust has a strong showing in the top 15 of its sector (source: Money Management November, 1986). The Trust has grown by a total of 132.9%* since launch in March 1983.

*On an offer-to-bid basis, including reinvested income.

How to invest You may buy units at the offer price ruling on receipt of your remittance.

The minimum investment is £500.

Simply fill in the Application Form below and send it to the Managers with your cheque for the full amount you wish to invest.

A contract note will be issued and your unit certificate will be despatched within six weeks.

You should remember that the price of units and the income from them can go down as well as up.

However, the Managers are confident that continuing growth prospects round the world are such that you have an excellent opportunity to see your money grow in the MLA International Trust.

For your information, the offer price on 26th November 1986 was 62.Ip xd and the estimated gross current yield, 0.85%.

I Application Form 1 | MLA INTERNATIONAL TRUST | To: MLA Unit Trust Management, 99 Sandling Road, I Maidstone, Kent. ME14 1XX Tel: 0622 674751 I I/We wish to invest £ in MLA International Trust at the offer I price ruling on date of receipt of these instructions. I enclose a cheque I made payable to MLA Unit Trust Management. (Minimum £500) I/We I declare that I am/we are over 18. I Please tick box if you require income to be reinvested in further units. D I 1 am an existing MLA Unitholder YES/NO. I Name (Mr/Mrs/Miss/Title) Every investment in the MLA American Trust isement provides a finan- cial contribution to the work of rvS» s the RNLI, which is supported Address .

. Postcode _ _ Tel. No. Signature(s) . -....-.

(Joint applicants should all sign and attach addresses separately) This investment is not available in the Republic of Ireland Ml.A Unit Trust Management is a member o1 the Unit Trust Association IMPORTANT - MONTHLY SAVINGS If you prefer, you can invest for as • little as £20 a month regularly in the MLA International Trust. Please tick box for details. D mmm PHKSONAL PENSION You can also link the International I'Und to a Personal Pension A V V I Plan Please tick box for details. Q |.