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Friday 09 January, 2004

Columbus Fund Ld

Resignation etc

Columbus Fund Ld
09 January 2004

                              COMPANY ANNOUNCEMENT

                      For immediate release 9 January 2004

                           THE COLUMBUS FUND LIMITED

               Re:       Resignation and Appointment of a Manager

The Directors of The Columbus Fund Ltd (the 'Company') wish to announce that
with effect from 31st December 2003 Marque Millenium Capital Management, will
resign as an investment manager to the Company in order to rebalance the
portfolio. In addition, the Directors would also like to announce that with
effect from 1st January 2004, WEDGE Capital Management, L.L.P. (the 'Manager')
has been appointed as a  Manager to the Company.

The Manager is a Limited Liability partnership under the laws of the State of
North Carolina since 1984, and is registered with and regulated by the US
Securities and Exchange Commission in accordance with the Investment Advisers
Act of 1940, as amended and will have the investment discretion over the assets
of the Company under their management. The Manager will have discretion over
securities, which will be purchased from time to time and will act in accordance
with the Company's investment restrictions as described in the Information
Memorandum of the Company. Investments are made for the longer term in US
smaller capitalization stocks. The Manager currently has approximately US$3.8
billion assets under management.

The contract under which the Manager will be providing investment management
services to the Company is dated 1st January 2004, and the Company and the
Manager have entered into the contract. Under the terms of the agreement, the
Company has agreed to pay the Manager an annual fee of 0.75 percent on the first
$10,000,000, 0.65 percent per year on the next $15,000,000 and 0.50 percent per
year on all over $25,000,000 of the assets under its management. The fee is
payable quarterly in arrears based upon the value of the assets under management
at the end of the preceding quarter.

The Manager shall be indemnified against and not be held liable for any error or
judgement, mistake of law, any loss suffered by the Fund, or other action taken,
omitted or suffered to be taken by it in its reasonable judgement, in good faith
and believed by it to be authorized or within its discretion or rights of powers
under the agreement, or in accordance with (or in the absence of) specific
direction or instructions from the Fund; provided, however, that such acts or
omissions shall not have resulted from the Manager's wilful malfeasance, bad
faith, negligence, a violation of certain standards of care or reckless
disregard of its obligations under the agreement.

The agreement is to run from year to year unless terminated as provided. The
contract may be terminated (a) automatically if the contract is assigned without
the written consent of the other party, or a court judgement has been rendered
that a party to the agreement has breached that party's obligations under the
agreement or (b) by the Company on 30 days' written notice or (c) by the Manager
on 60 days' written notice.


Moore Stephens International Services (BVI) Limited  Mr Lee Cuthbert

                                                     Phone: (+1 284) 494 3503
NCB Stockbrokers Limited                             Ms Claire Murray

                                                     Phone: (+353 1) 611 5907

This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                       

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