Froley, Revy Convertible Bond Index Reports August 2003 Total Return of 2.25%

Business Wire,  Sept 19, 2003  

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Business Editors

LOS ANGELES--(BUSINESS WIRE)--Sept. 19, 2003

The Froley, Revy Convertible Bond Index, one of the oldest continuous measurements of U.S. convertible bond performance and an industry benchmark for more than two decades, reported a total return of 2.25% for the month ended August 31, 2003. Convertible bond prices were up 1.98% during the month.

Year to date, as of August 31, 2003, the index returned 10.68%, with convertible bond prices up 8.13% for the same period.

Current yield for the Index equaled 3.17% at August 31, 2003.

The Froley, Revy Convertible Bond Index(a) tracks price performance of 50 representative convertible issues, with coupon interest reinvested to create a long-term, compounded total return. Historical performance tables for the Index may be obtained by calling Sandra Herrera at 310-208-4938.

Froley, Revy Investment Co., Inc., a registered investment advisor, was established in 1975. As of June 30, 2003, Froley, Revy had $3.2 billion in assets under management. Froley, Revy provides investment advisory services to public pension funds, corporate pension and profit-sharing plans, insurance companies and Taft-Hartley pension plans and provides advisory services to broker sponsored managed money programs. Froley, Revy serves as Sub Advisor to Funds, including the Froley Revy Convertible Securities Fund (FRCVX), a publicly available, open-end mutual fund, which is distributed by PFPC Distributors, Inc. To obtain a prospectus with more complete information, including charges and expenses, please call 1-866-TWFUNDS. Read it carefully before investing.

Froley, Revy operates independently as a wholly owned subsidiary of First Republic Bank (NYSE:FRC). First Republic Bank is a NYSE traded commercial bank and wealth management firm. The Bank specializes in providing personalized relationship-based wealth management services, including private banking investment management, trust, brokerage and real estate lending. First Republic provides its full services online and through branch offices in six major metropolitan areas: San Francisco and Silicon Valley, the Greater Los Angeles area, San Diego, Santa Barbara, Las Vegas and New York City. More information is available on the Bank's website at http://www.firstrepublic.com.

(a)The Froley, Revy Convertible Bond Index is an unmanaged index and, unlike a mutual fund, the performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

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