<PAGE>
[In black and white, stills of fencers super and dissolve while voice reads:]
The number one ranked balanced fund over the past 10 years is CGM Mutual Fund.
[Title slide reading: CGM MUTUAL FUND supers and dissolves. Voice reads:]
Returning more than 332% over the past ten years.
[Title slide reading #1 IN TOTAL RETURN FOR 10 YEARS supers and dissolves. A bar
chart (in color) comes up on the screen showing CGM Mutual Fund with 333%, the
Lipper Growth Fund Index with 296% and the Lipper Balanced Fund Index with 232%.
Chart is titled TOTAL RETURN. A Footnote appears beneath the chart in smaller
type than chart labels and reads: 18.56%, 17.02% and 15.78% are the average
annual total returns for CGM Mutual Fund for 1-, 5-, and 10-year periods ended
9/30/95.
The numbers are larger than the text to be equally prominent as the total return
numbers in the bar chart. Voice reads:]
Though the Fund invests in both stocks and bonds, CGM Mutual Fund also
outperformed the Lipper Growth Fund Index and the Lipper Balanced Fund index for
that period.
[Bar chart dissolves. Title slide reading :
Managed continuously since 1981 by Ken Heebner. Voice reads:] The fund has been
managed continuously since 1981 by Ken Heebner.
[Title slide dissolves and new title slide supers and is held that reads:
1-800-CGM INFO in large type and:
Performance ranking is for the 10-year period ended 9/30/95, according to Lipper
Analytical Services, Inc., an independent mutual fund rating agency which ranks
31 balanced funds for 10-year performance. For one and five-year performance,
Lipper ranks CGM Mutual Fund #115 out of 192 and #3 out of 61 balanced funds,
respectively. Lipper ranks the 10-year performance of 149 growth funds. This
information is no guarantee of future results. For a prospectus containing more
complete information, including management fees and expenses, call toll free.
Read it carefully before you invest. Fund yield, share price, and investment
return fluctuate.
(c) 1995 CGM
[The previous slide dissolves and the final slide supers reading:
CGM MUTUAL FUND
AMERICA'S #1 BALANCED FUND
FOR 10-YEAR PERFORMANCE.
[Voice reads: CGM Mutual Fund. America's #1 Mutual Fund for 10-year performance.
Commercial ends.]
