<PAGE>
TELEVISION AD:
[The ad begins with a long shot of an old-fashioned shooting gallery. The
targets are ducks--all white with one yellow exception. The ducks move on a
horizontal track from one side of the gallery to the other on two levels amidst
a background of bushes, trees (with squirrel climbing up and down), ponds, and
blue sky. To open, all the ducks are upright. Carnival music plays in the
background and a voice reads:]
These days fund managers seem to come and go.
[The camera cuts to a view behind a gun (though there is no gun) and closes up
as the first duck falls. Sound effect and voice over follow:]
PING!
Some take unexpected hits from the market.
[Another duck drops. Sound effect and voice over follow:]
PING!
Others disappear because of poor performance.
[Another duck drops and the duck two down from it pops back up. Sound effects
and voice overs follow:]
PING!
Larger companies often transfer managers...
PING!
And then transfer them again.
[A bear pops up behind a bush and roars; another duck drops. Sound effects and
voice over follow:]
PING!
And then there's always someone who falls victim to shareholder discontent.
[Camera roves gallery where now only the one yellow duck remains moving back and
forth. This scene dissolves to slide with type dropping out from a dark blue
background to read:]
739% TOTAL RETURN 7/1/81-6/30/96
14.1%, 13.2%, 11.9% and 15.2% are the average annual total returns for CGM
Mutual Fund for the 1-, 5-, 10-, and 15-year periods ended 6/30/96
[Please note that the numbers are equally prominent though the text appears in a
smaller type size. Voice over follows:]
Through it all, Ken Heebner has managed CGM Mutual Fund. Over 15 years the fund
has achieved a total return of 739%. A little continuity goes a long way.
[Slide dissolves into another blue-background slide with logo (line drawing of a
fencer in a box with a black and white horizontally striped background) and a
telephone number with text that follows; a lone yellow duck moves horizontally
across the screen on top of the text.]
1-800-CGM-INFO
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CGM Mutual Fund has been managed continuously by Ken Heebner since 1981. This
information represents past performance, which is no guarantee of future
results. The investment return and principal value of your shares will fluctuate
and you may have a gain or a loss when you sell shares. For a prospectus
containing more complete information, including management fees, charges and
expenses, call toll-free. Read it carefully before you invest or send money.
[The final voice over follows:]
For a prospectus, call toll-free, 1-800-CGM-INFO.
[Commercial ends.]
