HISTORICAL INVESTMENT RESULTS OF THE INVESTMENT ADVISER
Set forth on the chart below is performance information data provided by Tweedy,
Browne relating to certain investment results of Tweedy, Browne investment
advisory accounts and the S & P 500. The performance data below relates only to
domestic equity accounts and therefore should not be relied upon by investors of
the Global Value Fund in making investment decisions. These advisory accounts
have the same investment objective as the American Value Fund (the "American
Fund") and were managed using investment strategies and techniques substantially
similar, but not necessarily identical, to those implemented by the American
Fund. However, the American Fund is subject to investment limitations,
diversification requirements and other restrictions imposed by the Investment
Company Act or the Internal Revenue Code which are not applicable to the
advisory accounts. (See "Investment Objective and Policies.") Tweedy, Browne
believes that its management of the advisory accounts is sufficiently comparable
to its management of the American Fund to make the performance data listed below
relevant to investors in the American Fund. The results presented are not
intended to predict or suggest the returns that will be experienced by the
American Fund or the return investors will achieve by investing in the American
Fund and investors should not rely on these results as an indication of future
performance of any of Tweedy, Browne's separate advisory accounts or the
American Fund. Different methods of determining performance from those described
in the footnote to the chart may result in different performance figures.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Tweedy, Browne American Fund 1994 1995 1996
-------------------------------------------------------------- ---------------- ---------------- ----------------
Annual Return for 1-Year Period -1.16%* +36.21% +22.45%
Average Annual Total Return Since Inception (12/8/93) ____ ____ +17.73%
Total Return Since Inception (12/8/93) ____ ____ +64.85%
*Represents the period from commencement of operations (12/8/93) through 12/31/94
</TABLE>
<TABLE>
<CAPTION>
TWEEDY, BROWNE COMPANY L.P.
22 Year Investment Results -- U.S. Equity Composite -- 1/1/75 through 12/31/96
Advisory Accounts
---------------------------------------------------------------------------------------------
Average Total Average Total Return on
Return Before Total Return Average % Common Stocks Alone S & P
Year Deducting Fees Net of Actual Fees in Cash Net of Actual Fees 500
- ------------------- ------------------- --------------------- ---------------- ---------------------------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
1975 58.6% 56.4% 11.8% 63.1% 37.2%
1976 42.7 40.4 7.7 43.5 23.8
1977 28.8 27.2 6.7 28.9 -7.2
1978 21.4 19.9 7.5 21.1 6.6
1979 30.8 28.7 5.8 30.0 18.7
1980 16.2 14.6 7.2 15.0 32.5
1981 11.4 9.9 17.7 8.7 -4.9
1982 17.2 15.6 13.7 16.4 21.5
1983 33.3 31.2 15.6 35.8 22.7
1984 18.0 15.8 16.2 17.3 6.3
1985 31.3 28.9 24.8 36.7 31.8
1986 13.8 11.6 38.5 16.6 18.7
1987 6.2 4.2 32.4 4.5 5.3
1988 20.4 18.1 37.2 26.5 16.6
1989 15.3 13.2 30.3 16.4 31.7
1990 -10.5 -12.3 28.8 -19.5 -3.1
1991 25.3 24.0 35.2 34.7 30.5
1992 16.1 14.9 26.5 19.5 7.6
1993 14.0 12.7 15.6 14.6 10.1
1994 1.3 -0.1 6.7 -0.4 1.3
1995 38.2 36.4 5.9 38.4 37.6
1996 28.2 26.6 5.1 27.8 23.0
22 Years 20.9% 19.1% 18.0% 21.4% 15.9%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VALUE AT DECEMBER 31, 1996 OF $10,000 CONTINUOUSLY REINVESTED
SINCE JANUARY 1, 1975 IN THE FOLLOWING WAYS:
------------------------------------------------------------------------------------------------------------------
<S> <C>
Tweedy, Browne average of advisory accounts
(net of actual fees) $423,430
Portion of Tweedy, Browne average of advisory accounts
invested in common stocks alone (net of actual fees) $642,200
S & P 500 $238,790
</TABLE>
The following notes are to provide additional information relating to the
computation of the performance data in the charts:
1. The schedule presents the annual average investment results for the
following: (1) Asset Investors Fund ("AIF"), a closed-end investment company
advised by Tweedy, Browne from 1975 through 1982. (2) a composite of all client
accounts whose portfolios were managed by Tweedy, Browne continuously over a 14
or 15 year period commencing in either 1976 (four accounts) or 1977 (twenty-two
accounts), (3) after 1990, all fully discretionary fee-paying client portfolios
with assets in excess of $250,000 that have been under management for at least 6
months prior to measurement. The S&P 500 is an unmeasured index which measures
the reinvestment of dividends and which is generally considered representative
of U.S. large capitalization stocks.
2. Average Total Return Net of Actual Fees:
Total return includes realized and unrealized gains and losses plus income, net
of advisory fees, transaction expenses and fund expenses charged to the account
by Tweedy, Browne Company L.P. In calculating performance results, each client
portfolio (other than AIF and one other client) was valued monthly and the
internal rate of return was then compounded monthly, calculated quarterly and
then compounded to produce an annual rate of return. For AIF the annual rate of
return was the yearly percentage change in net asset value, with dividends
reinvested as of the beginning of the year and liquidating distributions
reducing the net asset value base. For the other client in 1976, the portfolio
was valued quarterly and the internal rate of return was compounded quarterly,
calculated quarterly and then compounded to produce an annual rate of return. In
subsequent years after 1976 the performance for this client was calculated in
the same manner as all other months as described above. Performance results have
been calculated over a time-weighted, mean basis and are computed in accordance
with the standardized formula for such computation as required by the Securities
and Exchange Commission for use by open-end investment companies. Since December
31, 1990 results for the advisory accounts are asset weighted using
beginning-of-quarter values and exclude any investment in the Tweedy Browne
Global Value Fund. Prior to December 31, 1990 results are computed on an equal
weighted basis.
3. Average Percentage of Accounts Invested in Common Stocks:
The percentage invested in common stocks is determined by comparing the value of
common stocks in an account to the value of the total assets of the account.
Total assets are defined as cash, cash equivalents, short-term investments and
securities (substantially all of which were common stocks) valued at current
market prices. The percentage invested was measured quarterly for client
portfolios and semiannually for AIF. The average percentage invested for a
particular year is an average of the sub-period averages.
4. Actual Fees:
Actual fees range from 1.5% of the invested portion of each advisory account to
2% on an advisory account's total assets and include brokerage fees.
