RS Investments Promotes Kelley and Wolf to Co-Portfolio Managers

San Francisco, January 20, 2004 - RS Investments is pleased to announce that David Kelley and Joe Wolf, both analysts at RS, were promoted to serve as Co-portfolio managers of the RS Partners Fund and RS Value Fund effective January 1, 2004. There have been no operational or structural changes to these Funds. Andy Pilara's status does not change. He continues as portfolio manager of both funds.

"The promotion to Co-portfolio manager acknowledges the contribution both Joe and Dave have made to the performance of the Partners and Contrarian Funds. They have exhibited superior analytical skills and investment judgment," Andy Pilara, portfolio manager of the RS Value Group, said.

Prior to joining RS Investments in 2002 as an analyst in the RS Value Group, David was a small-cap analyst at Pequot Capital Management for three years. Previously, he had served as an analyst for three years with Crestwood Capital, an ING affiliated hedge fund group, and spent three years at Goldman Sachs & Company in the mergers and acquisitions department. David earned a B.A. in history from Yale University and an M.B.A. from Harvard Business School.

Prior to joining RS Investments in 2001 as an analyst in the RS Value Group, Joe was the founder, director, and vice president of corporate development for zUniversity, an affinity marketing company focused on university students and alumni. Previously, he had worked as a senior financial analyst at Goldman Sachs & Company for four years in both the equities division and the strategic consulting group. Joe holds a B.A. in medicine and psychology from Vanderbilt University and an M.B.A. from Harvard Business School.