10 yr Treasury Yield 6.0% Jun '00 - Dec '10 Return* 5.9% Correlation of starting yield to forward return: 0.88 Dec 31 '10 10 yr Tsy Yield 3.3% Next-5-10 yr Return Est. 3.4% 1969 1974 1979 1984 1989 1994 1999 2004 2009 Source: St. Louis Fed, Ibbotson, Research Affiliates, NEPC, NYC MOPI