; is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria. Belgium. Denmark. Finland, France. Germany, Greece, Ireland, Italy, the Neth

ccoses 330% Ms Coati) Alermaion U.S. large Cap Equity S&P 500 Index 150% 235% 420% U S Sinai Cap Essay European Edity Russel 2000 Index MSCI Europe Index (net of sitholdng tares) 20% 75% 2.5% 115% 35% 150% 4.0% 20.0% Japan Equity MSCI Japan Index (net of withholding taxes) 25% 3.0% 4.5% 5.

s 330% Maximum &with .Alccaion U.S. Large Cap Equity S&P 500 Index 150% 235% 420% U S Sinai Cap Equal/ European Equity Russel 2000 Index MSCI Europe Index (net of iatholdng taxes) 20% 75% 2.5% 115% 35% t5.0% 4.0% 20.0% Japan Equity MSCI Japan Index (net of viithficilding taxes) 25% 3.0% 4.5%

330% Maximum &rtiTh Alctaiori 11 U.S. Large Cap Equity S&P 500 Index 150% 235% 420% U S Sinai Cap Equity Wotan Etsity Russel 2000 Index MSCI Europe Index (net of Atoning tares) 20% 75% 2.5% 115% 35% t5.0% 4.0% 20.0% Japan Equity MSCI Japan Index (net of nithokling taxes) 25% 3.0% 4.5% 5.5%

c ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index Russell 2000 Index MSCI Europe Index (net of withholding taxes) MSCI Japan Index (net of withholding taxes) MSCI Pacific Free ex-Japan Index (net of withholding taxes) MSCI Emerging M

c ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index Russell 2000 Index MSCI Europe Index (net of withholding taxes) MSCI Japan Index (net of withholding taxes) MSCI Pacific Free ex-Japan Index (net of withholding taxes) MSCI Emerging M