LRM SLIDE SAMPLES

MSCI World Index Cumulative Return Dec '98 - Dec '04

0.6

0.8

1.0

1.2

1.4

Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04

A Fund For All Seasons

• Summer* January 1999 to December 1999– MSCI World: 24.9%– Global Equity Fund: 51.9%

MSCI World Index Cumulative Return Dec '98 - Dec '04

0.6

0.8

1.0

1.2

1.4

Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04

A Fund For All Seasons

• Fall* January 2000 to December 2000– MSCI World: -13.2%– Global Equity Fund: -7.9%

MSCI World Index Cumulative Return Dec '98 - Dec '04

0.6

0.8

1.0

1.2

1.4

Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04

A Fund For All Seasons

• Winter* January 2001 to December 2002– MSCI World: -33.4%– Global Equity Fund: -25.0%

MSCI World Index Cumulative Return Dec '98 - Dec '04

0.6

0.8

1.0

1.2

1.4

Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04

A Fund For All Seasons

• Spring* January 2003 to December 2004– MSCI World: 54.2%– Global Equity Fund: 67.1%

MSCI World Index Cumulative Return Dec '98 - Dec '04

0.6

0.8

1.0

1.2

1.4

Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04

A Fund For All Seasons

• Spring* January 2003 to December 2004– MSCI World: 54.2%– Global Equity Fund: 67.1%

12.9%27.0% 5.3% 8.4%