Global Asset Class Returns

Below is a table showing how different asset classes performed in terms of different currencies. This table shows year-to-date (December 31, 2007) returns for each asset class.

*YTD 31Dec07*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
US Bonds	6.91%	-4.30%	-11.23%	-3.84%	0.39%	8.22%	-0.74%	-5.00%
US Prop	-16.46%	-27.67%	-34.60%	-27.21%	-22.98%	-15.15%	-24.11%	-28.37%
US Equity	5.49%	-5.72%	-12.65%	-5.26%	-1.03%	6.80%	-2.16%	-6.42%

AUS Bonds	7.69%	-3.52%	-10.45%	-3.06%	1.17%	9.00%	0.04%	-4.22%
AUS Prop	2.15%	-9.06%	-15.99%	-8.60%	-4.37%	3.47%	-5.50%	-9.76%
AUS Equity	28.07%	16.86%	9.93%	17.32%	21.55%	29.39%	20.42%	16.16%

CAN Bonds	19.30%	8.09%	1.16%	8.55%	12.78%	20.61%	11.65%	7.38%
CAN Prop	13.16%	1.95%	-4.98%	2.41%	6.64%	14.47%	5.51%	1.25%
CAN Equity	34.95%	23.75%	16.81%	24.20%	28.43%	36.27%	27.30%	23.04%

Euro Bonds	7.26%	-3.94%	-10.88%	-3.49%	0.74%	8.58%	-0.39%	-4.65%
Euro Prop.	-16.35%	-27.56%	-34.49%	-27.11%	-22.87%	-15.04%	-24.00%	-28.27%
Euro Equity	18.32%	7.11%	0.18%	7.56%	11.80%	19.63%	10.66%	6.40%

Japan Bnds	8.11%	-3.10%	-10.03%	-2.65%	1.59%	9.42%	0.46%	-3.81%
Japan Prop	-3.04%	-14.25%	-21.18%	-13.79%	-9.56%	-1.73%	-10.69%	-14.95%
Japan Eqty	-5.50%	-16.71%	-23.64%	-16.26%	-12.02%	-4.19%	-13.16%	-17.42%

UK Bonds	0.81%	-10.40%	-17.33%	-9.94%	-5.71%	2.12%	-6.84%	-11.10%
UK Prop.	-34.90%	-46.11%	-53.04%	-45.66%	-41.42%	-33.59%	-42.55%	-46.82%
UK Equity	6.47%	-4.74%	-11.67%	-4.29%	-0.05%	7.78%	-1.19%	-5.45%

World Bnds	8.48%	-2.73%	-9.66%	-2.28%	1.95%	9.79%	0.82%	-3.44%
World Prop.	-3.72%	-14.92%	-21.86%	-14.47%	-10.24%	-2.40%	-11.37%	-15.63%
World Eqty	10.51%	-0.70%	-7.63%	-0.25%	3.98%	11.82%	2.85%	-1.41%
Commod	14.90%	3.69%	-3.24%	4.14%	8.37%	16.21%	7.24%	2.98%
Timber	19.77%	8.56%	1.63%	9.01%	13.24%	21.08%	12.11%	7.85%
EqMktNtrl	-0.41%	-11.61%	-18.55%	-11.16%	-6.93%	0.91%	-8.06%	-12.32%
Volatility	94.64%	83.43%	76.50%	83.88%	88.12%	95.95%	86.98%	82.72%
*Currency*
AUD	11.21%	0.00%	-6.93%	0.45%	4.69%	12.52%	3.55%	-0.71%
CAD	18.14%	6.93%	0.00%	7.39%	11.62%	19.45%	10.49%	6.22%
EUR	10.75%	-0.45%	-7.39%	0.00%	4.23%	12.07%	3.10%	-1.16%
JPY	6.52%	-4.69%	-11.62%	-4.23%	0.00%	7.84%	-1.13%	-5.39%
GBP	-1.31%	-12.52%	-19.45%	-12.07%	-7.84%	0.00%	-8.97%	-13.23%
USD	0.00%	-11.21%	-18.14%	-10.75%	-6.52%	1.31%	-7.65%	-11.91%
CHF	7.65%	-3.55%	-10.49%	-3.10%	1.13%	8.97%	0.00%	-4.26%
INR	11.91%	0.71%	-6.22%	1.16%	5.39%	13.23%	4.26%	0.00%

*Results are derived from the performance of Exchange Traded Funds for each country, the Pimco Commodities Fund for commodities, published indexes for country bonds, and exchange rates, and, for world equity and bonds, the performance of a mix of different index funds held in constant proportions. This methodology reflects the pre-tax returns to retail investors in actual index funds, and therefore will differ somewhat from the results published for the underlying indexes themselves.

| Global Asset Class Returns |