1. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Total Investable Capital Market Dollar Bonds 25.6% Other Bonds 25.1% Other Equity 17.6% U.S. Equity 17.0% U.S. Real Estate 5.1% Emerging Mkt Equities 1.1% Cash Equivalents 3.9% Emerging Mkt Debt 3.1% High Yield Bonds 1.1% Private Markets 0.3% Source: UBS Global Asset Management. December 31, 2004 USD 87.0 Trillion

2. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Comparing Returns Between Investments Inflation$34,288 Cash$55,280 Bonds $120,810 Stocks $346,560 Initial Investment $10,000 197619801984198819921996 2000 2005

3. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Inflation and Purchasing Power 29¢ 2005

4. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Investing in International Stocks Compound Return 1977 1981 1985 1989 1993 1997 2005

5. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Power of Tax Deferral $35,514 $48,015 Initial Investmen t $10,000

6. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Benefit of Long-Term Saving Accumulated Savings $1,052 per month $1,698 per month $2,890 per month $5,466 per month $13,610 per month Savings Goal $1,000,000

7. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Power of Compounding $68,485 $108,347 Initial Investment $10,000 $26,658 8% Assumed Annual Return: 4%10%

8. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Growth/Value Style Investing Excess Return 2004

9. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Risk of Poor Market Timing $23.33 $89.60 7.42% Average Return 10.51% Average Return Monthly Stock Returns from 1960 through 2004 Bad Market Timing (Miss 12 Best Months) Buy and Hold (Fully Invested At All Times)

10. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Advantage of Long-Term Investing Holding PeriodLong Short -40% Any 1 Year Over 3 Years Over 5 Years Over 10 Years -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% StocksBonds Cash Annual Returns 1976 - 2004

11. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Long Holding Periods Reduce Risk Average Return 1962 1967 1972 1977 1982 1987 1992 1997 2004

12. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. What Drives Portfolio Performance Asset Allocation 91.5% Other Factors 2.1% Market Timing 1.8% Security Selection 4.6%

13. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Relationship Between Risk and Return RiskHighLow Expected Return High Low Cash Equivalents Bonds Int’l Bonds Real Estate Stocks Int’l Stocks

14. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Uncertainty and Investment Risk -30% -20% -10% 0% 10% 20% 30% 40% Annual Stock Returns 19741973 1975 1980 1985 1989 1991 1995 1997 1961 1963 1967 1976 1982 1983 1996 1962 1966 1969 1977 1981 1990 1960 1970 1978 1984 1987 1992 1994 1964 1965 1968 1971 1972 1979 1986 1988 1993 2003 1999 1998 2000 20012002 2004

15. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Diversification from Combining Investments Investment A Investment B Portfolio 1 No Diversification Investment C Investment D Portfolio 2 Complete Diversification Investment E Portfolio 3 Investment F Some Diversification

16. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Combining Investments Creates Stability 2004

17. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Identifying Efficient Portfolios Inefficient Portfolio Same Risk, More Return Same Return, Less Risk Efficient Frontier Expected Return High Low RiskHighLow

18. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Selecting a Suitable Portfolio Expected Return High Low RiskHighLow Large Cap Stocks Europe Stocks Pacific Stocks Small Cap Stocks Cash Equivalents Gov’t/Corp Bonds Int'l Bonds Real Estate

19. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Market Segment Performance Best Performer Worst Performer

20. ASSET ALLOCATION SLIDES The information herein is believed to be reliable but SunGard Online Investment Systems does not warrant its completeness or accuracy. Past performance is not indicative of future results. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Copyright 1997-2005 SunGard Expert Solutions. All rights reserved. Importance of Rebalancing Strategy Target Allocation Target Range Rebalancing Required Rebalancing Required Time 25% 50% 75% 100%