COMPARATIVE PERFORMANCE INFORMATION

Foundation Financial Officers' Group Performance Survey

The Foundation Financial Officers' Group (FFOG) conducts an annual investment survey of member organizations. The 1998 survey included 144 Foundations/Trusts with assets totaling over $140 billion dollars.

Presented on page 2 are summary results for the 1998 survey. General observations include:

1.	Bradley Foundation has a higher equity commitment (77.7%) than the survey average, especially in the international and small and mid cap stock categories.

2.	The higher equity commitment assisted the Bradley Foundation to be at or above the 25th percentile for total return performance data.

The 25th percentile ranking was achieved even with the Bradley Foundation's higher commitment to the small and mid cap stock categories including value style managers, which had very poor performance in 1998.

TUCS First Quarter 1999 Performance Survey

TUCS 1st Quarter 1999 Performance Summary

5th Percentile	4.5%

25th Percentile	2.7

Median	1.7

75th Percentile	0.7

95th Percentile	-0.9

Bradley Foundation	3.27%

The Foundation performed comparatively

well in the first quarter 1999.

Comparative Foundation Sizes

Included on page 3 is a listing of the 150 Largest U.S.-Based Foundations as prepared by Nelson Information with the Bradley Foundation as the 66th largest.

Investment Manager Rankings

Included on pages 4 and 5 are investment manager rankings for small cap equity managers which include two of the Foundation's managers ( TCW and Nicholas Applegate).

Page 1

ASSET ALLOCATION

FFOG SURVEY

12/31/98	12/31/98

Mean	Weighted	BRADLEY

Average	Average	FOUNDATION

Donor Stock	6.6%	18.3%	0.0%

Mid/Large Cap	37.4	30.7	37.1

Small cap	8.4	5.2	18.3 (1)

International Developed Equity	11.0	12.8	21.0

International Emg. Mkt. Equity	1.8	1.7	1.3

Total Equity	65.2	68.7	77.7

Fixed Income	19.2	16.6	13.7

International Developed Fixed	1.5	0.9	0.9

International Emg. Mkt. Fixed	0.2	0.1	0.0

Total Fixed Income	20.9	17.6	14.6

Real Estate	2.4	2.5	1.5

Cash	2.7	2.6	2.6

Other	8.8	8.6	3.6

100.0%	100.0%	100.0%

Notes:

(1)	Bradley Foundation's 18.3% includes mid-cap equities also.

Total Return (Gross of Fees)

Two Year

Year Ended	Annualized

FFOG SURVEY	12/31/98	12/31/98

5th percentile	22.9%	23.5%

25th percentile	16.0%	18.2%

50th percentile	12.3%	16.1%

BRADLEY FOUNDATION	17.33%	18.17%

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