PROFORMA ASSET ALLOCATION ANALYSIS

A financial model was developed to provide proforma data comparing the Foundation's actual asset allocation to proforma alternative asset allocation assumptions for "look back" periods from one to six years. It provides a useful tool to evaluate the effectiveness of the Foundation's actual asset allocation strategy and the impact on the value of the portfolio.

Attached are the summary analysis for three alternative asset allocation assumptions (70%/30%; 65%/35%; 60%/40%). Assuming the Foundation would have used these asset allocation's percentages beginning January 1, 1995, the total proforma portfolio value as of December 31, 2000 would be less than the actual Foundation's portfolio as summarized below:

Asset	Cumulative Difference

Allocation	Actual Versus

Assumption	Proforma Portfolio

70%/30%	$54,916,000

65%/35%	$74,622,000

60%/40%	$94,055,000

For the six year period the actual asset allocation strategy utilized by the Foundation has been successful. The year 2000 is the only year where a higher actual allocation to the fixed income portfolio would have been beneficial.