CAMBRIDGE ASSOCIATES, INC.

Analysis of Foundation Investment Pool Returns

2000

This is a summary of the 2000 investment performance survey conducted by Cambridge Associates, Inc. with comparative amounts for 1999. The survey included 97 foundations with endowment assets as of December 31, 2000 which total $118.7 billion. The Bradley Foundation was one of the survey respondents.

Exhibit A includes a summary of the survey information. Key highlights are:

This is a summary of the 2000 investment performance survey conducted by Cambridge Associates, Inc. with comparative amounts for 1999. The survey included 97 foundations with endowment assets as of December 31, 2000 which total $118.7 billion. The Bradley Foundation was one of the survey respondents.

Bradley Fdn.	Mean % Survey	COMMENTS

Asset Allocation:	2000 1999 2000	1999	•	Bradley Foundation has a greater

U.S. Equity	50.8% 55.4% 45.3% 51.1%	commitment to equities especially

Non-U.S. Equity	20.0 21.7	13.2 13.6	related to foreign common stock.

70.8 77.1	58.5	64.7

U.S. Bonds	11.2 10.3	21.9 19.0	•	Bradley Foundation investment

commitment in other investments

Non-U.S. Bonds	0.8 0.2	1.3 1.1	(13.9%) is below the mean survey

U.S. Cash & Cash Equivalents	3.3 3.4	3.6 2.9	percent (14.7%). However, in

recent years the Bradley Foundation

Other:	percent has steadily grown and is

Private Real Estate	1.3 -	1.8 1.4	nearing the survey's mean percent.

Public Real Estate	2.6 1.2	1.7 1.2	It should be noted for survey

Mortgage Real Estate	- -	- 0.0	purposes the Bradley Foundation's

Venture Capital	0.1 -	2.5 2.1	REIT portfolio is included in the

Non-Venture Private Equity	6.9 4.2	1.0 1.0	other category.

Hedge Funds	- -	4.2 3.5

High-Yield Bonds	1.5 2.2	0.3 0.4	•	Bradley Foundation's cash and cash

Distressed Securities	1.3 1.2	0.8 0.8	equivalents at 3.3% is below the

Oil and Gas	- -	0.3	0.2	mean survey percent of 3.6%.

Event Arbitrage	- -	1.5	1.1

Other	0.2 0.2	0.6	0.6

Total Other	13.9 9.0	14.7 12.3

100.0% 100.0% 100.0% 100.0%

Nominal Average Annual Compound Total Return:

1 yr.	3 yrs.	5 yrs.	COMMENTS

2000	1998-2000	1996-2000

Bradley Fdn.	-5.8%	12.6%	14.8%	•	The Bradley Foundation's negative -5.8% return in 2000

Median survey	2.1%	10.8%	12.8%	resulted in a less than

stellar +75th percentile

Percentile ranking 75th	25th	30th	ranking. This low ranking

was due in part to the higher equity allocation compared to the survey participants. For 3 years and 5 years the ranking is a more respectable 25th/30th percentile.

Bradley	Mean %	•	Bradley Foundation has had a

Foundation	Survey	spending rate consistently

Spending Rate	higher than the mean %. As of

(Grants paid + operating	2000	7.07%*	5.40%	December 31, 2000 the Bradley

expenses + investment	Foundation has total excess

related expenses divided	1999	9.80%*	5.37%	qualifying distributions

by the beginning pool	available from the last five

market value)	1998	7.79%	5.15%	years to be carried forward

totaling approximately

1997	7.81%	5.40% Est.	$xx,xxx,xxx. The good news is, in spite of the higher

1996	6.47%	5.44%	spending rate, the Bradley Foundation has exceeded the total target asset growth rate of 4% by $77,519,000 as of

May 31, 2001.

*Includes $4,000,000 Stadium commitment paid in

December 1998 and $16,000,000 paid in 1999.

COMMENTS

Bradley	Mean %

External Investment Management Expenses	Foundation	Survey

(% of average market value of	2000 1999	2000 1999	•	Bradley Foundation

externally managed assets as	percent decreased in 2000

of 12/31/1999 and 12/31/2000)	0.40% 0.50%	0.64% 0.47%	2000 due to the reduction in the total portfolio value and related fee reductions and reduced performance based fees.

Custody Expenses	•	The switch to Northern

(% of average market value of	2000 1999	2000 1999	Trust is proving to be

assets held in custody as of	beneficial.

12/31/1999 and 12/31/2000)	0.03% 0.05%	0.05% 0.03%