York University Pension Fund

Feb. 19/97

Morton Abramson

Figures used to obtain results from 15-Year Mutual Fund Review Globe and Mail, Feb. 6 1997

Equivalent annual compound rate per year to Dec. 31 1996.

                                            Category by Globe and Mail
Fund (A)  Industrial Income Fund             Top Canadian Balanced Funds
Fund (B)  Industrial Mortgage Securities     Top Canadian Balanced  Funds
Fund (C)  Teachers' RSP - Equity Section     Top Canadian Equity Funds
Fund (D)  Maritime Life Bond Fund "G"        Top Canadian Bond Funds
Fund (E)  London Life Mortgage               Top Canadian Mortgage Funds
Fund (F)  One Year Average GIC returns


  number                                                               York's York's
   of                                                                  rank   rank
  years     York    Fund     Fund     Fund     Fund     Fund     Fund  among  among
    to    Pension   (A)      (B)       (C)      (D)      (E)     (F)   all    Fund
 Dec31/96   Fund                                                              A, B


    14     12.16%  11.76%   11.40%   14.87%   12.91%   10.58%   8.28%     3      1
    13     11.60%  11.82%   11.42%   13.45%   12.69%   10.08%   8.16%     5      2
    12     11.92%  11.68%   11.19%   14.43%   11.33%    9.90%   7.91%     2      1
    11     10.93%  10.29%   10.04%   13.45%   10.32%    9.49%   7.78%     2      1
    10     10.61%  10.29%   10.06%   13.52%   10.04%    9.22%   7.68%     2      1
    9      11.28%  9.88%    9.69%    14.47%   10.14%    9.47%   7.59%     2      1
    8      11.32%  9.68%    9.37%    15.07%   10.22%    9.36%   7.32%     2      1
    7      10.83%  9.08%    8.68%    13.75%    9.98%    9.11%   6.75%     2      1
    6      12.74%  11.18%   10.57%   18.04%   10.71%    9.25%   5.87%     2      1
    5      11.74%  10.21%   9.37%    19.20%    9.05%    7.97%   5.32%     2      1
    4      12.86%  10.64%   9.87%    21.84%    9.09%    7.34%   5.12%     2      1
    3      10.23%  8.29%    6.56%    18.60%    7.22%    6.66%   5.23%     2      1
    2      16.41%  15.91%   13.58%   26.66%   14.08%    9.83%   4.89%     2      1
    1      17.00%  13.10%   11.50%   32.80%   10.20%    7.80%   3.60%     2      1

Moving Four Year Annual Compound Rate At End Of Given Year

Rate on line for given year is the equivalent yearly compound rate for $1 invested 4 years prior to end of given year. For example, $1 invested on Jan. 1 1983 would have earned an equivalent compound rate rate of 16.12% to the end of 1986 in the York Fund, 15.53% in the Industrial Income Fund, etc

                                                                         among all among
                    (A)       (B)       (C)       (D)      (E)     (F)    York's balanced
  year    York    Ind.Inc.  Ind.Mor.  Teachers  Maritime  London   Gic     rank   funds
  1986   16.12%    15.53%    14.83%    18.32%    20.39%   14.06%  9.80%     3       1
  1987   12.33%    16.33%    15.42%    11.19%    18.66%   11.47%  9.47%     4       3
  1988   13.14%    15.81%    14.92%    13.18%    13.59%   10.99%  9.10%     5       3
  1989   11.09%    12.44%    12.46%    12.93%    10.91%   10.16%  9.59%     4       3
  1990    7.50%    8.97%     9.29%     7.05%     9.05%    9.19%   10.44%    6       3
  1991   10.71%    9.47%     10.10%    8.81%     11.51%   11.39%  10.49%    3       1
  1992    9.80%    8.72%     8.88%     8.67%     11.36%   11.42%  9.57%     3       1
  1993   11.29%    9.69%     10.30%    10.24%    12.10%   10.99%  7.91%     2       1
  1994   10.94%    8.89%     9.10%     13.95%    9.06%    8.96%   6.37%     2       1
  1995   10.46%    9.49%     8.84%     16.03%    8.76%    8.01%   5.75%     2       1
  1996   12.86%    10.64%    9.87%     21.84%    9.09%    7.34%   5.12%     2       1