TO END OF 1996   YORK UNIVERSITY PENSION FUND ANALYSIS                                       (F)
                 MORTON ABRAMSON                                  (D)                    Accumulated
                                                              Accumulated                 value with
NOTE THAT THESE ARE AFTER EXPENSES RETURNS                     value with                interest on
                                                              interest on                Dec.31/96 of
                                                              Dec.31/96 of               $1 invested                  (H)
                                          (B)                 $1 invested                at beginning              moving 4
                                      Accumulated     (C)     at beginning     (E)          of period      (G)        year       (I)
                                      value with  equivalent   of period    equivalent   and payments   equivalent   annual  adjustment
                                      interest on  constant  and $1 inve-    constant    increase by     constant    -ized   to pension
                               (A)   Dec.31/96 of  effective  sted at beg-  effective         5%        effective     rate     payouts
                             Pension  $1 invested  rate per  inning of ev-   rate per    at beginning    rate per    to end    at end
Period                        Fund   at beginning  period to ery following  period to    of every fo-   period to  of given      of
number   Period               Rate     of period   Dec.31/96     period     Dec.31/96   llowing period  Dec.31/96    period    period

 0
 1 July 1 1971to June30 1972   10.40%   $13.25      10.45%      $154.48       11.49%       $232.94        11.59%
 2 July 1 1972to June30 1973   -2.94%   $12.00      10.45%      $141.22       11.66%       $209.23        11.72%
 3 July 1 1973to June30 1974   -3.81%   $12.37      11.05%      $129.22       11.85%       $187.83        11.87%
 4 July 1 1974to June30 1975   10.56%   $12.86      11.74%      $116.85       11.98%       $167.11        11.97%        3.32%
 5 July 1 1975to June30 1976    5.54%   $11.63      11.80%      $103.99       12.03%       $146.91        12.01%        2.16%
 6 July 1 1976to June30 1977    7.30%   $11.02      12.11%       $92.36       12.07%       $128.83        12.04%        4.76%
 7 July 1 1977to June30 1978   10.86%   $10.27      12.35%       $81.35       12.06%       $112.20        12.03%        8.54%      2.40%
 8 July 1 1978to June30 1979   21.12%    $9.26      12.43%       $71.08       12.00%        $97.08        11.97%       11.05%      4.76%
 9 July 1 1979to June30 1980   15.19%    $7.65      11.97%       $61.81       11.91%        $83.64        11.89%       13.50%      7.08%
10 July 1 1980to June30 1981   11.88%    $6.64      11.78%       $54.16       11.90%        $72.37        11.88%       14.69%      8.20%
11 July 1 1981to June30 1982   -5.62%    $5.93      11.77%       $47.52       11.92%        $62.60        11.90%       10.17%      3.93%
12 July 1 1982to Dec.31 1982   25.80%    $6.29      13.04%       $41.59       11.96%        $53.97        11.92%       11.22%      4.92%
13 Jan. 1 1983to Dec.31 1983   19.60%    $5.00      12.18%       $35.30       11.67%        $45.41        11.68%       12.27%      5.91%
14 Jan. 1 1984to Dec.31 1984    7.85%    $4.18      11.63%       $30.30       11.54%        $38.49        11.58%       11.24%      4.95%
15 Jan. 1 1985to Dec.31 1985   23.51%    $3.88      11.95%       $26.12       11.51%        $32.67        11.57%       18.98%     12.25%
16 Jan. 1 1986to Dec.31 1986   14.12%    $3.14      10.96%       $22.25       11.38%        $27.43        11.47%       16.12%      9.54%
17 Jan. 1 1987to Dec.31 1987    4.76%    $2.75      10.64%       $19.11       11.51%        $23.13        11.60%       12.33%      5.97%
18 Jan. 1 1988to Dec.31 1988   10.97%    $2.62      11.32%       $16.36       11.78%        $19.41        11.85%       13.14%      6.73%
19 Jan. 1 1989to Dec.31 1989   14.79%    $2.37      11.36%       $13.74       11.94%        $15.99        12.02%       11.09%      4.80%
20 Jan. 1 1990to Dec.31 1990    0.07%    $2.06      10.88%       $11.37       12.16%        $12.97        12.23%        7.50%      1.41%
21 Jan. 1 1991to Dec.31 1991   17.86%    $2.06      12.79%       $9.31        12.70%        $10.39        12.75%       10.71%      4.45%
22 Jan. 1 1992to Dec.31 1992    7.36%    $1.75      11.81%       $7.25        12.65%        $7.94         12.73%        9.80%      3.58%
23 Jan. 1 1993to Dec.31 1993   21.14%    $1.63      12.95%       $5.50        13.18%        $5.89         13.25%       11.29%      4.99%
24 Jan  1 1994to Dec.31 1994   -1.16%    $1.34      10.34%       $3.88        13.37%        $4.06         13.47%       10.94%      4.66%
25 Jan  1 1995to Dec 31 1995   15.83%    $1.36      16.58%       $2.53        16.81%        $2.59         16.82%       10.46%      4.21%
26 Jan  1 1996to Dec 31 1996   17.34%    $1.17      17.34%       $1.17        17.34%        $1.17         17.34%       12.95%      6.55%



To understand the above figures we consider the particular example below.

Column (A) is the actual after expenses return of the Fund for the given period.

Consider line 16 above.

Suppose a person invested $1 at Jan.1 1986 in the Fund. This $1 is left in the Fund and no other
funds are invested. Then,on Dec.31 1996 this person would have an accumulated amount of $3.14 (line
16 column (B)). A bank would have had to give you a rate of 10.96% (row 16 column (C) every year
from Jan 1 1986 to the end of Dec. 31 1996 to have earned exactly the same amount of money on the
$1.

Suppose a person invested $1 at Jan.1 1986, $1 at Jan. 1 1987 and so on with $1 ivested at the
beginning of each year including a last $1 at Jan.1 1996. These $11 are left in the Fund and no
other funds are invested. Then,on Dec.31 1996 this person would have an accumulated amount of $22.25
(line 16 column (D)). A bank would have had to give you a rate of 11.38% (row 16 column (E) every
year from Jan 1 1986 to the end of Dec. 31 1996 to have earned exactly the same amount of money on
the $11.

Suppose a person invested $1 at Jan.1 1986, $1.05 at Jan. 1 1987, $1.1025 at Jan. 1 1988, and so on.
That is, every year the investment is increased by 5%, with the last investment of $1.63 invested
at Jan. 1 1996. This total investment ,which adds up to $14.21, is left in the Fund and no other
funds are invested. Then,on Dec.31 1996 this person would have an accumulated amount of $27.43 (line
16 column (F)). A bank would have had to give you a rate of 11.47% (row 16 column (G) every year
from Jan 1 1986 to the end of Dec. 31 1996 to have earned exactly the same amount of money on the
$14.21.

Suppose a person invested $1 at Jan.1 1983. Then the person would have earned an equivalent yearly
compound rate of 16.12% (line 16 column H) to the end of Dec. 31, 1986.
Starting on January 1 1987 pension payments to people receiving York pensions at that time (subject
to certain restrictions) would have increased by 9.54% (line 16, column I) but actually increased
slightly more under a previous method used. This is somewhat less than 10.12%  which is
16.12% minus 6% (6% is  the assumed rate of return of the plan). Starting in January 1 1997 the
increase is 6.55% (line 26, column I.)