YORK UNIVERSITY PENSION FUND ANALYSIS

26-Jun-96 9:59 AM

MORTON ABRAMSON email address: abramson@mathstat.yorku.ca For more information ,see the Fund Index

        
Average from July 1 1971   11.22%                 Annualized    value with                   interest on
Average from Jan. 1 1987   11.06%                    rate       interest on                 Dec.31/95 of
                                                      to       Dec.31/95 of                  $1 invested
                                                   Dec31/95     $1 invested                 at beginning
                                   Accumulated       i.e.      at beginning                    of period
                          Actual    value with    equivalent    of period     equivalent    and payments     equivalent
                          After    interest on     constant    and $1 inve-    constant      increase by      constant
                         expenses  Dec.31/95 of    effective   sted at beg-    effective         5%          effective
                         Pension   $1 invested     rate per    inning of ev-   rate per     at beginning      rate per
Period                     Fund    at beginning    period to   ery following   period to    of every fo-     period to
number  Period             Rate     of period      Dec.31/95      period       Dec.31/95   llowing period    Dec.31/95

 0
 1  July 1971toJune301972  10.40%     $11.29        10.18%        $130.64       11.18%         $195.12         11.24%
 2  July 1972toJune301973  -2.94%     $10.23        10.17%        $119.35       11.33%         $175.08         11.36%
 3  July 1973toJune301974  -3.81%     $10.54        10.78%        $109.12       11.52%         $157.00         11.50%
 4  July 1974toJune301975  10.56%     $10.96        11.50%        $98.58        11.64%         $139.48         11.59%
 5  July 1975toJune301976   5.54%     $9.91         11.54%        $87.62        11.67%         $122.41         11.60%
 6  July 1976toJune301977   7.30%     $9.39         11.85%        $77.71        11.70%         $107.14         11.61%
 7  July 1977toJune301978  10.86%     $8.75         12.09%        $68.32        11.67%         $93.09          11.58%
 8  July 1978toJune301979  21.12%     $7.89         12.16%        $59.57        11.57%         $80.33          11.49%
 9  July 1979toJune301980  15.19%     $6.52         11.66%        $51.68        11.44%         $68.98          11.37%
 10 July 1980toJune301981  11.88%     $5.66         11.44%        $45.16        11.39%         $59.49          11.32%
 11 July 1981toJune301982  -5.62%     $5.06         11.41%        $39.50        11.38%         $51.27          11.29%
 12 July 1982toDec.311982  25.80%     $5.36         12.74%        $34.44        11.37%         $44.01          11.27%
 13 Jan. 1983toDec.311983  19.60%     $4.26         11.79%        $29.08        10.99%         $36.81          10.94%
 14 Jan. 1984toDec.311984   7.85%     $3.56         11.17%        $24.82        10.78%         $31.00          10.75%
 15 Jan. 1985toDec.311985  23.51%     $3.30         11.47%        $21.26        10.67%         $26.13          10.66%
 16 Jan. 1986toDec.311986  14.12%     $2.67         10.34%        $17.96        10.42%         $21.74          10.45%
 17 Jan. 1987toDec.311987   4.76%     $2.34          9.92%        $15.29        10.45%         $18.16          10.48%
 18 Jan. 1988toDec.311988  10.97%     $2.24         10.59%        $12.94        10.63%         $15.06          10.64%
 19 Jan. 1989toDec.311989  14.79%     $2.02         10.53%        $10.71        10.64%         $12.22          10.66%
 20 Jan. 1990toDec.311990   0.07%     $1.76          9.84%         $8.69        10.69%          $9.72          10.70%
 21 Jan. 1991toDec.311991  17.86%     $1.75         11.90%         $6.93        11.10%          $7.58          11.08%
 22 Jan. 1992toDec.311992   7.36%     $1.49         10.46%         $5.18        10.60%          $5.55          10.62%
 23 Jan. 1993toDec.311993  21.14%     $1.39         11.52%         $3.69        10.71%          $3.87          10.73%
 24 Jan  1994to Dec311994  -1.16%     $1.14          6.99%         $2.30         9.78%          $2.36          9.88%
 25 Jan  1995toDec 311995  15.83%     $1.16         15.83%         $1.16        15.83%          $1.16          15.83%

                            A           B              C             D             E              F              G

        from 0-25    averages                           11.20%                      11.25%                         11.22%
        from 17-25   averages                           10.84%                      11.16%                         11.18%