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<br />JUL-08-1999 THU 10:59 AM CRETE X PURCHASING <br /> <br />Supplemental Investment Fund <br /> <br />Common Stock <br />Index Account <br /> <br />Objective <br />The investment objective oflhe <br />Common Stock Index Account is to <br />generah: returns that tmck the <br />performance of the entire U.S. <br />commOIl stock market, "s representcd <br />. by the Wilshire SOOO. To accomplish <br />this objective. the SBI allocatcs all of <br />thc Common Stock Index Account's <br />ilsscts to passively managed domestic <br />stocks. At the cnd of fisc::J.1 year <br />1998, it ha.d a market value of $212 <br />111 ill ion. <br /> <br />Management <br />Since July 1, 1995, the Account has <br />been managed by Dnrclays Global <br />Investors. <br /> <br />Performance <br />The performance objective ofthe <br />Common Stock Index Account is to <br />track the perfonnance orlh~ Wilshire <br />5000. The SGI recognizes that the <br />Account's returns may deviate <br />slightly from those of the Wilshire <br />SOOO uue to the effects of <br />man~gemcnt fees, timing of new <br />contributions and tracking error. <br /> <br />During fiscnl year 1998. the <br />Common Stock Index Account. <br />produced a return of29,4%, which <br />was 0.5 percentage point above the <br />Wilshire 5000. Over the most recent <br />five years, the Account h<ls e:<cecdcd <br />its index by 0.3 percentage point <br />annualized. Tot::!1 Account results for <br />the last five years nre shown in <br />FiSlIrc 28. <br /> <br />FAX NO. 6122418210 <br /> <br />P. 08/12 <br /> <br />~l <br /> <br />f;gu'a 18. CommoJl Slock Index "'COlin! FY 199././1}1)8 <br /> <br /> 35 <br />.Stock 30 <br />Index <br />DWilshirc 25 <br />SOOO <br /> C 20 <br /> lS <br /> ai 15 <br /> c.. <br /> 10 <br /> 5 <br /> 0 <br /> <br />Stock Intlcs. <br />Wilshire SOOO <br /> <br />. . - - - - . . . . . . . - . --- . . . . . . . . <br /> ,.. <br />. . . - - "" . . . . . . . <br />. . . . - - . . - <br />. . . . . . - . . <br />. . . . . . . . - <br />. . . . . - . . . <br />..... '-- <br /> <br />1994 1995 1996 1997 1998 3 Yr. 5 Yr. <br /> <br /> Annu:alized <br />1994 1995 1996 1991 1998 3 Yr. 5 Yr. <br />2.2% 24.3% 25.5% 29.9% 19.4% 28.2% 21.8% <br />1.0 24.1 26.2 29.) 28.9 28.1 21.5 <br /> <br />27 <br />