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www. SIonline. com 590 Fifth Avenue New York, NY 10036 Tel (212) 944 -4455 Fax (212) 730 -7730 Strategic Insight Simfund MF 5. 0 What is New? Copyright 2007 Strategic Insight Mutual Fund Research and Consulting, LLC, and when referenced or sourced Morningstar Inc. and Lipper Inc. All rights reserved. The information, data, analyses and opinions contained herein (a) include confidential and proprietary information of the aforementioned companies, (b) may not copied or redistributed for any purpose, (c) are provided solely for information purposes, and (d) are not warranted or represented to be correct, complete, accurate, or timely. Past performance is no guarantee of future results. The aforementioned companies are not affiliated with each other. Reproduction in whole or in part prohibited except by permission. Any data or commentary in this report is for the internal use of client management companies only and is not to be disseminated to the general public and sales intermediaries in the form of regulatory or other reports, promotional material, or advertising without the prior written consent of Strategic Insight. This report has been prepared using information and sources we believe to be reliable; however, we make no representation as to its accuracy, adequacy or completeness, nor do we assume responsibility for any errors or omissions or for any results obtained from the use of this report, including any action taken with respect to securities referred to in this report. Our employees may from time to time acquire, hold or sell a position in securities mentioned herein. We may from time to time perform services for any company mentioned in this report. This report is not a prospectus or representation intended to use in the purchase or sale of any securities mentioned in this report. Strategic Insight is available by subscription and by single copy upon request to the publisher. 1

Table of Contents § § § § Overview of What’s New in 5. 0 Lipper Data Prospectus Data Views Enhanced ETF Data Graphs Links to Simfund. Filing. com Future Enhancements in 2007 Strategic Insight 2 3 4 9 13 14 15 17 19

What’s New in 5. 0? § Lipper Data (150+ Data Items) § (Classifications, Performance, Leader Scores, Survivorship-Bias Free Rankings, Statistics, and Link to Lipper’s Fund Fact Sheets) § Prospectus Data § (Fees, Sub-advisory, Benchmarks) § Expanded Data for ETFs § (Morningstar Categories and performance) § Views § New Graphs § Enhanced Links for Simfund Filing subscribers Strategic Insight 3

Lipper Data § Lipper Data Points § § § § Classifications (Current and Historical) Performance Rankings (Survivorship Bias- Free Rankings) Lipper Indices Lipper Leader Scores Asset Composition Lipper Flags MPT Statistics § Link to Lipper’s Fund Fact Sheets § Early Update for Lipper § Update the 10 th of each month vs. 21 st for the regular update § Includes Performance and Rankings Strategic Insight 4

Lipper Data - Integration SI Assets and Flows Morningstar Ratings Lipper Data (Classifications, Returns, Quintile Ranks, Class Averages) Easily integrate Lipper data into your existing reports. Early update for Lipper performance and rankings is available on the 10 th of each month. Strategic Insight 5

Lipper Data - Lipper Leader’s Scores Ratings from Lipper and Morningstar combined. Identify funds that are highly ranked by Lipper (based on Lipper Leader’s Consistent Return Score), but ranked low by Morningstar (based on Star ratings). Lipper Leader Scores for Consistent Return represents a fund’s risk-adjusted return ranking, which is most similar to Morningstar’s overall star rating. Strategic Insight 6

Lipper Data – Link to Fund Fact Sheets Use Lipper’s Fund Fact Sheets to identify sales opportunities. Strategic Insight 7

Lipper - Graphs Access additional graphs that user Lipper data. For example, the floating bars illustrate performance range for a peer group and the performance of a target fund. You are able to create you own peers in Simfund MF. Strategic Insight 8

Prospectus Data § Prospectus Fees § § § Prospectus Fees complement the existing Management Fee fee data in Simfund, which is based on the audited Annual Report. Expense Waivers 12 b-1 Fee Total Expense Ratio Underlying Funds’ Composite Expense Ratio (Fund of Funds) § Advisory/Sub. Advisory Fee Contract Data § Advisory/Sub. Advisory Fee Contract Breakpoint Schedules § Hypothetical Breakpoint Fee Schedules § Stated Performance Benchmarks § Breakout of Multiple Sub. Advisors § Currently, list of subadvisors provided. Later this year, users will have the ability to select subadvisors in multi-managed funds and create analysis. § Date of Latest Prospectus or Supplement § Link to SEC Documents (i. e. Latest Prospectus) Strategic Insight 9

Prospectus Data - Prospectus Fees The newly added prospectus fees complement the already existing fees in Simfund, which are based on the audited annual report. Users can now get fee data for newer funds. Strategic Insight 10 For Fund of Funds research underlying funds’ composite expense ratio.

Prospectus Data – Stated Benchmarks Compare funds that have the same performance benchmark as stated in the prospectus. Strategic Insight 11

Prospectus Data - Multiple Sub. Advisor All subadvisors listed for Multi-managed funds. The ability to select with subadvisors in multimanaged funds will be added later in the year. Strategic Insight 12

Views § Five Views (Pre-Defined Universes) § § § Classic View (same as 4. 0) Standard View Fund of Funds View ETF View Unified View Drop down box that gives users quick access to different Views. To the right of the drop down box, a brief description of the universe selected. Strategic Insight 13

Expanded ETF Data Simfund MF 5. 0 now includes ETF data from Morningstar, including Categories, Ratings, Performance, MPT statistics, and more. Strategic Insight 14

New Graphs – Investment Profile Strategic Insight 15

Graphs - Scorecard Look at a manager’s entire product line using Morningstar Categories or Lipper Classifications. Strategic Insight 16

Links to Simfund Filing Link from Simfund MF to Simfund. Filing. (Simfund. Filing subscription required). For one fund or a group of funds, users can quickly access the latest prospectus, latest changes filed by the fund, the profile page, and newly registered funds by the manager. Strategic Insight 17

Links to Simfund Filing Link from Simfund MF to Simfund. Filing. The profile page, a new feature of Simfund. Filing, shows key data from the prospectus on one page. Strategic Insight 18

Future Enhancements § Upcoming Enhancements (to be included this year) § § Strategic Insight Market Index Performance Monthly Total Return Data for 10 Years (Lipper and Morningstar) Lipper Data on Closed-end Funds including Performance Ability to do enhanced analysis on multiple subadvisory data 19