Endex is an equity investment manager that invests primarily in U.S. dollar-based equity securities listed on U.S. exchanges.

Composite results shown include all portfolios that are managed in accordance with the structured equity strategy and are prepared in compliance with the AIMR-PPS Standards from inception of August 12, 1998.

Results for the full historical period are time-weighted. Composites are valued monthly, and portfolio returns have been weighted by using beginning-of-month market values.

Performance results include income and capital appreciation net of all transaction costs and are presented both gross and net of management fees.

Alpha is presented as the annualized monthly performance variance to the benchmark. Tracking error is presented as the annualized standard deviation of the monthly performance variance to the benchmark.

At 12/31/98, 12/31/99, 12/31/00 and 12/31/01 there was one portfolio in the composite, at 12/31/02 there were two, at 12/31/03 there were 3, and at 09/30/04 there were 4.

The dispersion of annual returns is measured by the asset-weighted standard deviation for portfolios that were included in the composite. No dispersion is shown when only one portfolio existed in the composite for the whole year.

The composites are based on trade-date valuations, with income fully accrued.

A complete list of firm composites and performance results is available upon request.

This composite was created August 1998. All presentations are U.S. dollar denominated. All portfolios are fee paying.

Investors should not rely on historical performance results as an indication of future performance.