Hand Benefits & Trust Company

Investment Performance of Fund Managers

Period Ending May 31, 2005

Composite Employee Benefit Group Trust

Return for Period

Annualized Return

(Fund Returns/Unit
Value/Comparative Data)

1-Month

3-Month

Y-T-D

1-Year

3-Year

5-Year

10-Year

Short Term Income Fund
Unit Value $1.00

0.20%

0.61%

0.95%

1.91%

1.73%

2.86%

4.06%

90-Day Treasury Bill

0.25%

0.72%

1.06%

1.98%

1.52%

2.66%

3.99%

Intermediate Fixed Income Fund (1)
Unit Value $16.170000

0.56%

0.75%

0.59%

2.51%

3.72%

5.47%

N/A

Merrill Lynch Int. Govt/Corp Index

0.87%

1.57%

1.17%

4.55%

5.16%

7.07%

6.34%

Balanced Fund
Unit Value $57.690000

1.30%

-0.57%

-1.17%

5.24%

3.51%

1.94%

9.14%

Custom Index-Balanced
(60% S&P; 30% SL Gov/Corp; 10% T-Bills)

2.20%

0.20%

-0.09%

6.61%

5.40%

1.53%

8.73%

Equity Value Fund
Unit Value $84.700000

3.42%

0.77%

1.35%

11.87%

4.06%

-0.91%

7.12%

3.16%

-0.74%

11.88%

7.16%

2.21%

10.17%

S&P 500 Index

3.18%

-0.57%

-0.95%

8.22%

5.58%

-1.92%

10.16%

Equity Index 500 Fund (2)
Unit Value $13.250000

3.11%

-0.62%

-0.95%

7.47%

5.09%

-2.34%

N/A

Equity Growth Fund (3)
Unit Value $29.460000

7.09%

1.37%

1.20%

8.22%

7.78%

2.52%

8.42%

S&P Mid-Cap 400 Index**

6.02%

0.77%

1.49%

13.97%

9.47%

8.30%

14.83%

Russell 2000 Index**

6.56%

-2.42%

-4.91%

9.89%

9.59%

6.75%

10.10%

International Equity Index Fund
Unit Value $15.490000

-0.51%

-5.22%

-2.99%

14.03%

8.81%

-1.12%

4.82%

Europe, Australia Far East Index (EAFE)**

-0.38%

-5.89%

-3.83%

11.93%

7.54%

-2.06%

3.07%

AITC SMART Conservative 
Fund (4)
Unit Value $14.120000

1.95%

0.58%

0.39%

7.11%

5.35%

3.47%

7.80%

Custom Index-Conservative

1.91%

-0.12%

0.01%

7.14%

5.38%

2.65%

7.37%

AITC SMART Moderate 
Fund (4)
Unit Value $14.230000

2.45%

-0.37%

-0.66%

7.53%

5.54%

2.49%

8.96%

Custom Index-Moderate 

2.37%

-0.65%

-0.54%

8.64%

6.32%

1.73%

8.33%

AITC SMART Aggressive 
Fund (4)
Unit Value $13.710000

2.85%

-1.00%

-1.22%

8.59%

6.25%

1.80%

9.72%

(1) Hand Benefits & Trust assumed management of the fund July 1, 1997.
(2) This fund became available November 1, 1998.  Past performance is composite of Manager's clients.
(3) This fund became available in January, 1993.  Roxbury Capital Management assumed management of the fund July 1, 1998.
(4) These funds were established September 30, 1997.  Past performance is a composite of returns of the mutual funds selected or their representative market indices.

** Includes price appreciation only.

NOTE:  SMARTŪ Funds is a service mark of Hand Benefits & Trust Company.