Hand Benefits & Trust Company

Investment Performance of Fund Managers

Period Ending November 30, 2006

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

0.39%

1.10%

3.60%

3.94%

2.66%

2.38%

3.77%

90-Day Treasury Bill

0.43%

1.27%

4.39%

4.72%

2.95%

2.36%

3.80%

Intermediate Fixed Income Fund (1)
Unit Value $16.950000

0.77%

1.99%

3.61%

4.05%

2.57%

3.30%

4.90%

Merrill Lynch Int. Govt/Corp Index

0.90%

2.24%

4.53%

5.17%

3.32%

4.44%

5.76%

Balanced Fund
Unit Value $65.210000

2.23%

7.24%

10.43%

10.92%

7.17%

4.43%

7.99%

Custom Index-Balanced
(65% R1000Gro/35% LB Gov/C)

1.71%

6.47%

7.26%

7.38%

6.62%

4.04%

6.34%

Equity Value Fund
Unit Value $101.970000

2.76%

8.86%

15.01%

16.76%

12.22%

5.32%

5.48%
Russell 1000 Value Index

2.30%

7.76%
19.67%

20.41%

16.55%

8.18%

8.11%

AITC Large Cap 500 Fund R1 (2)
Unit Value $15.910000

1.92%

7.79%

13.72%

13.81%

11.20%

5.58%

N/A
S&P 500 Index 1.90% 7.93% 14.18% 14.22% 11.77% 6.07% 8.04%

Equity Growth Fund (3)
Unit Value $33.840000

3.20%

7.87%

7.26%

7.22%

9.11%

6.36%

6.66%

Russell Mid Cap Growth**

3.94%

10.40%

11.84%

13.07%

13.62%

8.59%

7.87%

AITC Foreign Blend Index Fund R2
Unit Value $21.880000

2.87%

6.89%

21.49 %

26.91%

20.77%

13.22%

6.73%

Europe, Australia Far East Index (EAFE)**

2.79%

6.73%

19.77%

25.29%

18.89%

11.87%

5.28%

AITC SMART Conservative 
Fund R2 (4)
Unit Value $15.730000

1.48%

4.59%

8.26%

9.01%

7.52%

5.48%

5.96%

Custom Index-Conservative

1.62%

4.90%

9.19%

10.13%

7.99%

6.43%

6.96%

AITC SMART Moderate 
Fund R2 (4)
Unit Value $16.600000

1.78%

5.73%

10.81%

11.63%

9.80%

6.50%

6.37%

Custom Index-Moderate 

1.92%

6.06%

11.80%

12.81%

10.22%

7.77%

7.37%

AITC SMART Aggressive 
Fund R2 (4)
Unit Value $16.560000

2.03%

6.84%

12.96%

13.97%

11.86%

7.54%

6.64%
Custom Index-Aggressive
2.16%
7.10%
14.02%
15.18%
12.26%
8.49%
7.64%

(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.