PERFORMANCE HISTORY
                       Affiliated Investment Advisors
                   Master Portfolio Group - All Accounts

                            Accounts    Nasdaq   S&P 500      Dow  
                                         Index     Index     Jones
                           _________  ________  ________  ________

     20-Year
     Total Return %         1,541.79    339.58    175.58    212.58

     20-Year
     Annualized %              15.02      7.68      5.20      5.86

     Per Year %
     1998                      31.12     39.62     26.70     16.10
     1999                     121.96     85.58     19.52     25.21
     2000                      27.09    -39.29    -10.14     -6.17
     2001                     -27.96    -21.05    -13.04     -7.10
     2002                     -20.06    -31.53    -23.37    -16.76
     2003                      45.40     50.01     26.38     25.32
     2004                       6.99      8.59      8.99      3.15
     2005                      14.52      1.37      3.00     -0.61
     2006                      -1.83      9.52     13.62     16.29
     2007                      13.72      9.81      3.53      6.43
     2008                      13.64    -40.54    -38.49    -33.84
     2009                      24.08     43.89     23.45     18.82
     2010                      22.46     16.91     12.78     11.02
     2011                     -11.77     -1.80      0.00      5.53
     2012                       8.82     15.91     13.41      7.26
     2013                      49.01     38.32     29.60     26.50
     2014                       6.14     13.40     11.39      7.52
     2015                       3.79      5.72     -0.73     -2.25
     2016                      23.42      7.55      9.58     13.51
     2017                      15.36     28.19     19.37     25.01


Past performance is not indicative of future returns. Investing in stocks
and bonds provide significant opportunities for income and gains, but
also inherently carries risk of loss to original investment or principal.