TABLE IV        
TSP PILOT vs. Standard Portfolios                
  Conservative   Moderate   Aggressive   TSP PILOT  
YEAR Gain Risk Gain Risk Gain Risk Gain Risk
  (%) (%) (%) (%) (%) (%) (%) (%)
1989 18.6 -2.6 21.7 -4.2 24.8 -5.8 30.4 -3.2
1990 1.8 -8.6 -1.8 -13.1 -5.3 -17.5 4.8 -5.7
1991 22.7 -2.3 27.3 -3.3 32 -4.3 19.7 -3.5
1992 7.8 -2.4 8.5 -3.9 9.1 -5.3 13.7 -3.5
1993 9.9 -2.3 10.7 -2.8 11.4 -3.9 8.9 -3
1994 -1.1 -5.9 -0.8 -6.5 -0.53 -7.4 -1.6 -5.7
1995 23.1 -1.5 27.2 -2 31.4 -2.6 34.8 -3.5
1996 10.3 -4 13.5 -6.4 16.7 -8.3 25 -4.1
1997 16.6 -4.4 21.1 -5.9 25.6 -7.9 31.8 -3.8
1998 12.5 -8.9 14.6 -14.6 16.5 -20 43.5 4.5
1999 11.4 -5.1 17 -6.8 22.7 -8.9 31.9 -6
2000 6 -7.8 3.4 -11.8 0.63 -15.8 25.9 -6.1
2001 4.4 -8.8 2.1 -14.9 -0.31 -21 36.9 -5.3
2002 -2.5 -11.4 -7.7 -19.1 -12.9 -26.1 13.2 -5.3
2003 15.6 -4.6 22.3 -7.62 29.2 -10.6 30.1 -6
2004 8.7 -5 11.7 -6.1 14.7 -7.3 22.2 -3.2
AVERAGE 10.4 -11.4 11.9 -19.1 13.5 -28.6 23.2 -6.1
Note: The                
Past performance (Gain %) assumes a two day delay from original signal date to allow TSP sufficient time to implement the allocation/fund balance percentage change recommendations. An earlier implementation would likely improve performance further.