Separate Accounts Institutional



Multi-Asset Global Strategy - Performance

Composite Performance (%) For Periods Ending December 31, 2010

      Annualized Returns
  3 Months 1 Year 3 Years 5 Years 10 Years
Multi-Asset Global (gross) 6.32 11.74 1.57 6.70 7.14
Multi-Asset Global (net) 6.09 10.75 0.67 5.77 6.20
Constructed Global Balanced Index1 4.51 10.35 0.78 5.48 5.29

1Benchmark Index (60% MSCI ACW Index and 40% Citigroup World Government Bond Index)

The Multi-Asset Global (Tax Exempt) Composite contains fully discretionary US dollar-based on multi-asset global tax exempt accounts. Harding Loevner LP is investment adviser registered with the Securities and Exchange Commission. Harding Loevner is affiliated with Affiliated Managers Group (NYSE: AMG), an investment holding company with stakes in a diverse group of boutique investment firms. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPSĀ®). Harding Loevner has received a firm-wide GIPS verification by Ashland Partners & Company, LLP. beginning November 1, 1989. The most recent verification was for the Quarter ending September 30, 2010. The Multi-Asset Global (Tax Exempt) Composite has received a performance examination beginning October 31, 1989. Performance data quoted represents past performance; past performance does not guarantee future results. The US dollar is the currency used to express performance. Complete information on the construction and historical record of the Multi-Asset Global (Tax Exempt) Composite is available by clicking here.

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