Minnetrista Before & After PPT

Before

Minnetrista Corporation

July 16, 2005

Before

Portfolio Composition

Growth EquitiesBondsMoney MarketValue EquitiesSmall CapInternationalReal EstateEmerging Market

TargetCurrent

41.0%

2.6%

5.1%

18.3%

14.4%

10.1%

5.5%

3.0%

44%

5%

1%

18%

14%

10%

5%

3%

Before

Portfolio 12 Month 12 MonthClass Benchmark Allocation Return Benchmark----Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.7% 2.2%Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 3.5% 4.8%Real Estate Equities NAREIT Equity REIT Index 5.5% 33.9% 32.6%US Equities Standard and Poors 500 Stock Index 41.0% 6.3% 6.3%Large Cap Value Russell 1000 Value Index 18.3% 12.8% 14.0%Small Cap Equities Russell 2000 Index 14.4% 16.1% 9.5%International Equities MSCI EAFE Gross Index 10.1% 12.9% 14.1%Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 36.3% 34.9%----Total 100% 11.6% 11.0%----

(thru 6/30/05)

Investment Performance (last 12 months)

Before

Portfolio Inception InceptionClass Benchmark Allocation Return Benchmark----Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.5% 1.6%Municipal Bonds Lehman Bros 3 Yr Muni Index 0.0% 1.4% 1.1%Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 5.1% 5.8%Real Estate Equities NAREIT Equity REIT Index 5.5% 19.5% 19.4%US Equities Standard and Poors 500 Stock Index 41.0% 2.8% 1.0%Large Cap Value Russell 1000 Value Index 18.3% 7.0% 5.6%Mid Cap Equities Russell Small Cap Completeness Index 0.0% -12.1% -17.6%Small Cap Equities Russell 2000 Index 14.4% 13.5% 9.9%International Equities MSCI EAFE Gross Index 10.1% 6.2% 6.6%Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 19.4% 18.2%----Total 100% 6.3% 5.3%----

(thru 6/30/05)

Investment Performance

BeforeMinnetrista Corporation Projection

Model vs ActualAdjusted for disbursements

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Jul-0

1Ja

n-02

Jul-0

2Ja

n-03

Jul-0

3Ja

n-04

Jul-0

4Ja

n-05

Jul-0

5Ja

n-06

Jul-0

6Ja

n-07

Jul-0

7Ja

n-08

Jul-0

8Ja

n-09

Jul-0

9Ja

n-10

Jul-1

0Ja

n-11

Model ProjectionActualIndex Adjusted

Model Projection $52,500 $55,053 $56,747 $58,509 $60,346 $62,275 $64,307 $66,457 $68,738 $71,166 $73,755Actual $51,281 $47,126 $42,796 $49,550 $53,174Index Adjusted $51,281 $44,080 $41,567 $48,330 $50,589

Jul-01 Jul-02 Jul-03 Jul-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11

(000's)

Before

The Benefits of DiversificationANNUAL PERFORMANCE

Year Large Cap Small Cap Bonds International Real Estate

19881989199019911992199319941995199619971998199920002001200220032004

16.5031.43-3.1930.557.68

10.001.33

37.5023.2533.3828.7621.14-9.19

-11.87-22.1028.7110.87

24.8916.24

-19.5146.0518.4118.91-1.8228.4416.4922.36-2.5521.26-3.022.49

-20.4947.2518.32

7.8914.538.96

16.007.409.75

-2.9218.473.639.658.69

-0.8211.638.44

10.264.104.34

28.5910.80

-23.2012.50

-11.8532.948.06

11.556.362.06

20.3327.30

-13.96-21.21-15.6639.1720.69

13.478.84

-15.3435.5414.5219.673.17

15.2535.2620.29

-17.51-4.6226.3513.933.81

37.1431.57

Source: Individual asset classes represented by the following indices: Large Cap = S&P 500; Small Cap =; Russell 2000®; Bonds = Lehman Aggregate Bond Index; International = MSCI EAFE; Real Estate Equity = NAREIT Equity Index.

Before

Portfolio Return/Payments

Before


Since Inception Total Return, 7/01 – 5/05 $10,751,000 (6.1% compoundannual)

Less: Dividends -5,223,000Administrative Expenses -2,409,000Tax Distributions -730,000

Net Retained Value $2,389,000

Before

Market

Outlook

Before

•Federal Reserve Policy

Before

The Fed and the Markets

On average, the first Fed rate cut comes 5 months after the

last Fed rate hike.

Of the previous 16 final Fed rate hikes in a series of hikes, the market was lower 6 months later 12 times (75%), with an average loss of 4.9%.

The Fed usually keeps tightening until the stock market and raw materials prices break.

Normally the stock market continues to be at risk until the Fed has lowered rates twice.

Source: Ned Davis Research

Before


•Consumer Posture

Before

(S1060A)

Monthly Data 2/28/1967 - 6/30/2005 (Log Scale)

Oct 1968 Dec 1972

Sep 1987Feb 1989

Jun 1998

Jan 2000

Dec 1974

May 1980Oct 1982

Jan 1991Feb 1992

Mar 2003

DJIA Gain/Annum When: (2/28/1969 - 6/30/2005)

Consumer Gain/ % Confidence is: Annum of Time

Above 113 0.2 20.8* Between 66 and 113 5.8 67.5

66 and Below 27.3 11.7

6/30/2005 = 10275.0 456 552 668 808 978

118414341735210125433078372645105460660980009684

11723 14191

456 552 668 808 978

118414341735210125433078372645105460660980009684

11723 14191

Extreme Optimism = Bearish for Stocks

Extreme Pessimism = Bullish for Stocks 6/30/2005 = 105.8 404550556065707580859095

100 105 110 115 120 125 130 135 140 145

404550556065707580859095

100 105 110 115 120 125 130 135 140 145

Dow Jones Industrial Average

Consumer Confidence (Conference Board)

1970 1975 1980 1985 1990 1995 2000 2005

Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

Before


•Consumer Posture

•Interest Rates

Before

(B151)

Daily Data 1/02/1979 - 7/05/2005

%

7/05/2005 = 4.11% 13.65

15.84

13.99

10.23

9.09

8.05

7.066.79

5.44

4.614.89

8.76

9.47

10.12

6.95

7.74

5.195.53

4.16 4.22

3.13

3.703.89

3.2 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6

10.010.410.811.211.612.012.412.813.213.614.014.414.815.215.6

3.2 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6

10.010.410.811.211.612.012.412.813.213.614.014.414.815.215.6

1983

1988

1993

1998

2003

10-Year Constant Maturity Treasury Note Yields


BeforeMonthly Data 4/30/1953 - 6/30/2005

(B501)

10-Year Treasury Note Yields6/30/2005 = 4.00%

Scale Right

4.0 4.7

5.2

7.9 8.4

12.8

15.3

9.4

8.0

6.7

2.3 2.9

3.7 4.5

5.7 6.9

9.8

7.1

5.3 4.5

3.3 3 4 5 6 7 8 9

101112131415

Treasury Yield Curve (10-Year minus 3-Year Yields)

6/30/2005 = 31Scale Left, in Basis Points

Shaded areas represent Fed tightening cycles(1st rate hike to last rate hike)

87 8960

24

120 120 98

113

200

67

204

10-17

-43 -61 -61 -69

-130-106

-25 -37

-120-90 -60 -30

0 306090

120 150 180

Corporate Yield Spread(Moody's Baa minus Aaa Yields)

6/30/2005 = 31Scale Right, in Basis Points

66

123

82 79

148

203 222

266

140

72

105 99

218

4458

32

64 6170

140

81

57 53

151

406080

100 120 140 160 180 200 220 240 260

1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Fed Tightening Cycles


Before

Before

Minnetrista CorporationProposed Slate of Directors

Frank E. Ball Joan F. Woods Robert B. Ball C. Robert HeatonCharles F. Ball R. Michael Miner

James A. Fisher D. Neil RadeyChristopher Stack

James B. Goodbody, Jr. Paul L. Sehnert, Jr.

Elizabeth M. Zimmerman

Before

Before

(DAVIS100)


Price Move of: 7.9% to Overvalued (+1SD)

-21.8% to Median Value-51.5% to Undervalued (-1SD)

S&P 500 Gain/Annum When:

Gain/ % Median P/EIs: Annum of Time

Above 21 -2.8 16.2* Between 18 and 21 5.6 22.1

18 and Below 11.2 61.6

6/30/2005 = 1191.33 708398

116 137 161 190 225 265 313 370 436 515 608 718 848

100111821395

708398

116 137 161 190 225 265 313 370 436 515 608 718 848

100111821395

6/30/2005 = 19.6

Very Overvalued

Overvalued

Bargains

33.5 Year Median = 15.3

Med

ian

+1 S

D

+2 S

D

-1 S

D

6 8

101214161820222426283032

6 8

101214161820222426283032

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Standard & Poor's 500 Stock Index

S&P 500 Median Price/Earnings Ratio (NDR Calculation) Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

After

Minnetrista Corporation

July 16, 2005

After

Growth EquitiesBondsMoney MarketValue EquitiesSmall CapInternationalReal EstateEmerging Market

TargetCurrent

41.0%2.6%5.1%

18.3%14.4%10.1%5.5%3.0%

44%5%1%

18%14%10%5%3%

Portfolio Composition

After

Portfolio 12 Month 12 MonthClass Benchmark Allocation Return Benchmark

Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.7% 2.2%

Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 3.5% 4.8%

Real Estate Equities NAREIT Equity REIT Index 5.5% 33.9% 32.6%

US Equities Standard and Poors 500 Stock Index 41.0% 6.3% 6.3%

Large Cap Value Russell 1000 Value Index 18.3% 12.8% 14.0%

Small Cap Equities Russell 2000 Index 14.4% 16.1% 9.5%

International Equities MSCI EAFE Gross Index 10.1% 12.9% 14.1%Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 36.3% 34.9%

Total 100% 11.6% 11.0%

(thru 6/30/05)

Investment Performance (last 12 months)

After

Portfolio Inception InceptionClass Benchmark Allocation Return Benchmark

Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.5% 1.6%

Municipal Bonds Lehman Bros 3 Yr Muni Index 0.0% 1.4% 1.1%

Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 5.1% 5.8%

Real Estate Equities NAREIT Equity REIT Index 5.5% 19.5% 19.4%

US Equities Standard and Poors 500 Stock Index 41.0% 2.8% 1.0%

Large Cap Value Russell 1000 Value Index 18.3% 7.0% 5.6%

Mid Cap Equities Russell Small Cap Completeness Index 0.0% -12.1% -17.6%

Small Cap Equities Russell 2000 Index 14.4% 13.5% 9.9%

International Equities MSCI EAFE Gross Index 10.1% 6.2% 6.6%Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 19.4% 18.2%

Total 100% 6.3% 5.3%

(thru 6/30/05)

Investment Performance

After

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Jul-0

1Ja

n-02

Jul-0

2Ja

n-03

Jul-0

3Ja

n-04

Jul-0

4Ja

n-05

Jul-0

5Ja

n-06

Jul-0

6Ja

n-07

Jul-0

7Ja

n-08

Jul-0

8Ja

n-09

Jul-0

9Ja

n-10

Jul-1

0Ja

n-11

Model ProjectionActualIndex Adjusted

Model Projection $52,500 $55,053 $56,747 $58,509 $60,346 $62,275 $64,307 $66,457 $68,738 $71,166 $73,755Actual $51,281 $47,126 $42,796 $49,550 $53,174Index Adjusted $51,281 $44,080 $41,567 $48,330 $50,589

Jul-01 Jul-02 Jul-03 Jul-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11

(000's)

Minnetrista Corporation ProjectionModel vs. ActualAdjusted for disbursements

After

The Benefits of Diversification

19881989199019911992199319941995199619971998199920002001200220032004

24.8916.24

-19.5146.0518.4118.91-1.8228.4416.4922.36-2.5521.26-3.022.49

-20.4947.2518.32

7.8914.538.96

16.007.409.75

-2.9218.473.639.658.69

-0.8211.638.44

10.264.104.34

28.5910.80

-23.2012.50

-11.8532.948.06

11.556.362.06

20.3327.30

-13.96-21.21-15.6639.1720.69

13.478.84

-15.3435.5414.5219.673.17

15.2535.2620.29

-17.51-4.6226.3513.933.81

37.1431.57

ANNUAL PERFORMANCE

Year Large Cap Small Cap Bonds International Real Estate

16.5031.43-3.1930.557.68

10.001.33

37.5023.2533.3828.7621.14-9.19

-11.87-22.1028.7110.87

Source: Individual asset classes represented by the following indices: Large Cap = S&P 500; Small Cap =; Russell 2000®; Bonds = Lehman Aggregate Bond Index; International = MSCI EAFE; Real Estate Equity = NAREIT Equity Index.

After


After

Since Inception Total Return, 7/01 – 5/05 $10,751,000 (6.1% compound annual)

Less: Dividends -5,223,000Administrative Expenses -2,409,000Tax Distributions -730,000

Net Retained Value $2,389,000


After

Market Outlook

After

Federal Reserve Policy

After

The Fed and the Markets

On average, the first Fed rate cut comes 5 months after the lastFed rate hike.

Of the previous 16 final Fed rate hikes in a series of hikes, the market was lower 6 months later 12 times (75%), with an average loss of 4.9%.

The Fed usually keeps tightening until the stock market and raw materials prices break.

Normally the stock market continues to be at risk until the Fed has lowered rates twice.

Source: Ned Davis Research

After


Consumer Posture

(S1060A)


Oct 1968 Dec 1972

Sep 1987Feb 1989

Jun 1998

Jan 2000

Dec 1974

May 1980Oct 1982

Jan 1991Feb 1992

Mar 2003

DJIA Gain/Annum When: (2/28/1969 - 6/30/2005)

Consumer Gain/ % Confidence is: Annum of Time

Above 113 0.2 20.8* Between 66 and 113 5.8 67.5

66 and Below 27.3 11.7

6/30/2005 = 10275.0 456 552 668 808 978

118414341735210125433078372645105460660980009684

11723 14191

456 552 668 808 978

118414341735210125433078372645105460660980009684

11723 14191

Extreme Optimism = Bearish for Stocks

Extreme Pessimism = Bullish for Stocks 6/30/2005 = 105.8 404550556065707580859095

100 105 110 115 120 125 130 135 140 145

404550556065707580859095

100 105 110 115 120 125 130 135 140 145

Dow Jones Industrial Average

Consumer Confidence (Conference Board)

1970 1975 1980 1985 1990 1995 2000 2005

Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/

After


Consumer Posture

Interest Rates

(B151)

Daily Data 1/02/1979 - 7/05/2005

%

7/05/2005 = 4.11% 13.65

15.84

13.99

10.23

9.09

8.05

7.066.79

5.44

4.614.89

8.76

9.47

10.12

6.95

7.74

5.195.53

4.16 4.22

3.13

3.703.89

3.2 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6

10.010.410.811.211.612.012.412.813.213.614.014.414.815.215.6

3.2 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6

10.010.410.811.211.612.012.412.813.213.614.014.414.815.215.6

1983

1988

1993

1998

2003

10-Year Constant Maturity Treasury Note Yields


Monthly Data 4/30/1953 - 6/30/2005

(B501)

10-Year Treasury Note Yields6/30/2005 = 4.00%

Scale Right

4.0 4.7

5.2

7.9 8.4

12.8

15.3

9.4

8.0

6.7

2.3 2.9

3.7 4.5

5.7 6.9

9.8

7.1

5.3 4.5

3.3 3 4 5 6 7 8 9

101112131415

Treasury Yield Curve (10-Year minus 3-Year Yields)

6/30/2005 = 31Scale Left, in Basis Points

Shaded areas represent Fed tightening cycles(1st rate hike to last rate hike)

87 8960

24

120 120 98

113

200

67

204

10-17

-43 -61 -61 -69

-130-106

-25 -37

-120-90 -60 -30

0 306090

120 150 180

Corporate Yield Spread(Moody's Baa minus Aaa Yields)

6/30/2005 = 31Scale Right, in Basis Points

66

123

82 79

148

203 222

266

140

72

105 99

218

4458

32

64 6170

140

81

57 53

151

406080

100 120 140 160 180 200 220 240 260

1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Fed Tightening Cycles


After

After

Minnetrista CorporationProposed Slate of Directors

Frank E. BallRobert B. BallCharles F. BallJames A. Fisher Christopher StackJames B. Goodbody, Jr.Paul L. Sehnert, Jr.Elizabeth M. Zimmerman

Joan F. WoodsC. Robert HeatonR. Michael MinerD. Neil Radey

After

(DAVIS100)


Price Move of: 7.9% to Overvalued (+1SD)

-21.8% to Median Value-51.5% to Undervalued (-1SD)

S&P 500 Gain/Annum When:

Gain/ % Median P/EIs: Annum of Time

Above 21 -2.8 16.2* Between 18 and 21 5.6 22.1

18 and Below 11.2 61.6

6/30/2005 = 1191.33 708398

116 137 161 190 225 265 313 370 436 515 608 718 848

100111821395

708398

116 137 161 190 225 265 313 370 436 515 608 718 848

100111821395

6/30/2005 = 19.6

Very Overvalued

Overvalued

Bargains

33.5 Year Median = 15.3

Med

ian

+1 S

D

+2 S

D

-1 S

D

6 8

101214161820222426283032

6 8

101214161820222426283032

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Standard & Poor's 500 Stock Index

S&P 500 Median Price/Earnings Ratio (NDR Calculation) Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/

After

$50

$0

$10

$20

$30

$40

$50

$60

$70

1998 1999 2000 2001 2002 2003 2004 2005

$900

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

1998 1999 2000 2001 2002 2003 2004 2005

$1,800$1,900

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

1998 1999 2000 2001 2002 2003 2004 2005

$50$53

$0

$10

$20

$30

$40

$50

$60

$70

1998 1999 2000 2001 2002 2003 2004 2005

$55 $55

$50

$38

$58

$0

$10

$20

$30

$40

$50

$60

$70

1998 1999 2000 2001 2002 2003 2004 2005

$750

$1,400

$1,200$1,300

$700

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

1998 1999 2000 2001 2002 2003 2004 2005

(in thousands) (in thousands)

Market ValueDividends

Business

Minnetrista Before & After PPT