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Appendix

Appendix

Appendix

Appendix

investor day 2 0 0 7

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Explanatory Note on Non-GAAP Financial InformationThe historical and forward-looking financial information presented at Investor Day and contained in these presentations include performance measures which are based on methodologies other than Generally Accepted Accounting Principles (“GAAP”). MetLife analyzes its performance using so-called non-GAAP measures, including operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business.

Operating earnings is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings.

Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. All references in these slides and in the presentations delivered at Investor Day to “operating earnings” for 2005 and future years should be read as references to “operating earnings available to common shareholders.”

Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders (as defined above) by the number of weighted average diluted common shares outstanding for the period indicated. All references in these slides and in the presentations made at this conference to “operating earnings per share” for 2005 and future years should be read as references to “operating earnings available to common shareholders per diluted common share.”

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Explanatory Note on Non-GAAP Financial Information (Continued)

Operating return on common equity is calculated by dividing operating earnings available to common shareholders (as defined above) by average common equity for the period indicated, excluding accumulated other comprehensive income.

For the historical periods presented, reconciliations of non-GAAP measures used in the presentations made at Investor Day to the most directly comparable GAAP measures are included in the Appendix to the presentation materials and are on the Investor Relations portion of the Company’s website (www.metlife.com). Additional information about MetLife’s historical financial results is available in the Company’s Quarterly Financial Supplements which may be accessed through the Company’s website. The non-GAAP measures used in the presentations made at Investor Day should not be viewed as substitutes for the most directly comparable GAAP measures.

In the presentations made at Investor Day, MetLife provides guidance on its future earnings, earnings per share and return on common equity on an operating, non-GAAP basis. A reconciliation of these measures to the most directly comparable GAAP measures is not accessible on a forward-looking basis because MetLife believes it is not possible to provide a reliable forecast of net investment gains and losses, which can fluctuate significantly from period to period and may have a significant impact on GAAP net income.

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Table of Contents

Definitions………………………………………………………………………………………....5

ReconciliationReconciliation of Net Income to Common Shareholders………………………………....8Reconciliation of Book Value Per Common Share…..................................................12Reconciliation of Premiums, Fees & Other Revenues…………………………………..13 Reconciliation of Operating Expenses and Expense Ratio……………………………..14Reconciliation of Return on Common Equity……………………………………………..15

Normalization..................................................................................................................16

Institutional Metrics…………………………………………………………………………....20

Individual Metrics……………………………………………………………………………....27

Auto & Home Metrics…………………………………………………………………………..32

International Metrics…………………………………………………………………………...35

Investments Metrics……………………………………………………………………………38

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Definitions


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Definitions

Sales (Institutional):Sales include annualized revenue at issue and initial deposit.

Sales (Individual):Variable annuity sales are on a VARDS basis.Fixed annuity and life sales are on a LIMRA basis.

Sales (International):Sales include annualized full year premiums and fees from risk and protection products such as life insurance, credit insurance, AD&D, etc. New sales include all deposits paid into new and existing contracts from retirement & savings products such as annuities.

Individual Business Distribution Expense Gap:The difference between gross distribution revenues assumed in the products sold, which are the expense levels used in pricing to cover distribution costs, and the actual distribution expenses incurred. An expense gap is generated when distribution expenses incurred exceed those gross distribution revenues.

Premium Equivalents:The estimated premium amount for administrative services only accounts if they had been fully insured plans.

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Reconciliation


9

Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders – Total Company

($ Millions) 2000 2001 2002 2003 2004 2005 2006Total CompanyNet income available to common shareholders 953$ 473$ 1,605$ 2,217$ 2,758$ 4,651$ 6,159$

Cumulative effect of a change in accounting - - - 26 86 - -

Investment (gains) losses 290 567 284 120 (158) (1,261) (2,003)

Adjustments related to investment (gains) losses (54) (134) (146) (109) (34) 45 (74)

Discontinued operations (20) (14) (5) (16) (10) (169) (60)

Payments to former Canadian policyholders 327 - - - - - -

Demutualization costs (145) - - - - - -

Surplus tax 170 - - - - - -

Operating earnings available to common shareholders 1,521 892 1,738 2,238 2,642 3,266 4,022

IRS tax audit settlement - - - - (105) - -

Premium tax liability - - - - (31) - -

MetLife Foundation contribution - - - - 32 - -

Race conscious underwriting - 159 - (92) - - -

Merger of Mexican operations - - - (40) - - -

Change in reserve methodology - - - (22) - - -

New England Financial charge - - - 31 - - -

Asbestos-related litigation - - 169 - - - -

4th quarter 2001 charges - 404 (20) - - - -

September 11th 2001 tragedies - 208 (17) - - - -

Sales practices liability - - (30) - - - - GenAm litigation - - 48 - - - -

Operating earnings available to common shareholders, as presented 1,521$ 1,663$ 1,888$ 2,115$ 2,538$ 3,266$ 4,022$

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Reconciliation of Net Income Available to Common Shareholders per Shareto Operating Earnings Available to Common Shareholders per Share – Total Company

2000 2001 2002 2003 2004 2005 2006Total CompanyNet income available to common shareholders per diluted common share 1.21$ 0.62$ 2.20$ 2.94$ 3.65$ 6.16$ 7.99$

Charge for conversion of securities - - - 0.03 - - -

Cumulative effect of a change in accounting - - - 0.03 0.11 - -

Investment (gains) losses 0.37 0.74 0.39 0.16 (0.21) (1.69) (2.60)

Adjustments related to investment (gains) losses (0.07) (0.18) (0.20) (0.14) (0.04) 0.06 (0.10)

Discontinued operations (0.03) (0.02) (0.01) (0.02) (0.01) (0.22) (0.08)

Payments to former Canadian policyholders 0.41 - - - - - -

Demutualization costs (0.18) - - - - - -

Surplus tax 0.22 - - - - - -

Operating earnings available to common shareholders per diluted common share 1.93 1.16 2.38 3.00 3.50 4.31 5.21

IRS tax audit settlement - - - - (0.14) - -

Premium tax liability - - - - (0.04) - -

MetLife Foundation contribution - - - - 0.04 - -

Race conscious underwriting - 0.21 - (0.13) - - -

Merger of Mexican operations - - - (0.05) - - -

Change in reserve methodology - - - (0.03) - - -

New England Financial charge - - - 0.04 - - -

Asbestos-related litigation - - 0.23 - - - -

4th quarter 2001 charges - 0.53 (0.03) - - - -

September 11th 2001 tragedies - 0.27 (0.02) - - - -

Sales practices liability - - (0.04) - - - -

GenAm litigation - - 0.07 - - - - Operating earnings available to common shareholders per diluted common share, as presented 1.93$ 2.17$ 2.59$ 2.83$ 3.36$ 4.31$ 5.21$

11

Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders

($ Millions)

Total Institutional 2002 2003 2004 2005 2006

Net income available to common shareholders 786$ 886$ 1,267$ 1,562$ 1,167$ Cumulative effect of a change in accounting - 26 60 - - Investment (gains) losses and related adjustments 222 139 (78) (117) 533

Operating earnings available to common shareholders 1,008 1,051 1,249 1,445 1,700 Premium tax liability - - (31) - - 4th quarter 2001 charges (20) - - - - September 11th 2001 tragedies (17) - - - -

Operating earnings available to common shareholders, as presented 971$ 1,051$ 1,218$ 1,445$ 1,700$

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Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders

2006Total International Net income available to common shareholders 200$

Investment (gains) losses and related adjustments 56 Discontinued operations (28)

Operating earnings available to common shareholders 228$

($ Millions)

2006Total IndividualNet income available to common shareholders 1,264$

Investment (gains) losses and related adjustments 279

Operating earnings available to common shareholders 1,543$

13

Reconciliation of Book Value per Common Share

Total Company 2000 2001 2002 2003 2004 2005 2006

Book value per common share, actual shares outstanding 21.54$ 22.45$ 24.83$ 27.93$ 31.16$ 35.72$ 42.23$

Accumulated other comprehensive income 1.38 2.34 2.87 3.69 4.04 2.52 1.49

Book value per common share, actual shares outstanding, excluding accumulated other comprehensive income 20.17$ 20.11$ 21.96$ 24.24$ 27.12$ 33.20$ 40.74$

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Reconciliation of Premiums, Fees & Other Revenues

($ Millions) 2000 2001 2002 2003 2004 2005 2006

Total CompanyPremiums, Fees & Other Revenues 19,888$ 20,189$ 22,331$ 24,269$ 26,265$ 29,959$ 32,554$

Adjustments related to universal life and investment-type product policy fees - - - - - - 6

Less: Conning Corporation 79 32 - - - - -

Less: Nvest 522 - - - - - - Premiums, Fees & Other Revenues, as presented 19,287$ 20,157$ 22,331$ 24,269$ 26,265$ 29,959$ 32,560$

2006IndividualPremiums, Fees & Other Revenues 8,244$

Adjustments related to universal life and investment-type product policy fees 6

Premiums, Fees & Other Revenues, as presented 8,250$

15

Reconciliation of Operating Expenses and Expense Ratio

1The operating expense ratio is calculated by dividing operating expenses by premiums, fees & other revenues. The operating expense ratio, as presented, is calculated by dividing operating expenses, as presented, by premiums, fees & other revenues, as presented.

($ Millions) 2003 2004 2005 2006

Total Company Operating Expenses 6,706$ 7,327$ 8,546$ 9,968$ Other Expenses

IRS tax audit settlement - 22 - - Premium tax liability - 49 - - MetLife Foundation contribution - (50) - -

Race conscious underwriting 144 - - - New England Financial charge (48) - - - Change in reserve methodology (45) - - -

Operating Expenses, as presented 6,757$ 7,348$ 8,546$ 9,968$

Operating Expense Ratio1:Premium, Fees & Other Revenues 24,269$ 26,265$ 29,959$ 32,554$ Premium, Fees & Other Revenues, as presented 24,269$ 26,265$ 29,959$ 32,560$ Operating Expense Ratio 27.6% 27.9% 28.5% 30.6%Operating Expense Ratio, as presented 27.8% 28.0% 28.5% 30.6%

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Reconciliation of Return on Common Equity

($ Millions)

Total Company 2000 2001 2002 2003 2004 2005 2006

Net income available to common shareholders 953$ 473$ 1,605$ 2,217$ 2,758$ 4,651$ 6,159$ Adjustments (See Slide 8) 568 419 133 21 (116) (1,385) (2,137) Operating earnings available to common shareholders 1,521 892 1,738 2,238 2,642 3,266 4,022

Total equity 16,389 16,062 17,385 21,149 22,824 29,101 33,798 Less: Accumulated other comprehensive income 1,047 1,673 2,007 2,792 2,956 1,912 1,118 Less: Preferred stock - - - - - 2,042 2,042

Adjusted equity 15,342 14,389 15,378 18,357 19,868 25,147 30,638

Average equity 14,721 14,866 14,884 16,868 19,113 22,508 27,893

Net income available to common shareholders return on equity 6.5% 3.2% 10.8% 13.1% 14.4% 20.7% 22.1%

Operating earnings available to common shareholders return on equity 10.3% 6.0% 11.7% 13.3% 13.8% 14.5% 14.4%

Operating earnings available to common shareholders return on equity, as presented 10.3% 11.2% 12.7% 12.5% 13.3% 14.5% 14.4%

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NormalizationNormalization


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2005 – 2007 Total Company Normalized Results

1 2005 Auto & Home prior year development and catastrophes includes impact of Hurricane Katrina.2Other includes, but is not limited to, items such as tax adjustments, reserve adjustments other than Auto & Home prior year development and catastrophes, premium recoverables, liability write-offs and integration costs for Travelers in 2005 and 2006.

($ Millions - except per share amounts)

Actual

Higher Variable Income

A&H Prior Year Development & Catastrophes1 Other2 Normalized

2005 Operating Earnings $3,266 ($411) $73 $110 $3,038

2005 Operating EPS $4.31 ($0.54) $0.10 $0.14 $4.01

2006 Operating Earnings $4,022 ($286) ($101) ($8) $3,627

2006 Operating EPS $5.21 ($0.37) ($0.13) ($0.01) $4.70

Estimated


A&H Prior Year Development & Catastrophes Other2 Normalized

2007 Operating Earnings $4,610 - $4,650 ($425) ($131) $196 $4,250 - $4,290

2007 Operating EPS $6.04 - $6.09 ($0.56) ($0.17) $0.26 $5.57 - $5.62

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2007 Normalized Operating Earnings

1Other includes, but is not limited to, items such as tax adjustments, reserve adjustments other than Auto & Home prior year development and catastrophes, premium recoverables and liability write-offs.

($ Millions)

2007 Estimated


A&H Prior Year Development & Catastrophes Other1 2007 Normalized

Institutional $1,925 - $1,935 ($165) - $70 $1,830 - $1,840

Individual $1,480 - $1,490 (88) - 88 $1,480 - $1,490

Auto & Home $420 - $430 - (131) 11 $300 - $310

International $450 - $455 - - (40) $410 - $415

Reinsurance $145 - $150 - - - $145 - $150

Corporate & Other $185 - $190 (172) - 67 $85 - $90

Total $4,610 - $4,650 ($425) ($131) $196 $4,250 - $4,290

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2007 Normalized Operating Earnings

1Other includes, but is not limited to, items such as tax adjustments, reserve adjustments other than Auto & Home prior year development and catastrophes, premium recoverables and liability write-offs.

($ Millions)

2007 Estimated


A&H Prior Year Development & Catastrophes Other1

2007 Normalized

Group Life $465 - $475 7 - 13 $485 - $495

Retirement & Savings $1,090 - $1,100 (155) - 5 $940 - $950

Non-Medical Health $360 - $370 (17) - 52 $395 - $405

Total Institutional $1,925 - $1,935 (165) - 70 $1,830 - $1,840

Traditional Life $230 - $240 (18) - 58 $270 - $280

VUL $265 - $275 (8) - 8 $265 - $275

Annuities $945 - $955 (62) - 7 $890 - $900

Other $30 - $35 - - 15 $45 - $50

Total Individual $1,480 - $1,490 (88) - 88 $1,480 - $1,490

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Institutional MetricsInstitutional Metrics


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Institutional: 2007 Results

See Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)

2006 2006N 2007E 2007NPremiums, Fees & Other 13,327 14,100 - 14,290 Operating Earnings 1,700 1,580 1,925 - 1,935 1,830 - 1,840Operating ROE 18.9% 17.6% 20.2% - 20.3% 19.2% - 19.3%

DriversSuperior underwriting margins across all segmentsHigher than expected amounts of variable investment incomeStrong persistency

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Institutional: 2008 Targets

1 Growth rate is calculated mid-point to mid-point. 2 Growth rate is calculated 2007N to 2008P, mid-point to mid-point. See Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)

2007E 2007N 2008P Growth RatePremiums, Fees & Other1 14,100 - 14,290 15,655 - 16,055 11.7%Operating Earnings2 1,925 - 1,935 1,830 - 1,840 1,935 - 1,995 7.1%Operating ROE 20.2% - 20.3% 19.2% - 19.3% 19.3% - 19.9%

DriversTop-line growth in all segments of the businessSome improvement in the yield curveLower variable net investment income

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Institutional: 2006 - 2008 Operating Earnings

1 Growth rate is calculated 2007N to 2008P, mid-point to mid-point.See Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)2006 2006N 2007E 2007N

Group Life 426 433 465 - 475 485 - 495Retirement & Savings 955 833 1,090 - 1,100 940 - 950Non-Medical Health 319 314 360 - 370 395 - 405

Total 1,700 1,580 1,925 - 1,935 1,830 - 1,840

2007E 2007N 2008P Growth Rate1

Group Life 465 - 475 485 - 495 520 - 540 8.2%

Retirement & Savings 1,090 - 1,100 940 - 950 960 - 980 2.6%

Non-Medical Health 360 - 370 395 - 405 455 - 475 16.3%

Total 1,925 - 1,935 1,830 - 1,840 1,935 - 1,995 7.1%

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Group Life: Key Metrics($ Millions)

2006 2006N 2007E 2007NPremiums, Fees & Other 6,754 7,100 - 7,130 Operating Earnings 426 433 465 - 475 485 - 495Investment Spread 178 bps 185 - 195 bpsMortality Ratio 91.5% 91.0% - 93.0%

2007E 2007N 2008P Growth Rate

Premiums, Fees & Other1 7,100 - 7,130 7,345 - 7,395 3.6%Operating Earnings2 465 - 475 485 - 495 520 - 540 8.2%Investment Spread 185 - 195 bps 185 - 205 bps Mortality Ratio 91.0% - 93.0% 91.0% - 95.0%

DriversContinued strong underwriting resultsSome improvement in the yield curve

1 Growth rate is calculated mid-point to mid-point. 2 Growth rate is calculated 2007N to 2008P, mid-point to mid-point.See Reconciliation and Normalization sections included elsewhere in this Appendix.

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Retirement & Savings: Key Metrics($ Millions)

2006 2006N 2007E 2007NPremiums, Fees & Other 1,731 1,710 - 1,840 Operating Earnings 955 833 1,090 - 1,100 940 - 950Investment Spread 149 bps 140 - 150 bps


Premiums, Fees & Other1 1,710 - 1,840 2,495 - 2,795 49.0%Operating Earnings2 1,090 - 1,100 940 - 950 960 - 980 2.6%Investment Spread 140 - 150 bps 115 -130 bps

DriversGA Asset Growth 6% to 9% 6.5% to 9.5%Some improvement in the shape of the yield curveSome spread compression at long end of curveLower variable net investment income


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Non-Medical Health: Key Metrics($ Millions)

2006 2006N 2007E 2007NPremiums, Fees & Other 4,842 5,290 - 5,320 Operating Earnings 319 314 360 - 370 395 - 405Morbidity Ratio 89.8% 88.0% - 90.0%


Premiums, Fees & Other1 5,290 - 5,320 5,815 - 5,865 10.1%Operating Earnings2 360 - 370 395 - 405 455 - 475 16.3%Morbidity Ratio 88.0% - 90.0% 89.0% - 94.0%

DriversFocus on persistency and sales to existing customersEnter into key adjacent marketsSuccessful integration of SafeGuardManage operating expenses


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Individual MetricsIndividual Metrics


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Individual: 2007 Results

See Definitions, Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions, except headcount)2006 2006N 2007E 2007N

Premiums, Fees & Other 8,250 8,590 - 8,690Operating Earnings 1,543 1,439 1,480 - 1,490 1,480 - 1,490Operating ROE 16.3% 15.2% 14.8% - 14.9% 14.8% - 14.9%

Sales Variable Annuity Sales 13,421 15,250 - 15,450Fixed Annuity Sales 2,075 1,300 - 1,325Life Sales 521 520 - 530

Agency Headcount 8,003 8,375 - 8,425

Annuity Spread 266 bps 275 - 285 bpsV&UL Spread 193 bps 175 - 185 bps

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Individual: 2008 Targets

1 Growth rate is calculated mid-point to mid-point. 2 Growth rate is calculated 2007N to 2008P, mid-point to mid-point.See Definitions, Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions, except headcount)2007E 2007N 2008P Growth Rate

Premiums, Fees & Other1 8,590 - 8,690 8,590 - 8,690 8,850 - 9,100 3.9%Operating Earnings2 1,480 - 1,490 1,480 - 1,490 1,600 - 1,660 9.8%Operating ROE 14.8% - 14.9% 14.8% - 14.9% 15.2% - 15.8%

Sales Variable Annuity Sales 15,250 - 15,450 16,250 - 16,550Fixed Annuity Sales 1,300 - 1,325 1,525 - 1,575Life Sales 520 - 530 540 - 550

Agency Headcount 8,375 - 8,425 8,600 - 8,700

Annuity Spread 275 - 285 bps 235 - 255 bpsV&UL Spread 175 - 185 bps 170 - 190 bps

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Individual: 2006 - 2008 Operating Earnings

1 Growth rate is calculated 2007N to 2008P, mid-point to mid-point. See Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)2006 2006N 2007E 2007N

Traditional 388 307 230 - 240 270 - 280

V&UL 274 295 265 - 275 265 - 275

Annuities 854 810 945 - 955 890 - 900

Other 27 27 30 - 35 45 - 50

Total 1,543 1,439 1,480 - 1,490 1,480 - 1,490

2007E 2007N 2008P Growth Rate1

Traditional 230 - 240 270 - 280 295 - 310 10.0%

V&UL 265 - 275 265 - 275 330 - 350 25.9%

Annuities 945 - 955 890 - 900 925 - 945 4.5%

Other 30 - 35 45 - 50 50 - 55 10.5%

Total 1,480 - 1,490 1,480 - 1,490 1,600 - 1,660 9.8%

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Individual: 2006 - 2008 Premiums, Fees & Other

1 Growth rate is calculated mid-point to mid-point.

($ Millions)2006 2007E 2008P Growth Rate1

Traditional 4,143 4,150 - 4,180 4,155 - 4,270 1.1%

V&UL 1,555 1,560 - 1,590 1,625 - 1,675 4.8%

Annuities 1,977 2,250 - 2,280 2,430 - 2,505 8.9%

Other 575 630 - 640 640 - 650 1.6%

Total 8,250 8,590 - 8,690 8,850 - 9,100 3.9%

33

Auto & Home MetricsAuto & Home Metrics


34

Auto & Home: 2006 - 2007 Results

See Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)

2006 2006N 2007E 2007N

Premiums, Fees & Other 2,946 2,985 - 3,015 Operating Earnings 414 313 420 - 430 300 - 310Operating ROE 39.1% 29.6% 29.7% - 30.4% 21.2% - 21.9%

DriversSales 10% - 12% Exposures In-force 2% - 3% Expense Ratio (0.5pp) - (1.0pp)

35

Auto & Home: 2008 Targets


($ Millions)2007E 2007N 2008P Growth Rate

Premiums, Fees & Other1 2,985 - 3,015 3,025 - 3,125 2.5%Operating Earnings2 420 - 430 300 - 310 300 - 310 - Operating ROE 29.7% - 30.4% 21.2% - 21.9% 16.5% - 17.1%Combined Ratio 87% - 89% 93% - 95% 94% - 96%

DriversExposures In-force 2% - 3%Expense Ratio (.5pp) - (1.0pp)

36

International MetricsInternational Metrics


37

International: 2007 Results

See Definitions, Reconciliation and Normalization sections included elsewhere in this Appendix.

($ Millions)

2006 2006N 2007E 2007N

Premiums, Fees & Other 3,554 4,120 - 4,150 Operating Earnings 228 288 450 - 455 410 - 415Operating ROE 8.6% 10.8% 15.5% - 15.7% 14.1% - 14.3%

DriversSales 8,282 9,500 - 9,900 Sales Japan 5,871 6,200 - 6,600

38

International: 2008 Targets

($ Millions)2007E 2007N 2008P Growth Rate

Premiums, Fees & Other1 4,120 - 4,150 4,675 - 4,775 14.3%Operating Earnings2 450 - 455 410 - 415 490 - 510 21.2%Operating ROE 15.5% - 15.7% 14.1% - 14.3% 13.6% - 14.1%

DriversSales1 9,500 - 9,900 11,900 - 12,100 22.0%

1 Growth rate is calculated mid-point to mid-point. 2 Growth rate is calculated 2007N to 2008P, mid-point to mid-point.See Definitions, Reconciliation and Normalization sections included elsewhere in this Appendix.

39

Investments Metrics


40

Plan Interest Rate OutlookInversion Eases for Second Half of 2008

Plan Rates12/31/06 11/27/07 6/30/08 12/31/08

Interest RatesFed Funds 5.25% 4.50%1M LIBOR 5.32% 4.81%2 Year 4.81% 3.07%5 Year 4.69% 3.38%10 Year 4.70% 3.95%30 Year 4.81% 4.36%

Curve 2 Year - 1M LIBOR (0.51%) (1.74%) 10's - 2's (0.11%) 0.88%

4.50% 4.50%4.58% 4.58%4.75% 5.00%4.99% 5.18%5.15% 5.30%5.40% 5.50%

0.17% 0.42%0.40% 0.30%

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