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The Directed Account Plan Expense Overview for 2010, including operating expenses, mutual fund expenses, plan fees and option and model expense ratios.

Average Plan Assets in 2010 $766,849,564
Total Operating Expenses $907,249
Operating Expenses as a percent of assets 12
Approximate investment manager fees* 35
Other Mutual Fund Expenses** 6
Total Plan Fees and Expenses as a percent of assets 53 basis points

*Mutual Fund Investment Fee Avg.

**Includes Mutual Fund Transaction Fees, 12b-1 Fees, Administrative Fees, and all other Asset-based costs incurred by the funds.  Does not include transaction costs of participant activity, which is reflected in each BlackRock NAV, lowering BlackRock performance.


(Basis Points)

Morningstar Average

(Basis Points)

Stable Value 30 n/a
Value Stock 97 94 LV, 108 MV
Equity Index 20 n/a
Growth Stock 91 105 LG, 116 MG
International Stock 121 118
Diversified Small Co. Stock 94 111
Retirement Model 37 68**
Conservative Model 41 66*
Moderate Model 63 68*
Aggressive Model 74 99*

*From Morningstar models

**From an advisor-recommended asset allocation Model

***Expense ratio includes operating expenses and investment manager fees.

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