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DAVID SPAULDING SPEAKS IN AUSTRALIA

Addresses three groups on performance measurement topics

Somerset, NJ – July 3, 2000. David Spaulding, president of The Spaulding Group, Inc., has just returned from a week-long trip to Australia, where he spoke to three different groups on investment performance measurement topics.

On Wednesday, June 28, he addressed the "P-Group" in Sydney, where his topic was "Performance Measurement for the Future." Spaulding touched on the history of investment performance and gave some of his projections for the future.

On Thursday, June 29, he spoke in Sydney at a conference sponsored by AiC. There, his topic was "When the Numbers Don’t Make Sense." His talk centers around client returns which, at first glance, don’t make sense, at least intuitively. The lesson to be learned is the essential difference between time and dollar-weighted rates of return. He also used examples to show the difference between annualized (also known as geometric average) and arithmetic average returns. He also showed why arithmetic average returns have little use in performance reporting.

On Friday, June 30, he spoke at the University of Adelaide in Adelaide, where he spoke on "Measuring Global Investment Performance." The main subject of this talk was the Global Investment Performance Standards, which went into effect January 1.

David Spaulding is the founder and president of The Spaulding Group, Inc. He speaks internationally on performance measurement and the performance presentation standards. He’s also the founder and publisher of The Journal of Performance Measurement. He was recently appointed to the AIMR-PPS Implementation and Investment Performance Council (IPC) Interpretations committees. He is also the author of Measuring Investment Performance, published by McGraw-Hill.

The Spaulding Group, Inc. is a management consulting, research, publishing and training firm that serves the money management industry in the areas of computer technology, operations, performance measurement and reporting, and marketing. TSG publishes The Journal of Performance Measurement, a quarterly publication they launched in 1996, and hosts the Performance Measurement Forum. The firm also offers a two-day introductory course on performance measurement. The company was founded in 1990 by David Spaulding and provides services and products to financial institutions throughout the world.

For more information about the Global Investment Performance Standards, either contact The Spaulding Group or visit the Association for Investment Management and Research’s (AIMR) website, www.aimr.org.

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