1. QUARTERLY MARKET REVIEW
Good morning/afternoon/evening! [Introduce yourself]
Welcome to our Quarterly Market Review for the 1st Quarter of
It seems that now, more than ever before, we’re all focusing on the economy and the performance of the financial markets, including the stock market. Just turn on the news or pick up a newspaper and you’ll see a story about how the economy is affecting us in one way or another.
And, as a participant in [your employer’s] retirement plan, you may have seen that the current economy is affecting your retirement plan account. For some of you, this may be the first time you’ve seen as much volatility in your account returns or the overall value of your account. The good news is that uncertain times don’t have to derail your retirement savings strategy.
TRS
© 2010 Transamerica Corporation. All rights reserved.
FOR EDUCATIONAL USE ONLY

2. Capital Markets Review – 1st Quarter 2010
The trends that helped share prices stage a recovery
in 2009, continued to provide a positive backdrop
for U.S. stocks during the 1st quarter of 2010.
The U.S. economy continued to mend
The global economy was resurgent
Inflation remained in check
Corporate earnings (for Q4 ‘09) reported
during the quarter showed healthy gains
According to TIM (Transamerica Investment Management, LLC), in the 1st quarter of 2010, we saw the Dow Jones Industrial Average post its fourth consecutive quarterly gain and the following trends became apparent:
The U.S. economy continued to mend, aided by low interest rates, a manufacturing revival, fewer jobless claims, higher temporary hiring, an uptick in consumer spending, and signs that the housing sector has bottomed.
The global economy was resurgent. Although the EU struggled with fiscal deficit issues, growth in populous nations like China and India bounced back.
Inflation remained in check. Invigorated growth in the emerging markets increased demand for, and prices of, commodities. However, capacity utilization at low levels and rising productivity prevented producers from passing along price increases. In the absence of inflationary pressures, the Federal Reserve opted to leave the federal funds rate near zero, to spur additional economic activity.
Corporate earnings (for Q4 ‘09) reported during the quarter showed healthy gains, with many companies delivering positive earnings surprises.
Productivity drives growth, and businesses have the cash to spend on maintaining and improving productivity. Federal initiatives to strengthen regulations and targeted spending programs also give businesses an incentive to deploy their cash.
On a worldwide basis, the “competitive juices” are beginning to flow. Leading companies will invest, buy, or merge.
In the global economy, consumers’ roles are changing. In the U.S., consumer leverage remains high and the need to fund the federal deficit is likely to result in higher personal income tax rates. These headwinds will reduce the importance of consumers to U.S. economic growth. Conversely, economic development in the emerging markets is giving rise to a middle class and growing levels of consumerism.
The Federal Reserve will face challenges removing unprecedented stimulus from the U.S. economy. If the Fed tarries too long, economic growth could accelerate enough to spark higher inflation.
The trends may foster new opportunities to invest in companies that can:
Maintain their own productivity or enhance the productivity of other companies. Companies that can increase output while controlling costs should be able to capture market share.
Deliver products that enhance convenience for consumers (e.g., expanding/enhancing the Internet).
Benefit from the various long-term government initiatives such as infrastructure investment.
Derive a larger portion of their revenues from overseas sales of their products and services.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 1st Quarter, 2010”. Please see slide 18 for additional disclosures. 2

3. 1st Quarter 2010 Economic Review
Indicators
Economic Impact
GDP Growth
Real gross domestic product (GDP) increased 3.2% in the 1st Quarter of 2010
Personal Income
Personal Income increased $3.9% in the 1st Quarter of 2010
As we discussed earlier, a review of the investment markets often begins with a review of the economic indicators. Here we see several major indicators, noting their status and their impact on the stock and bond markets.
GDP: According to the Bureau of Economic Analysis, as of April 30, 2010, real gross domestic product (GDP) increased 3.2% in the first quarter of 2010, after increasing 5.6% in the fourth quarter. The slower growth of GDP mainly reflected a slowdown in inventory investment. While businesses built up inventories after seven straight quarters of draw downs, the change in inventories compared with the previous quarter was smaller, resulting in a smaller contribution to GDP. In addition, exports decelerated, residential housing turned down, and business investment in equipment and software slowed. The contributions to the deceleration in GDP growth were partly offset by a strong increase in consumer spending, especially for durable goods and services.
Prices: According to the Bureau of Economic Analysis, as of April 30, 2010, prices of goods and services purchased by U.S. residents, slowed in the first quarter of 2010, rising 1.7%, after a 2.0% rise in the fourth quarter of 2009.
Personal Income and Saving: The Bureau of Economic Analysis (BEA), as of April 30, 2010, reported that current-dollar personal income increased 3.9% in the first quarter of The fourth quarter of 2009 saw an increase of 3.1%. The personal saving rate (personal saving as a percent of disposable personable income) was 3.1% in the first quarter of 2010, compared with 3.9% in the fourth quarter of 2009.
The BEA reported that corporate profits increased $132.4 billion in the third quarter with domestic profits of financial corporations increasing 31.1% and domestic non-financial corporations increasing 4.2%.
The U.S. Bureau of Labor Statistics (BLS), reported that during the fourth quarter of 2009, labor productivity increased at a 6.2% annual rate reflecting an increase of 7.2% in output and 1% in hours worked. According to the BLS, this was the first quarterly increase in hours worked since the second quarter of 2007.
Source: 3

4. 1st Quarter 2010 Economic Review
Indicators
Economic Impact
Employment
The first quarter ended with an unemployment rate of 9.7%, down from 10% in the 4th quarter of 2009
Federal Funds Rate
The Federal Reserve plans to keep the Federal Funds Rate at % for an extended period
Inflation
The CPI-U (Consumer Price Index for All Urban Consumers), the government’s key measure of inflation, rose 2.3% over the last 12 months
According to the Board of Governors of the Federal Reserve System press release March 16, 2010, information received since the Federal Open Market Committee meeting in January, suggests that economic activity has continued to strengthen and that the labor market is stabilizing. Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.
Employment: The Bureau of Labor Statistics reported that unemployment fell to 9.7% in January of 2010 and held steady at that rate for the 1st quarter of This is a slight drop from the 10% rate in December 2009, the highest rate seen in 26 years.
Federal Funds Rate (A common indicator of short term rates): On January 27, 2010, the Federal Open Market Committee reiterated their December decision to keep the federal funds rate at a historically low range of % for an extended period of time. The Committee continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
Inflation: According to the Bureau of Labor Statistics U.S. Department of Labor, as of an April 14, 2010 News Release, on a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U), increased 0.1% in March. Over the last 12 months, the index increased 2.3% before seasonal adjustments. The Consumer Price Index, is the government’s key measure of inflation.
Source: 4

5. Stock Index Returns
U.S. equity markets continued on their positive streak during the 1st quarter of 2010
Similar to what was seen in 2009, small- and mid-cap stocks outperformed large-cap stocks for the 1st quarter of 2010
Many foreign investors shifted funds into U.S. stocks to escape Euro-Zone debt concerns
U.S. stocks continued to rebound during the first quarter of 2010, extending the rally which began after the lows on March 9, In addition, the Dow Jones Industrial Average (DJIA) reported its best first quarter performance since The broader Standard & Poor’s 500 Index (S&P 500) saw an even stronger 5.4% return for the period, though the index still remains 25% below its all-time high from October The technology-laden NASDAQ Composite Index posted a better 5.9% return for the same period.
Remnants of the ‘low quality’ rally seen during the last two quarters of 2009 remain, as mid-cap stocks and small-cap stocks outperformed large-cap stocks for the fourth period. The Russell 2000 Index (an Index representing small-cap stocks) posted an 8.9% gain for the period. Additionally, financial stocks continued on their upward trend during the period, after their large losses at the end of 2008 and beginning of 2009, even with the likelihood of stricter regulation by year-end. Though equity gains were widespread this quarter, these weren’t as strong as the returns of the 2009 rally.
As debt and deficit problems in Greece continued, the European Union, in conjunction with the International Monetary Fund, scrambled to form an agreement to provide backstop loans just before the quarter-end, easing some of investors’ panic. It appeared that many foreign investors began shifting funds into the U.S. stock market, to avoid some of the risks posed by these debt and deficit problems in the EU.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance. 5
Source: Morningstar Direct. Data as of March 31, Please see slide 18 for additional disclosures.

6. Annual Stock Returns vs. Long-Term Average
Here we see the annual S&P 500 returns from 1989 through The red line indicates the 20-year average return for the Index, 10.11%. Remember, “normal” averages are made up of many “abnormal” periods such as the volatile market conditions we are currently experiencing.
As always, long-term investors would be well advised to rebalance their allocations and to stay diversified for the years ahead. Of course, diversification cannot guarantee a profit or prevent a market loss.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
One cannot invest directly in an index. An index is unmanaged, and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Source: Morningstar Direct. Data as of December 31, Please see slide 19 for additional disclosures. 6

7. Bond Index Returns
The Federal Reserve maintained the fed funds rate in the % range
The 10-Year Treasury yield ended the quarter slightly up, at 3.84%
Barclays Capital Aggregate Bond Index was up just 1.8% for the quarter
The lower-rated, high yield bonds had the strongest performance with returns of 4.8% for the index
What about bond funds?
After Ben Bernanke was reconfirmed as Chairman of the Federal Reserve, he reiterated plans to continue to hold the federal funds rate at a historically low range for the foreseeable future.
The 10-year Treasury yield ended the quarter at 3.84%, slightly up from the 2009 year-end yield of 3.83%, though, the yield had fallen as low as 3.55% at the beginning of February. Even with bond performance recording far-from-robust returns, many individual investors continued to shift into bond funds, instead of stock funds, throughout the quarter.
Investors flip-flopped throughout the quarter, recording falling demand for corporate bonds in early February, due to concerns over proposed financial regulations, only to be shortly followed by increased demand for corporate bonds as Treasury bond yields remained negligible. For the quarter as a whole, the Barclays Capital Aggregate Bond Index returned 1.8%.
High Yield bonds continued to lead other fixed income sectors during the first quarter, with the Merrill Lynch High Yield Master II Index gaining 4.8%. In general, High Yield and Credit spreads have fallen back to the levels seen just prior to the beginning of the Great Recession at the end of 2007.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Source: Morningstar Direct. Data as of March 31, Please see slide 19 for additional disclosure information. 7

8. Annual Bond Index Returns vs. Long-Term Average
As we did with stocks, let’s put recent bond returns in historical context.
Bond market returns were modestly positive in The Barclays Capital Aggregate Bond Index, which is designed to be representative of the overall bond market, was up 6% for the year. Compared to the double-digit gains in the equity markets for the same period, the increase in the bond markets was a sigh of relief.
Uncertainty is still a major part of the economic outlook so it’s important to note that bonds can play an important role in reducing risk of a well-diversified portfolio. Since no one can predict near-term outcomes, as always, retirement plan investors are advised to remain well diversified and retain a long-term perspective. Of course, as we have noted before, diversification cannot guarantee a profit or prevent market loss.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Source: Morningstar Direct. Data as of December 31, Please see slide 20 for additional disclosures. 8

9. Investing Strategies for the Long Term
So, what are you supposed to do with this information given the volatility in the stock market?

10. Focus on the Long Term
Market ups and downs may be unsettling, but consider not reacting emotionally.
Selling out of funds that have under-performed, may mean “locking in your losses.”
Moving into funds that have outperformed may mean “buying high.”
Instead, use this time to:
Revisit your long-term asset allocation strategy
Rebalance your portfolio to under-performing asset classes
Volatility can challenge investors who watch the stock market too closely. You might want to consider not using short-term results to make long-term decisions. Remember that you are saving for retirement, and assuming you have a well-balanced portfolio, you might want to keep the long-term strategy in mind.
In particular, consider not transferring out of weaker performing funds into ones that have performed well recently. Why? Because historically, markets have been cyclical. Periods in which certain asset classes have performed well, historically have often been followed by periods of poorer performance. Hindsight is always 20/20. But, transferring out of funds after they’ve fallen, means you could be locking in your losses. And, transferring into higher performing funds, could result in “buying high,” meaning future performance could disappoint. People have likened this to “driving using a rear-view mirror.”
Instead, use this time to review your long-term asset allocation strategy to make sure it still makes sense for you. Rebalance your portfolio if it’s gotten out of whack, but your best bet is to stick with your long-term strategy.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses. 10

11. Diversification Across Asset Classes
Consider the concept of diversification: Mixing your portfolio can make you less dependent on the performance and risk of any single asset class. Effective diversification requires combining assets that behave differently under various economic or market conditions. Investing in assets that have dissimilar return behavior may insulate your portfolio from major downswings.
The data in the chart is hypothetical and it is unlikely that investments will provide consistent returns.
This chart illustrates the calendar year returns of three different portfolios over the last 15 years. The first portfolio was invested 100% in long-term bonds. The second was invested 100% in large company stocks. And the third was invested in a mixed portfolio of 50% stocks and 50% bonds. When the stock and bond asset classes were mixed equally, the portfolio experienced less volatility than stocks alone. Notice that stock returns were up at times when bond returns were down for the year, and vice versa. Sometimes, in fact, these trends change course rather quickly as we experienced in 2008.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Source: Morningstar Direct. Data as of December 31, Please see slide 20 for additional disclosures. 11

12. Investing Wisely Think about the long term Diversify Rebalance
Be aware of risk
Educate yourself
In summary, you may want to invest to achieve a long-term goal, rather than to avoid a short-term loss.
Consider holding a mix of stocks, bonds, and cash investments tailored to your objectives, time horizon, tolerance for risk, and financial situation. Although no investment is guaranteed, cash may provide stability in a bear market, while bonds have historically offered steady income and may help dampen the swings in stock prices. On the other hand, stocks have historically provided greater long-term returns and better long-term protection against inflation.
Periodically, revisit your portfolio and rebalance, or make adjustments as necessary. Such periodic rebalancing of your portfolio will help to keep your asset allocation in-line with your goals.
Above all, stay educated when it comes to planning for your retirement.
Disclosures:
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses. 12

13. The Transamerica Difference
Convenient services help you manage your account:
Automated Services:
TransDirect® (800)
Through the mail:
Quarterly statements and newsletters
[Speaker Notes: This slide for TAE/CSC.]
Because your employer selected Transamerica Retirement Services to provide services to your retirement plan, you have ready access to the many tools and resources that Transamerica offers to help you build
and maintain your Plan.
First of all, you always have convenient, 24/7 access to your account – by calling Transamerica or visiting us on the Web at You can monitor your account and adjust your investment strategy as your needs change over time. You can also sign up online for automatic rebalancing of your account.
We send quarterly statements detailing account activity for the period.
How many of you, by show of hands, have called Transamerica, or logged on to our Web site, I encourage you to call or log on with any questions that you may have about the plan or your investment options.
Once you are enrolled, Transamerica Retirement Services provides convenient access to your account. You can contact us over the phone at (800) 401-TRAN (8726), or by visiting Transamerica Retirement Services online on the Web at
On the Web: Transamerica Retirement Services
Online –
One-on-one: Service Specialist (800) , available 8 a.m. to 8 p.m., Monday through Friday, Eastern Time. 13

14. The Transamerica Difference
Convenient services help you manage your account:
Automated Services:
TransDirect® (888)
Through the mail:
Quarterly statements and newsletters
[Speaker Notes: This slide for NAV at CSC.]
Because your employer selected Transamerica Retirement Services to provide services to your retirement plan, you have ready access to the many tools and resources that Transamerica offers to help you build
and maintain your Plan.
First of all, you always have convenient, 24/7 access to your account – by calling Transamerica or visiting us on the Web at You can monitor your account and adjust your investment strategy as your needs change over time. You can also sign up online for automatic rebalancing of your account.
We send quarterly statements detailing account activity for the period.
How many of you, by show of hands, have called Transamerica, or logged on to our Web site, I encourage you to call or log on with any questions that you may have about the plan or your investment options.
Once you are enrolled, Transamerica Retirement Services provides convenient access to your account. You can contact us over the phone at (888) 637-TRAN (8726), or by visiting Transamerica Retirement Services online on the Web at
On the Web: Transamerica Retirement Services
Online –
One-on-one: Service Specialist (888) , available 8 a.m. to 8 p.m., Monday through Friday, Eastern Time. 14

15. The Transamerica Difference
Convenient services help you manage your account:
Automated Services:
TransDirect® (877)
Through the mail:
Quarterly statements and newsletters
[Speaker Notes: This slide for DIA.]
Because your employer selected Transamerica Retirement Services to provide services to your retirement plan, you have ready access to the many tools and resources that Transamerica offers to help you build
and maintain your Plan.
First of all, you always have convenient, 24/7 access to your account – by calling Transamerica or visiting us on the Web at You can monitor your account and adjust your investment strategy as your needs change over time. You can also sign up online for automatic rebalancing of your account.
We send quarterly statements detailing account activity, for the period. And, you can also work one-on-one with our expert Participant Counselors – at no cost to you – who can help you design an investment strategy that suits you best.
How many of you, by show of hands, have called Transamerica, or logged on to our Web site, I encourage you to call or log on with any questions that you may have about the plan or your investment options.
Once you are enrolled, Transamerica Retirement Services provides convenient access to your account. You can contact us over the phone at (877) , or by visiting Transamerica Retirement Services online on the Web at
On the Web: Transamerica Retirement Services
Online –
One-on-one: Service Specialist (877) available 8 a.m. to 9 p.m., Monday through Friday, Eastern Time. 15

16. Your Successful Retirement is our Mutual Goal
Experience – Over 70 years1 helping participants with retirement planning
Sole focus on retirement plans
Tools and guidance for all life stages
Servicing billions of dollars in retirement plan assets
Transamerica is dedicated to helping you save for retirement. With over $16.5 billion in plan assets under management (as of December 31, 2009), Transamerica’s focus is on retirement planning. In fact we have over 70 years of experience in helping participants just like you, plan for the future. We’re here to provide assistance, guidance and SIMPLE Solutions for your retirement.
Your successful retirement is above all…our mutual goal!
1Transamerica Retirement Services (“Transamerica”), a marketing unit of Transamerica Financial Life Insurance Company (“TFLIC”), 440 Mamaroneck Avenue, Harrison, New York 10528, and Transamerica Life Insurance Company (“TLIC”), 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499, and other TFLIC and TLIC affiliates, specializes in the promotion of retirement plan products and services. TFLIC is not authorized and does not do business in the following jurisdictions: Guam, Puerto Rico, and the U.S. Virgin Islands. TLIC is not authorized in New York and does not do business in New York. 16

17. Disclosures
Transamerica Retirement Services (“Transamerica”), a marketing unit of Transamerica Financial Life Insurance Company (“TFLIC”), 440 Mamaroneck Avenue, Harrison, New York 10528, and Transamerica Life Insurance Company (“TLIC”), 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499, and other TFLIC and TLIC affiliates, specializes in the promotion of retirement plan products and services. TFLIC is not authorized and does not do business in the following jurisdictions: Guam, Puerto Rico, and the U.S. Virgin Islands. TLIC is not authorized in New York and does not do business in New York.
Transamerica Retirement Services and its representatives cannot give investment, ERISA, tax, or legal advice. This material is provided for informational purposes only based on our understanding of material provided and should not be construed as ERISA, tax, or legal advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here. Although care has been taken in preparing this material and presenting it accurately, Transamerica Retirement Services disclaims any express or implied warranty as to the accuracy of any material contained herein and any liability with respect to it.
Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Transamerica Retirement Services does not provide investment advice. Clients and other interested parties must consult and rely solely upon their own independent advisors regarding their particular situation. Transamerica Retirement Services does not act as a fiduciary.
Transamerica Financial Life Insurance Company and Transamerica Life Insurance Company are affiliates of Diversified Investors Securities Corp. 17

18. Disclosures 18 Slide 2: Capital Markets Review – 1st Quarter 2010
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 1st Quarter, 2010”. The statements contained herein reflect opinions, estimates and projections of Transamerica Investment Management, LLC (TIM) as the date hereof and are subject to change without notice. Any projections herein are provided by TIM as an indicator of the direction TIM’s professional staff believes the markets will move, but TIM makes no representation such projections will come to pass. Transamerica Retirement Services is affiliated with Transamerica Investment Management.
Slide 5: Stock Index Returns
Source: Morningstar Direct. Data as of March 31, Indices used to represent each investment style: Large Cap, S&P 500 Index; Mid Cap, Russell Mid Cap Index; Small Cap, Russell 2000 Index; International, MSCI World Ex US Index. Standard & Poor’s S&P 500 stock market index is comprised of 500 leading companies in leading industries of the U.S. economy. The Russell Midcap Index is a weighted index representing the smallest 800 companies in the Russell 1000 Index. The average Russell Mid Cap Index member has a market cap of $8 billion to $10 billion, with a median value of $4 billion to $5 billion. The Russell 2000® Index is comprised of 2,000 small company stocks. The Morgan Stanley Capital International (MSCI) World Ex-U.S. Index is a free float-adjusted, market capitalization index that is designed to measure international market equity performance. Transamerica Retirement Services is not affiliated with Morningstar Direct, Standard and Poor's, Russell Investments, or Morgan Stanley Capital International.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance. 18

19. Disclosures 19 Slide 6: Annual Stock Returns vs. Long-Term Average
Source: Morningstar Direct. Data as of December 31, Stock returns are represented by the S&P 500 Index. The long-term performance quoted for stocks is based on the 20-year average annual return of the S&P 500 Index from The annual stock market returns shown are represented by the S&P 500 Index and are for the 20-year period from Standard & Poor’s S&P 500 stock market index is comprised of 500 leading companies in leading industries of the U.S. economy. Transamerica Retirement Services is not affiliated with Morningstar Direct, or Standard & Poor’s.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Slide 7: Bond Index Returns
Source: Morningstar Direct. Data as of March 31, Indexes used to present each investment style are as follows: Total Bond, BC Aggregate Bond Index; Governments, BC Government; Corporates, BC Corporates 1-5 Year Credit Index; High Yield, ML U.S. High Yield Master II Index. Barclays Capital Aggregate Bond Index is comprised of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The Barclays Capital Intermediate Government Bond Index is comprised of all bonds covered by the Barclays Capital Government Bond Index with maturities between one and 9.99 years. The Barclays Capital 1-5 Year Credit Index is an unmanaged index of dollar-denominated, non-convertible U.S. corporate fixed income securities. The Merrill Lynch U.S. High Yield Master II Index is a broad-based index consisting of all U.S. dollar-denominated high-yield bonds with a minimum outstanding amount of $100 and maturing over one year. Transamerica Retirement Services is not affiliated with Morningstar Direct, Barclays Capital, and Merrill Lynch. 19

20. Disclosures
Slide 8: Annual Bond Index Returns vs. Long-Term Average
Source: Morningstar Direct. Data as of December 31, The long-term performance quoted for bonds is based on the 20-year average annual return of the Barclays Capital Aggregate Bond Index from The annual bond market returns shown are represented by the Barclays Capital Aggregate Bond Index and are for the 20-year period from Barclays Capital Aggregate Bond Index is comprised of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Transamerica Retirement Services is not affiliated with Morningstar Direct or Barclays Capital.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance.
Slide 11: Diversification Across Asset Classes
Source: Morningstar Direct. Data as of December 31, Domestic stocks are represented by the total returns of Standard & Poor’s Composite Index of 500 stocks. Bonds are represented by a composite of the total returns of long-term U.S. Government bonds from yield published by the Federal Reserve and
Barclays Long-Term Government Bond Index. Barclays Capital Aggregate Bond Index. Barclays Capital Aggregate Bond Index is comprised of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Transamerica Retirement Services is not affiliated with Morningstar Direct, Standard & Poor’s, and Barclays Capital.
One cannot invest directly in an index. An index is unmanaged and does not take into account the fees and expenses associated with an actively managed fund, so performance may differ. Past performance is not a guarantee of future performance. Diversification does not guarantee a profit or prevent a loss. 20

21. QUARTERLY MARKET REVIEW
Before I close, I’d be happy to answer any questions you may have…
I’d like to thank you for taking the time today to learn more about the basics of investing and the resources available to help you.
Transamerica is dedicated to helping you save and invest wisely, as well as provide SIMPLE Solutions for your retirement.
TRS
FOR EDUCATIONAL PURPOSES ONLY
© 2010 Transamerica Corporation. All rights reserved.