1. QUARTERLY MARKET REVIEW
Good morning/afternoon/evening! [Introduce yourself]
Welcome to our Quarterly Market Review for the 2nd 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
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FOR EDUCATIONAL USE ONLY

2. 10-Year U.S. Treasury Yields
A Choppy Start to 2010
Stocks first priced in a robust economic expansion…then a slow-growth economic environment.
Bond prices benefited from strong demand for income and a flight to quality.
S&P 500 Index
10-Year U.S. Treasury Yields
1250
4.5
6/30/10 = ▼
1200
4.0
1150
6/30/10 =
2.93% ▼
Price
1100
3.5
Yield (%)
According to TIM (Transamerica Investment Management, LLC), the first half of 2010 was a “tale of two markets” for stocks.
The stock market is quite forward-looking, and it initially priced in rapid economic growth for this year, based on evidence of robust economic expansion in the U.S. during late 2009 and mounting signs of economic recovery elsewhere or, in China’s case, a return to impressive growth rates.
Come late April, though, investor confidence did a turnaround, especially after learning that the nation of Greece faced enormous deficits and could be potentially headed for bankruptcy.
If Greece’s fiscal woes were a nightmare for it and other members of the European Union, they were a boon for U.S. Treasury securities. Scared by what the broader implications of Greece’s problems might be, investors sought safety in Treasuries. As strong demand pushed up prices, yields dropped quickly.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”.
1050
3.0
1000
950
2.5
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Date
Date
Source: Bloomberg, July 2010.
Source: Bloomberg, July 2010.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”. Please see slide 34 for additional disclosures.

3. What weighed on the markets
What Happened to the Markets?
Global and domestic events overshadowed slow gains in economic fundamentals.
What weighed on the markets
Financial reforms
Tighter monetary policy in China
BP oil spill
Sovereign debt levels
So, in the final analysis, what really happened in the second quarter? From the perspective of a few weeks’ or months’ distance, we can see that a number of dramatic headline events overshadowed less-dramatic gains in the economic fundamentals.
The fiasco in Greece raised questions about the stability of other nations with high – or rising – government debt.
China doesn’t have much of a problem in that regard. But its economy, which is ever more important to the global economy, has rebounded so vigorously that its government took steps to rein in growth, before it can spark inflation problems. Investors worried that might slow or jeopardize the global economic expansion.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”. Please see slide 34 for additional disclosures.

4. What got less attention
What Happened to the Markets?
Global and domestic events overshadowed slow gains in economic fundamentals.
What got less attention
Third month of gains in production, sales, orders and inventories
Seven months of personal income growth
Eight months of gains in personal consumption
Personal savings rate consistent with modest economic growth
Minimal inflationary pressures
Positive world economic climate and long-term demographic and lifestyle trends
Here in the U.S. we waited for the oil spill in the Gulf to impact companies that operate in that region, and we worried about how financial reform being formulated in Congress might affect the financial institutions we rely on.
While all of this was going on, there were other, subtler signs that economic expansion – both domestically and globally – can yet become self-sustaining. On the right, you see five positive factors for the U.S. economy. Admittedly, these were partially offset by new signs of weakness in some areas of the U.S. housing market and unemployment levels that have barely budged since January.
Finally, in the positive column, remember that companies today compete in a global environment that has strong, long-term trends in its favor. Standards of living and consumerism are on the rise in China and other populous countries.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”.
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd Quarter, 2010”. Please see slide 34 for additional disclosures.

5. Stock Index Returns Major Indices Down in Q2 : Dow Jones: -10%
S&P 500: %
NASDAQ: -12%
All of the major indices posted losses at the end of the second quarter. The Dow Jones Industrial Average (DJIA) lost 10%, while the broader Standard & Poor’s 500 Index (S&P 500) and NASDAQ Composite Index of technology stocks both posted even greater losses of 11.4% and 12% respectively.
The financial struggles of Greece and other eurozone economies, such as Spain, have raised fears that the recovery may be in jeopardy. U.S. unemployment rates, consumer spending, retail sales, housing markets, other indices indicate a slowdown.
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: The Associated Press, Wednesday, June 30, 2010. 5

6. 2nd Quarter 2010 Economic Review
Indicators
Economic Impact
Business Spending
Companies increased spending on equipment throughout the second quarter
Corporate Profits
At the beginning of the second quarter, corporate profits were up 30% from the year before
U.S. Dollar
U.S. Dollar benefitted from the continued weakness of the Euro
Here we see several major indicators, noting their status and their impact on the stock and bond markets.
During the second quarter, companies increased spending on equipment as the recovery, which was first seen in the manufacturing industry, continued to broaden into other areas of the economy. Businesses have remained cautious as the turbulence in Europe plays out, but as demand for goods has risen globally, much of the uncertainty is being overlooked for fear of being left behind.
Additionally, Corporate profits in the first quarter were up 8% from the previous quarter, and 30% from a year before. This trend continued at the beginning of the second quarter. Historically, this type of growth has created a competitive dynamic among firms, increasing investments and hiring throughout all industries.
While it historically has not been much of a news maker, the Euro/Dollar exchange rate became an increasingly used indicator of economic conditions globally during the second quarter. The U.S. Dollar continued to benefit in the second quarter, almost solely due to the weaknesses surrounding the Euro. By the beginning of June, the Euro had fallen 11% against the U.S. dollar from the end of March, even dipping below the $1.20/Euro ‘threshold’ that it has traded above since its very first day of trading in During the final days of the second quarter, the exchange rate had returned to a rate of $1.22/Euro, mostly due to a lack of any additional negative news from Europe during recent days, than due to any actual improvement in data.
Source: Diversified Investment Advisors “The Economy and the Market.” Transamerica Financial Life Insurance Company is an affiliate of Diversified Investors Securities Corp. Securities are offered by Diversified Investors Securities Corp. (DISC), 440 Mamaroneck Avenue, Harrison, NY
Source: Diversified Investment Advisors, June 30, Transamerica Financial Life Insurance Company and Transamerica Life Insurance Company are affiliates of Diversified Investors Securities Corp.

7. Consumer Confidence Index
2nd Quarter 2010 Economic Review
Economic
Indicators
Economic Impact
Unemployment
Unemployment dropped 0.2% during the quarter
Inflation
Measures of core inflation remain historically low
Retail Sales
Retail Sales were down in both May and June
Consumer Confidence Index
The Consumer Confidence Index fell nearly 10 points from May until June alone
On the positive side, unemployment and inflation were down during the second quarter. Unemployment remained high throughout the period, but the overall employment picture has somewhat brightened. Fewer companies are announcing large layoffs. In May, approximately 135,000 people lost their jobs in layoffs, which is down from a peak of more than 300,000 people a year earlier and is the lowest level seen since September At the end of June, the unemployment rate totaled 9.5%.
Inflation: Commodity prices fell during the second quarter as the economic recovery was tripped up in many parts of the world. Inflation remains historically low due, in part, to lower commodity prices.
On the negative side, retail sales and the Consumer Confidence Index were also down during the period. In a surprising setback for the economic recovery, retail sales fell unexpectedly in May, by 1.2%, and in June, by 0.5%, according to the Commerce Department. Though consumer spending has increased over the past year, this is a strong reminder that individual consumers may not be a driver of economic growth for some time to come. This concept is reinforced by the plunge seen in a primary consumer survey. The Conference Board announced the Consumer Confidence Index fell to 52.9 in June, from 62.7 in May – well below economists’ expectations of 62.5.
Source: Diversified Investment Advisors “The Economy and the Market.” Transamerica Financial Life Insurance Company is an affiliate of Diversified Investors Securities Corp. Securities are offered by Diversified Investors Securities Corp. (DISC), 440 Mamaroneck Avenue, Harrison, NY
Source: Diversified Investment Advisors, June 30, Transamerica Financial Life Insurance Company and Transamerica Life Insurance Company are affiliate of Diversified Investors Securities Corp.

8. Stock Index Returns
The weakest performing domestic stocks during the period were large- capitalization names
International developed markets generally underperformed domestic equity markets
Emerging markets countries’ performance generally outperformed domestic equities, though losses still totaled 8.3%
Equity markets ended the second quarter substantially down, following an extremely strong year-long rally that began in March 2009 with larger-capitalization names as the weakest performing stocks. Major stock indices reflect the effects of the early May ‘flash crash’, caused when Greece’s issues grew and worry of ‘contagion’ – the concept that a crisis can spread worldwide – permeated the globe.
The S&P 500 Index, which represents large-capitalization stocks, lost 11.4% during the second quarter after posting more than a 30% return for the twelve months prior.
Mid-cap stocks beat out their large-cap brethren, though still recorded a 9.9% loss for the quarter. Similarly, U.S. small-cap stocks also fell 9.9% this period.
Global equity markets underperformed U.S. stock performance, in general, during the second quarter as debt issues persisted in many regions around the world. The MSCI World-Ex US Index lost 13.4% for the period. Emerging Market countries, the big winners of 2009 as a whole, did see slightly better performance during the quarter. Overall, the MSCI Emerging Markets Index reported an 8.3% drop.
Data as of June 30, Indexes 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 USA 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. It is not possible to invest directly in an index. There is no guarantee that any asset class will achieve a certain rate of return or outperform another asset class. Please see slide 34 for additional disclosures.

9. 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 34 for additional disclosures. 9

10. Bond Index Returns
The Federal Reserve continues to maintain the fed funds rate in the % range
The 10-Year Treasury yield ended the quarter down, at 2.9%
The Barclays Capital Aggregate Bond index was up a strong 3.5% for the quarter
The lower-rated, high yield bonds had the weakest performance with losses totaling 0.07% for the period
What about bond funds?
At the end of June, the Federal Reserve reiterated its plans to hold the fed funds rate at the historically low rate of % for an extended period of time in the future.
The yield on the 10-year Treasury note fell to 2.9% at the end of the second quarter, compared to 3.8% from the end of the previous quarter. With the increasing prices, Treasuries returned 4.7%, on average, during the quarter, according to the various maturities of the Bank of America/Merrill Lynch Indices.
The Barclays Capital Aggregate Bond index, which is designed to be representative of the overall bond market, returned a strong 3.5%. Similarly, Government bonds were up 3.3% and Corporate bonds were up 3.4% during the period, as a new ‘flight to safety’ wave occurred.
The only fixed income sector hurt during the period was the high yield sector, which saw the biggest rally in its history come to a conclusion, as its spread over Treasuries jumped back to more than 7%, up from 5.5% at the end of April. The Bank of America/Merrill Lynch High Yield Master II Index was down 0.07% for the second quarter.
Data as of June 30, Indexes used to represent each investment style are as follows: Total Bond, BC Aggregate Bond Index; Governments, BC Government; Corporates, BC Corporates; High Yield, ML U.S. High Yield Master II 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. It is not possible to invest directly in an index. There is no guarantee that any asset class will achieve a certain rate of return or outperform another asset class. Please see slide 35 for additional disclosures.

11. 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 35 for additional disclosures. 11

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

13. 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. 13

14. 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 36 for additional disclosures. 14

15. 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. 15

16. 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. 16

17. 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. 17

18. 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. 18

19. 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!
1. As of December 31, 2009.
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. 19

20. 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 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. Securities are offered by Diversified Investors Securities Corp. (DISC), 440 Mamaroneck Avenue, Harrison, NY 20

21. Disclosures 21 Slide 11: Drivers of Investment Behavior
Russell Investments’ Russell 1000® Value Index is comprised of the 500 most value-oriented stock companies in the Russell 1000® Index. The Russell 1000® Growth Index is comprised of the 500 most growth-oriented stock companies in the Russell 1000® Index, and the Russell 2000® Index is comprised of 2,000 small company stocks. Standard & Poor’s S&P 500 stock market index is comprised of 500 leading companies in leading industries of the U.S. economy. 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 Russell Investments, Standard & Poor's, 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.
Slide 12: Bonds and Bond Funds
The Merrill Lynch 1-3 Year Treasury Index is comprised of Treasury notes and bonds with maturities of 1-3 years. The Barclays Capital U.S. Government/Credit Bond Index measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market-value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage backed securities, with maturities of one year or more. The Credit Suisse First Boston Global High Yield Index is comprised of issues rated BB and below by S&P or Moody’s with par amounts greater than $75 million. The Barclays Capital Global Aggregate Bond Index measures a wide spectrum of global government, government-related agencies, corporate and securitized fixed-income investments, all with maturities greater than one year. Transamerica Retirement Services is not affiliated with Merrill Lynch, Barclays Capital, or Credit Suisse First Boston. 21

22. Disclosures
Slide 14-16: A Choppy Start to 2010 and What Happened to the Markets?
Source: “Transamerica Investment Management, LLC, “Investment Outlook – 3rd 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 20: Stock Index Returns
Source: Morningstar Direct. Data as of June 30, 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.
Slide 21: Annual Stock Returns vs. Long-Term Average 
Source: Morningstar Direct. Data as of June 30, 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. 22

23. Disclosures 23 Slide 22: Bond Index Returns
Source: Morningstar Direct. Data as of June 30, 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.
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 23: Annual Bond Index Returns vs. Long-Term Average
Source: Morningstar Direct. Data as of June 30, 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. 23

24. Disclosures 24 Slide 26: Diversification Across Asset Classes
Source: Morningstar Direct. Data as of June 30, 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. 24

25. THE ECONOMY AND THE MARKET
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