Florida College Investment Plan

The following table summarizes the investment return for each of the Investment Options, net of administrative fees, offered under the Florida College Investment Plan. The administrative fee is 3/4 of 1 percent (0.0075) of the Account Balance. For information about your account visit “Access My Account” or call 1-800-552-GRAD (4723).

Investment Options	Investment Returns*
	2008 First Quarter (1/1 - 3/31)	April 2008 (4/1 - 4/30)	May 2008 (5/1 - 5/30)
Fixed Income Investment Option	1.49%	-0.36%	-0.77%
U.S. Equity Investment Option	-7.35%	4.39%	1.61%
Balanced Investment Option	-2.94%	1.98%	0.43%

Age Based/Years to Enrollment Investment Options:
Age 0 – 4 / 14 or More Years to Enrollment	-7.35%	4.39%	1.61%
Age 5 – 8 / 10 – 13 Years to Enrollment	-5.10%	3.20%	1.03%
Age 9 – 12 / 6 – 9 Years to Enrollment	-2.90%	2.01%	0.45%
Age 13 – 15 / 3 – 5 Years to Enrollment	-0.66%	0.84%	-0.15%
Age 16 & Above / 0 – 2 Years to Enrollment	1.49%	-0.36%	-0.77%

Money Market Investment Option	1.04%	0.14%	0.14%

Investment Options	Average Annual Returns
	1 year return (for period ending 12/31/07)	3 year return (for period ending 12/31/07)	5 year return (for period ending 12/31/07)
Fixed Income Investment Option	6.81%	4.13%	3.75%
U.S. Equity Investment Option	3.90%	6.63%	10.32%
Balanced Investment Option	5.55%	5.48%	7.12%

Age Based/Years to Enrollment Investment Options:
Age 0 – 4 / 14 or More Years to Enrollment	3.90%	6.63%	10.32%
Age 5 – 8 / 10 – 13 Years to Enrollment	4.63%	6.05%	8.73%
Age 9 – 12 / 6 – 9 Years to Enrollment	5.56%	5.48%	7.09%
Age 13 – 15 / 3 – 5 Years to Enrollment	6.09%	4.81%	5.46%
Age 16 & Above / 0 – 2 Years to Enrollment	6.81%	4.13%	3.75%

Money Market Investment Option	4.74%	3.96%	2.71%

* The investment returns for the Investment Options are provided as general information only and are not intended to provide investment or other advice. Past performance is no guarantee of future performance.

The investment return shown for each Investment Option reflects the composite returns for the institutional portfolios comprising the investment options available to participants in the Florida College Investment Plan.

Please see the Disclosure Statement for the Florida College Investment Plan dated April 1, 2006.

The assets of the Florida College Investment Plan are invested by Deutsche Asset Management, Northern Trust Investments, Fiduciary Management, Trusco Capital Management, U.S. Trust Company of New York, and SBA-QMA in accordance with the guidelines contained in the Comprehensive Investment Policy for the Florida College Investment Plan.

Investment returns shown in the table above were calculated by Watson Wyatt Investment Consulting, Inc., the Board’s investment consultant, by computing the percentage change in the trust unit value of each Investment Option. The unit values were provided to Watson Wyatt for computing the investment returns. The investment periods covered for the Investment Options are from January 1, 2008 through May 31, 2008.

Under no circumstances is the information contained herein to be used or considered as an offer to sell or a solicitation of an offer to buy a particular investment.

**The 1 Year return is for the 2007 calendar year. The 3 Year return is for the 3 Year Period from January 1, 2005 to December 31, 2007. The 5 Year return is for the 5 Year Period from January 1, 2003 to December 31, 2007.