Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: June 30, 2006

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1 Cumulative Performance Comparisons Period Ending: June 30, 2006 Equity Style - Large Core Last Quarter Two Quarters Three Quarters One Year Two Years Three Years Four Years Five Years Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P 500 FLAGSHIP S & P 500 INDEX

2 Equity Only Summary Statistics Period Ending: June 30, 2006 S & P 500 FLAGSHIP Portfolio S & P 500 INDEX Total Number of Securities Total Market Value Average Market Capitalization (000's) Equity Segment Yield Equity Segment Price/Earnings Ratio Equity Segment Beta Price/Book Ratio 5 Year Earnings Growth ,744,847 75,175,303 86,450, % 15.2% Ten Largest Holdings Security Market Value Weight GENERAL ELECTRIC 4,737, CITIGROUP 3,315, MICROSOFT 2,827, PROCTER & GAMBLE 2,521, JOHNSON & JOHNSON 2,453, ALTRIA GROUP INCO. 2,119, JP MORGAN CHASE & CO. 2,017, CHEVRON 1,901, WAL MART STORES 1,666, INTERNATIONAL BUS.MACH. 1,646, Ten Best Performers Security Return Weight KERR-MCGEE OFFICEMAX TXU RYDER SYSTEM CONSOL EN COMCAST 'A' EL PASO LEXMARK INTL.GP.A DILLARDS 'A' V F Ten Worst Performers Security Return Weight JABIL CIRCUIT JDS UNIPHASE BROADCOM 'A' KB HOME D R HORTON RADIOSHACK BOSTON SCIENTIFIC LENNAR 'A' MEDIMMUNE NVIDIA

3 Portfolio Characteristics - Equity Period Ending: June 30, 2006 Equity Funds - Equity Only 5th Percentile 25th Percentile 50th Percentile 75th Percentile 95th Percentile Price/Earnings Ratio Dividend Yield Capitalization 5 Year Earnings Beta Price/Book Ratio Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank S & P 500 FLAGSHIP S & P 500 INDEX

4 Top Ten Holding Period Ending: June 30, 2006 GENERAL ELECTRIC EXXON MOBIL MICROSOFT CITIGROUP PFIZER JOHNSON & JOHNSON BANK OF AMERICA WAL MART STORES INTEL AMERICAN INTL.GP. As Of 6/30/05 3.4% 3.4% 2.3% 2.2% 1.9% 1.8% 1.4% Top Ten Total: 21.2% As Of 9/30/05 As Of 12/31/05 As Of 3/31/06 As Of 6/30/06 EXXON MOBIL 3.6% GENERAL ELECTRIC 3.3% EXXON MOBIL 3.2% GENERAL ELECTRIC 3.8% GENERAL ELECTRIC 3.2% EXXON MOBIL 3.2% GENERAL ELECTRIC 3.2% CITIGROUP 2.7% MICROSOFT 2.2% CITIGROUP 2.2% MICROSOFT 2.1% MICROSOFT 2.3% CITIGROUP 2.1% MICROSOFT 2.2% CITIGROUP 2.1% PROCTER & GAMBLE 2.0% JOHNSON & JOHNSON PROCTER & GAMBLE 1.8% BANK OF AMERICA 1.8% JOHNSON & JOHNSON 2.0% PFIZER BANK OF AMERICA PROCTER & GAMBLE ALTRIA GROUP INCO. BANK OF AMERICA JOHNSON & JOHNSON 1.6% PFIZER 1.6% JP MORGAN CHASE & CO. 1.6% AMERICAN INTL.GP. AMERICAN INTL.GP. 1.6% JOHNSON & JOHNSON CHEVRON ALTRIA GROUP INCO. 1.4% PFIZER 1.6% AMERICAN INTL.GP. WAL MART STORES 1.3% PROCTER & GAMBLE 1.4% ALTRIA GROUP INCO. 1.4% ALTRIA GROUP INCO. 1.3% INTERNATIONAL BUS.MACH. 1.3% Top Ten Total: 20.4% Top Ten Total: 20.5% Top Ten Total: 20.0% Top Ten Total: 20.4% 4

5 Equity Only Summary Statistics Charts Period Ending: June 30, 2006 Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio Dividend Yield Price/Book Ratio Five Year Earnings Growth Return on Equity S & P 500 FLAGSHIP S & P 500 INDEX 5

6 Equity Only Sector Analysis Quarterly Period Ending: June 30, 2006 Consumer Discretionary - Weightings Consumer Discretionary - Returns Consumer Staples - Weightings Consumer Staples - Returns Energy - Weightings Energy - Returns S & P 500 FLAGSHIP S & P 500 INDEX 6

7 Equity Only Sector Analysis Quarterly Period Ending: June 30, 2006 Financials - Weightings Financials - Returns Health Care - Weightings Health Care - Returns Industrials - Weightings Industrials - Returns S & P 500 FLAGSHIP S & P 500 INDEX 7

8 Equity Only Sector Analysis Quarterly Period Ending: June 30, 2006 Information Technology - Weightings Information Technology - Returns Materials - Weightings Materials - Returns Miscellaneous - Weightings Miscellaneous - Returns S & P 500 FLAGSHIP S & P 500 INDEX 8

9 Equity Only Sector Analysis Quarterly Period Ending: June 30, 2006 Telecommunications Services - Weightings Telecommunications Services - Returns Utilities - Weightings Utilities - Returns S & P 500 FLAGSHIP S & P 500 INDEX 9

10 Performance Attribution Geometric Period Ending: June 30, 2006 Portfolio Market Value Return A B S & P 500 FLAGSHIP S & P 500 INDEX Selection Market Value Return Stock Industry Total Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunications Services Utilities C D E F G Contribution Detractors Stock Industrials Stock Consumer Discretionary Health Care Consumer Staples Industry Information Technology Industry Industrials Consumer Discretionary Utilities 10