Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: March 31, 2008

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1 Cumulative Performance Comparisons Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth 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 CITI GROWTH INDEX

2 Consecutive Performance Comparisons Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth March March March March 2005 March 2004 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

3 Consecutive Annual - Five Year Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth December December December 2005 December 2004 December 2003 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

4 Equity Only Summary Statistics Period Ending: March 31, Portfolio S & P GROWTH 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 ,024, ,118,234 96,040, % 26.7% Ten Largest Holdings Security Market Value Weight EXXON MOBIL CORP 13,828, APPLE INC COM NPV 6,328, PROCTER AND GAMBLE CO 5,167, MICROSOFT CORP 4,134, INTERNATIONAL BUSINESS MACHS 4,133, AMAZON COM INC 4,056, ABBOTT LABS 3,910, COCA COLA CO 3,804, NATIONAL OILWELL VARCO INC 3,788, BAXTER INTL INC 3,538, Ten Best Performers Security Return Weight EOG RESOURCES INC CELGENE CORP RANGE RES CORP XTO ENERGY INC HUDSON CITY BANCORP INC CHESAPEAKE ENERGY CORP ZIMMER HOLDINGS INC TJX COS INC NEW APACHE CORP GILEAD SCIENCES INC Ten Worst Performers Security Return Weight WELLPOINT INC SCHERING PLOUGH CORP NVIDIA CORP MOTOROLA INC HARMAN INTL INDS INC NEW UNITEDHEALTH GROUP INC HUMANA INC APOLLO GROUP INC TESORO CORP AUTODESK INCORPORATED COM STK NPV Holding Based Beta - Beta is calculated based on Holdings. 4

5 Portfolio Characteristics - Equity Period Ending: March 31, INTECH S&P BARRA S & P GROWTH INDEX 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 GROWTH INDEX Holding Based Beta - Beta is calculated based on Holdings. 5

6 Top Ten Holding Period Ending: March 31, As Of 6/30/06 As Of 9/30/06 As Of 12/31/06 As Of 3/31/07 MICROSOFT CORP. 3.7% JOHNSON & JOHNSON 2.9% JOHNSON & JOHNSON 2.9% EXXON CORP 4.6% JOHNSON & JOHNSON 2.9% MICROSOFT CORP. 2.8% MICROSOFT CORP. 2.7% JOHNSON & JOHNSON 3.0% GENERAL ELECTRIC CO. 2.7% GENERAL ELECTRIC CO. 2.5% GENERAL ELECTRIC CO. 2.5% KOHLS 2.5% EXPRESS SCRIPTS INCORPORATED 1.9% EXXON MOBIL CORP. 2.0% INTERNATIONAL GAME TECHNOLOGY 2.1% ALTRIA GROUP INCORPORATED 2.4% ALTRIA GROUP INCORPORATED 1.8% ALTRIA GROUP INCORPORATED 2.0% ALTRIA GROUP INCORPORATED 2.1% COLGATE 2.1% EXXON MOBIL CORP. 1.8% PEPSICO INC 1.9% PEPSICO INC 2.0% MICROSOFT CORP. 2.0% UNITEDHEALTH GROUP INC. 1.6% EXPRESS SCRIPTS INCORPORATED 1.7% BOEING COMPANY 1.9% PEPSICO INC 1.9% WYETH 1.6% SCHLUMBERGER LTD 1.6% NVIDIA CORPORATION 1.8% ORACLE CORP. 1.9% WAL-MART STORES, INC. 1.6% BOEING COMPANY 1.6% COLGATE 1.8% GENERAL ELECTRIC CO. 1.9% PEPSICO INC 1.5% WYETH 1.5% SCHLUMBERGER LTD 1.7% INTERNATIONAL GAME TECHNOLOGY 1.9% Top Ten Total: 21.0% Top Ten Total: 20.5% Top Ten Total: 21.4% Top Ten Total: 24.3% As Of 6/30/07 As Of 9/30/07 As Of 12/31/07 As Of 3/31/08 EXXON MOBIL 4.7% EXXON MOBIL CORP. 9.7% EXXON MOBIL CORP. 9.1% EXXON MOBIL CORP 9.6% BAXTER INTERNATIONAL, INC. 2.6% PROCTER & GAMBLE CO 4.1% APPLE COMPUTER, INCORPORATED 4.2% APPLE INC COM NPV 4.4% KOHLS 2.3% APPLE COMPUTER, INCORPORATED 2.9% PROCTER & GAMBLE CO 3.0% PROCTER AND GAMBLE CO 3.6% STRYKER CORPORATION 2.2% ABBOTT LABS 2.9% MICROSOFT CORP. 2.7% MICROSOFT CORP 2.9% APPLE COMPUTER, INCORPORATED 2.2% STRYKER CORPORATION 2.9% INTERNATIONAL BUSINESS MACHINES 2.6% INTERNATIONAL BUSINESS MACHS 2.9% JOHNSON & JOHNSON 2.1% BAXTER INTERNATIONAL, INC. 2.8% ABBOTT LABS 2.6% AMAZON COM INC 2.8% MICROSOFT CORP. 2.0% INTERNATIONAL BUSINESS MACHINES 2.7% AMAZON. COM CORPORATION 2.5% ABBOTT LABS 2.7% ORACLE CORP. 2.0% MCDONALDS CORPORATION 2.3% NATIONAL OILWELL, INCORPORATED 2.5% COCA COLA CO 2.6% COLGATE 2.0% ZIMMER HOLDINGS, INC. 2.2% STRYKER CORPORATION 2.4% NATIONAL OILWELL VARCO INC 2.6% ZIMMER HOLDINGS, INC. 1.9% AMAZON. COM CORPORATION 2.1% SCHLUMBERGER LTD 2.3% BAXTER INTL INC 2.5% Top Ten Total: 24.2% Top Ten Total: 34.4% Top Ten Total: 34.0% Top Ten Total: 36.6% 6

7 Equity Only Summary Statistics Charts Period Ending: March 31, Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio 2.0 Dividend Yield Price/Book Ratio 35.0 Five Year Earnings Growth Return on Equity S & P GROWTH INDEX 7

8 Equity Only Sector Analysis Quarterly Period Ending: March 31, 2 Consumer Discretionary - Weightings 1 Consumer Discretionary - Returns Consumer Staples - Weightings Consumer Staples - Returns % 1 6.0% 4.0% 2.0% -2.0% Energy - Weightings Energy - Returns S & P GROWTH INDEX 8

9 Equity Only Sector Analysis Quarterly Period Ending: March 31, 18.0% Financials - Weightings Financials - Returns 16.0% 14.0% 12.0% 8.0% - 6.0% - 4.0% 2.0% -1-2 Health Care - Weightings Health Care - Returns Industrials - Weightings Industrials - Returns 16.0% % 12.0% 8.0% 6.0% 4.0% - 2.0% - -1 S & P GROWTH INDEX 9

10 Equity Only Sector Analysis Quarterly Period Ending: March 31, 2 Information Technology - Weightings 1 Information Technology - Returns Materials - Weightings Materials - Returns 4.5% 2 4.0% 3.5% 2 3.0% 1 2.5% 2.0% 1.5% 1.0% 0.5% - Miscellaneous - Weightings Miscellaneous - Returns S & P GROWTH INDEX 10

11 Equity Only Sector Analysis Quarterly Period Ending: March 31, 1.0% 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% Telecommunications Services - Weightings Telecommunications Services - Returns Utilities - Weightings Utilities - Returns 6.0% % 1 3.0% 2.0% 1.0% S & P GROWTH INDEX 11

12 Performance Attribution Geometric Period Ending: March 31, Portfolio Market Value Return A B S & P GROWTH 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 Health Care Stock Consumer Discretionary Financials Energy Industry Financials Industry Health Care Consumer Staples Materials 12

13 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Consumer Discretionary 3M CO AMAZON COM INC APOLLO GROUP INC AUTOZONE INC COACH INC COSTCO WHSL CORP NEW EXPEDIA INC DEL FORTUNE BRANDS INC GAMESTOP CORP NEW GAP INC HONEYWELL INTL INC JOHNSON CTLS INC MEREDITH CORP NIKE INC CL B ROCKWELL AUTOMATION INC TEXTRON INC TIFFANY + CO NEW TJX COS INC NEW TRANE INC WASHINGTON POST CO CL B Consumer Staples ANHEUSER BUSCH COS INC AVON PRODS INC BROWN FORMAN CORP CLASS B COCA COLA CO COLGATE PALMOLIVE CO CVS CAREMARK CORP GENERAL MLS INC KELLOGG CO KIMBERLY CLARK CORP LAUDER ESTEE COS INC MCDONALDS CORP OMNICOM GROUP PEPSI BOTTLING GROUP INC PEPSICO INC PROCTER AND GAMBLE CO UST INC COM USD0.50 WALGREEN CO WRIGLEY WM JR CO YUM BRANDS INC Holding Based Beta - Beta is calculated based on Holdings. Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

14 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Energy ANADARKO PETE CORP APACHE CORP BAKER HUGHES INC CAMERON INTL CORP CHESAPEAKE ENERGY CORP CHEVRON CORP CONOCOPHILLIPS EOG RESOURCES INC EXXON MOBIL CORP HALLIBURTON CO HESS CORP MARATHON OIL CORP MURPHY OIL CORP NATIONAL OILWELL VARCO INC NOBLE CORPORATION SHS NOBLE ENERGY INC OCCIDENTAL PETE CORP QUESTAR CORP RANGE RES CORP SCHLUMBERGER LTD SMITH INTL INC TESORO CORP TRANSOCEAN INC SHS NEW VALERO ENERGY CORP WEATHERFORD INTERNATIONAL LTD XTO ENERGY INC Financials AFLAC INC AMERICAN INTL GROUP INC AON CORP CME GROUP INC FIDELITY NATL INFORMATION SVC HUDSON CITY BANCORP INC INTERCONTINENTALEXCHANGE INC NORTHERN TRUST CORP PLUM CREEK TIMBER CO INC PRICE T ROWE GROUP INC PRUDENTIAL FINL INC SCHWAB CHARLES CORP NEW COM STK SLM CORP TORONTO DOMINION BK ONT , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 14

15 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Health Care ABBOTT LABS AETNA INC ALLERGAN INC APPLERA CORP COM APPLIED BIOSYSTEMS GROU BARD C R INC BARR PHARMACEUTICALS INC BAXTER INTL INC BECTON DICKINSON + CO BIOGEN IDEC INC CELGENE CORP CIGNA CORP COVENTRY HEALTH CARE INC EXPRESS SCRIPTS INC GENZYME CORP COM GEN DIV GILEAD SCIENCES INC HOSPIRA INC HUMANA INC JOHNSON + JOHNSON MEDCO HEALTH SOLUTIONS INC MEDTRONIC INC MERCK + CO INC MILLIPORE CORP PATTERSON COS INC QUEST DIAGNOSTICS INC SCHERING PLOUGH CORP STRYKER CORP THERMO FISHER SCIENTIFIC INC UNITEDHEALTH GROUP INC VARIAN MED SYS INC WATERS CORP WATSON PHARMACEUTICALS INC WELLPOINT INC ZIMMER HOLDINGS INC Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 70, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 15

16 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Industrials BOEING CO CATERPILLAR INC COOPER INDUSTRIES LTD SHS A CUMMINS INC DEERE + CO EMERSON ELEC CO EXPEDITORS INTL WA INC FLUOR CORP NEW GENERAL DYNAMICS CORP GOODRICH CORP GRAINGER W W INC HARMAN INTL INDS INC NEW ILLINOIS TOOL WKS INC JACOBS ENGR GROUP INC L 3 COMMUNICATIONS HLDG CORP LOCKHEED MARTIN CORP MANITOWOC INC PALL CORP PARKER HANNIFIN CORP PRECISION CASTPARTS CORP UNITED PARCEL SVC INC CL B UNITED TECHNOLOGIES CORP Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 7, , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 16

17 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Information Technology ANALOG DEVICES INC APPLE INC COM NPV APPLIED MATERIALS INC AUTODESK INCORPORATED COM STK NPV BMC SOFTWARE INC CISCO SYS INC CITRIX SYS INC DANAHER CORP DELL INC EMC CORP GOOGLE INC HEWLETT PACKARD CO INTEL CORP INTERNATIONAL BUSINESS MACHS JUNIPER NETWORKS INC LINEAR TECHNOLOGY CORP MEMC ELECTR MATLS INC MICROSOFT CORP MOTOROLA INC NATIONAL SEMICONDUCTOR CORP NVIDIA CORP ORACLE CORP PERKINELMER INC SANDISK CORP SYMANTEC CORP TEXAS INSTRS INC VERISIGN INC TERADATA CORP DEL COM Materials AIR PRODS + CHEMS INC BALL CORP CONSOL ENERGY INC ECOLAB INC FREEPORT MCMORAN COPPER + GOLD COMMON INTRNTNL FLAVRS + FRAGRNCS INC MONSANTO CO NEW NEWMONT MNG CORP PRAXAIR INC SIGMA ALDRICH Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 14, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 17

18 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Telecommunications Services LEUCADIA NATL CORP Utilities CONSTELLATION ENERGY GROUP INC Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 33, , Holding Based Beta - Beta is calculated based on Holdings. 18

19 Equity Activity Period Ending: March 31, Start from Dec 31, Additions Security Name Shares Market Value New 3M CO 1,100 86,037 * 3M COMPANY 1,100 93,210 AETNA INC 7, ,723 * AETNA INCORPORATED 7, ,166 AFLAC INC 4, ,686 * AIR PRODS + CHEMS INC 1, ,180 * AIR PRODUCTS & CHEMICALS 2, ,096 ALLERGAN INC 1,600 99,505 * AMAZON COM INC 17,100 1,229,142 * AMERICAN INTL GROUP INC ,114 * ANADARKO PETE CORP ,333 * AON CORP 9, ,977 * AON CORPORATION 3, ,363 APACHE CORP 1, ,508 * APOLLO GROUP INC 16,800 1,056,337 * APPLE COMPUTER, INCORPORATED 6,000 1,201,578 APPLE INC COM NPV 13,600 1,990,036 * APPLERA CORP COM APPLIED BIOSYSTEMS GROU 3, ,464 * APPLIED MATERIALS INC 3,200 53,553 * AUTODESK INCORPORATED COM STK NPV ,313 * BAKER HUGHES INC 2, ,281 * BAKER HUGHES, INCORPORATED 3, ,575 BARD C R INC 1, ,637 * BARR PHARMACEUTICALS INC ,605 * BAXTER INTL INC 3, ,198 * BECTON DICKINSON + CO 2, ,165 * BIOGEN IDEC INC 15, ,284 BMC SOFTWARE, INC. 2,700 97,343 BROWN FORMAN CORP CLASS B 1,200 78,734 * BURLINGTON NORTHERN SANTA FE ,512 CAMERON INTL CORP 9, ,908 * CATERPILLAR, INCORPORATED 6, ,146 Security Name Deletions Shares Market Value Eliminated 3M CO ,500 ABBOTT LABS 16, ,342 ALLEGHENY ENERGY INC ,468 * ALLEGHENY TECHNOLOGIES INC ,217 * ALTERA CORP 2,300 41,315 * ALTRIA GROUP INCORPORATED ,903 * AMAZON. COM CORPORATION 12,200 1,162,927 * AMERICAN INTERNATIONAL GROUP, INC. 32,200 1,863,387 * AMERICAN INTL GROUP INC 5, ,073 AMERICAN TOWER CORP 2,400 88,590 * AMERICAN TOWER CORP A 1,100 46,444 * ANALOG DEVICES INC 9, ,613 ANALOG DEVICES, INC. 2,100 66,078 * ANHEUSER BUSCH COS INC ,531 ANHEUSER-BUSCH COMPANIES, INC ,386 * APOLLO GROUP INC 2, ,797 APPLIED MATERIALS INC 2,300 46,852 AUTOZONE INC 2, ,612 AVON PRODS INC 10, ,571 BAKER HUGHES INC 1,300 88,077 BALL CORP 11, ,335 BALL CORPORATION 2, ,037 * BAXTER INTERNATIONAL, INC. 12, ,733 * BAXTER INTL INC 11, ,196 BECTON DICKINSON + CO 1, ,456 BECTON, DICKINSON & COMPANY ,641 * BMC SOFTWARE INC 2,300 77,717 BOEING CO 3, ,435 BOEING COMPANY 1, ,229 * BURLINGTON NORTHN SANTA FE ,262 * CARDINAL HEALTH, INC. 11, ,850 * CATERPILLAR INC 7, ,306 19

20 Equity Activity Period Ending: March 31, CB RICHARD ELLIS GROUP INC. - A 2,000 42,309 CELGENE CORP 2, ,228 * CHESAPEAKE ENERGY CORP 2, ,513 * CHEVRON CORP 1, ,413 * CITRIX SYS INC 1,600 56,799 * CME GROUP INC ,129 * COCA COLA CO 10, ,699 * COLGATE PALMOLIVE CO 2, ,011 * COMMERCE BANCORP INC N J 1,000 35,893 * CONOCO PHILLIPS COMMON STOCK 40,500 3,611,837 CONSOL ENERGY INCORPORATED 2, ,000 COSTCO WHOLESALE CORP. 5, ,075 COSTCO WHSL CORP NEW 5, ,971 * COVENTRY HEALTH CARE INC 8, ,040 * CUMMINS ENGINE 2, ,997 CUMMINS INC 4, ,996 * CVS CAREMARK CORP 2,500 97,431 * DANAHER CORP 1,100 82,053 * DEERE & COMPANY 1, ,839 DEERE + CO 1,000 82,957 * DELL INC 2,600 52,162 * EASTMAN CHEMICAL COMPANY 1,100 67,688 EATON CORPORATION 1, ,433 ELECTRONIC ARTS INCORPORATED ,052 EMC CORP 20, ,326 * EMERSON ELEC CO 3, ,245 * EMERSON ELECTRIC CO 2, ,100 EQUIFAX INCORPORATED 1,200 43,617 EXPEDIA INC DEL 19, ,350 * EXPRESS SCRIPTS INC 10, ,299 * EXXON MOBIL CORP 2, ,592 * FANNIE MAE 9, ,683 FLUOR CORP NEW 1, ,647 * FLUOR CORPORATION ,760 FRANKLIN RESOURCES, INC. 1, ,822 CB RICHARD ELLIS GROUP INC 2,000 40,490 * CELGENE CORP 4, ,544 CHEVRON CORP 2, ,727 CIENA CORP 4, ,915 * CIGNA CORP 4, ,778 CIGNA CORP. 4, ,146 * CISCO SYS INC 6, ,830 CLEAR CHANNEL COMMUNICATIONS, 64,700 2,234,809 * INCORPORAT CME GROUP INC ,561 COACH INC 7, ,736 COCA COLA COMPANY 2, ,618 * COLGATE PALMOLIVE CO 2, ,513 COMMERCE BANCORP INC N J 1,000 35,232 * CONOCOPHILLIPS 3, ,987 CONSOL ENERGY INC 1, ,849 CONSTELLATION ENERGY GROUP INC 4, ,395 COOPER INDUSTRIES INC. 1,100 58,761 * COSTCO WHSL CORP NEW ,797 COVENTRY HEALTH CARE INC 3, ,579 CUMMINS INC 1,700 85,357 DEAN FOODS COMPANY COMMON STOCK ,010 * DEERE + CO 1, ,184 EASTMAN CHEM CO 1,100 71,386 * EATON CORP 1, ,135 * EDISON INTERNATIONAL 31,500 1,704,761 * ELECTRONIC ARTS INC ,661 * ENSCO INTL INC 1,500 92,072 * EQUIFAX INC 1,200 41,715 * EXELON CORPORATION 1,200 98,649 * EXPEDIA INC DEL 2,800 69,032 EXPEDITORS INTERNATIONAL WASH INC 1,100 50,004 * EXPEDITORS INTL WA INC 1,600 65,560 EXPRESS SCRIPTS INCORPORATED 3, ,718 * EXXON MOBIL CORP 5, ,349 EXXON MOBIL CORP. 25,000 2,352,745 * 20

21 Equity Activity Period Ending: March 31, FREEPORT - MCMORAN COPPER - B 9,700 1,015,800 FREEPORT MCMORAN COPPER + GOLD COMMON 1,000 89,301 * GAMESTOP CORP NEW 20,400 1,015,728 * GAMESTOP CORPORATION ,883 GAP INC 9, ,423 * GENZYME CORP COM GEN DIV 7, ,884 * GOLDMAN SACHS GROUP INCORPORATED 2, ,730 GOODRICH (B.F.) 1, ,533 GOODRICH CORP 8, ,191 * GOODYEAR TIRE & RUBBER 5, ,331 GOOGLE INC 1, ,314 * HALLIBURTON CO 1,800 61,659 * HALLIBURTON COMPANY 8, ,261 HESS CORPORATION 3, ,349 HEWLETT PACKARD 31,800 1,641,783 HEWLETT PACKARD CO 3, ,838 * HONEYWELL INTERNATIONAL, INC. 7, ,535 HONEYWELL INTL INC 1,500 84,257 * HUDSON CITY BANCORP INC 22, ,257 * HUMANA INC 6, ,808 * INGERSOLL-RAND COMPANY CLASS A 2, ,406 INTEL CORP 2,900 57,698 * INTEL CORP. 18, ,382 INTERCONTINENTAL EXCHANGE ,840 JACOBS ENGR GROUP INC 2, ,912 * JOHNSON + JOHNSON 3, ,979 * JOHNSON CONTROLS INCORPORATED 7, ,375 JUNIPER NETWORKS INC 18, ,743 KELLOGG CO 3, ,588 * L 3 COMMUNICATIONS HLDG CORP 4, ,831 * LEUCADIA NATL CORP 13, ,787 * LOCKHEED MARTIN CORP 2, ,494 * LOCKHEED MARTIN CORPORATION 3, ,434 MARATHON OIL CORP 10, ,624 MCDONALDS CORP 3, ,353 * FEDERAL NATL MTG ASSN 9, ,571 * FIDELITY NATIONAL INFORMATION SERVICE 4, ,565 * FIDELITY NATL INFORMATION SVC 19, ,926 FLUOR CORP NEW 1, ,546 FRANKLIN RES INC 1, ,066 * FREEPORT MCMORAN COPPER + GOLD COMMON 5, ,350 GENERAL DYNAMICS CORP ,420 GENERAL ELECTRIC CO. 52,800 1,968,272 * GENERAL MLS INC 1,300 72,654 GOLDMAN SACHS GROUP INC 2, ,566 * GOODYEAR TIRE AND RUBBER 5, ,052 * GRAINGER W W INC ,585 HALLIBURTON CO 4, ,503 HARMAN INTERNATIONAL INDUSTRIES, INCORPO 2, ,287 * HARMAN INTL INDS INC NEW 12, ,050 HARRAH'S ENTERTAINMENT, INCORPORATED 3, ,887 * HARRAHS ENTMT INC 26,800 2,406,607 * HESS CORP 3, ,445 HEWLETT PACKARD CO 3, ,890 HONEYWELL INTL INC ,348 HOSPIRA INC 1,100 46,506 HUMANA INCORPORATED ,950 * INGERSOLL RAND COMPANY LIMITED 1,900 76,942 * INGERSOLL RAND COMPANY LIMITED ,715 * INTEL CORP 9, ,434 INTERCONTINENTALEXCHANGE INC 1, ,134 INTERNATIONAL BUSINESS MACHINES CORP. 15,900 1,755,322 * INTERNATIONAL BUSINESS MACHS 5, ,543 INTERNATIONAL FLAVORS FRAGRANCE ,813 * INTRNTNL FLAVRS + FRAGRNCS INC 2,100 90,496 JACOBS ENGINEERING GROUP, INCORPORATED ,988 * JACOBS ENGR GROUP INC ,004 JOHNSON + JOHNSON 3, ,673 JOHNSON CTLS INC 2,900 94,640 KIMBERLY-CLARK CORP. 1,100 76,890 * 21

22 Equity Activity Period Ending: March 31, MEDCO HEALTH SOLUTIONS INC 24,600 1,458,648 MEDTRONIC INC ,994 * MERCK & COMPANY, INCORPORATED 20,200 1,185,739 MERCK + CO INC 10, ,011 * MICROSOFT CORP 30, ,444 * MICROSOFT CORP. 83,500 3,006,325 MILLIPORE CORP ,853 * MONSANTO CO NEW 2, ,171 * MONSANTO COMPANY NEW COMMON STOCK 1, ,752 MOTOROLA, INC. 56, ,839 MURPHY OIL CORP 4, ,018 * NATIONAL OILWELL VARCO INC 7, ,603 * NEWMONT MNG CORP 2, ,560 * NEWS CORPORATION INCORPORATED-CL A WHEN 7, ,699 NOBLE ENERGY INC ,499 * NORTHERN TRUST CORP 4, ,740 * NVIDIA CORP 16, ,158 * NYSE EURONEXT 2, ,089 OCCIDENTAL PETE CORP 3, ,127 * PACCAR, INC. 5, ,270 PARKER HANNIFIN CORP 1,500 98,630 * PARKER-HANNIFIN CORPORATION 2, ,194 PEABODY ENERGY CORP. 1,100 67,795 PEPSI BOTTLING GROUP INC 22, ,039 * PEPSI BOTTLING GROUP, INCORPORATED ,228 PEPSICO INC 3, ,920 PERKIN ELMER 1,600 41,881 PERKINELMER INC 5, ,944 * PLUM CREEK TIMBER CO, INC. 1,800 83,541 PRECISION CASTPARTS CORP 2, ,666 * PRICE T ROWE GROUP INC ,610 * PROCTER AND GAMBLE CO 3, ,688 * PROLOGIS TRUST 2, ,854 PRUDENTIAL FINANCIAL, INC. 4, ,193 QUEST DIAGNOSTICS INC 10, ,576 * KING PHARMACEUTICALS, INCORPORATED 38, ,665 * KLA INSTRUMENTS CORPORATIONS 1,300 63,487 * KLA TENCOR CORP 2,200 95,575 * LAUDER ESTEE COS INC 8, ,217 LINEAR TECHNOLOGY CORP 4, ,476 LOCKHEED MARTIN CORP 1, ,875 MANITOWOC INC 1,600 64,654 MANITOWOC INCORPORATED 1,300 63,620 * MARATHON OIL CORP 7, ,679 MATTELL INC. 11, ,539 * MCDONALDS CORPORATION 4, ,882 * MEMC ELECTR MATLS INC 11, ,402 MEREDITH CORP 2, ,124 MICROCHIP TECHNOLOGY, INC. 6, ,616 * MICROSOFT CORP 21, ,328 MONSANTO CO NEW ,744 MOTOROLA INC 51, ,981 N/A 1,117,605 * NATIONAL OILWELL, INCORPORATED 10, ,402 * NATIONAL SEMICONDUCTOR CORP 7, ,340 NEWS CORP 7, ,080 * NIKE INC CL B 1,600 96,553 NIKE INCORPORATED 4, ,683 * NOBLE CORP. 7, ,019 * NOBLE CORPORATION SHS 4, ,507 * NOBLE CORPORATION SHS 2, ,755 NOBLE ENERGY INCORPORATED 1, ,083 * NYSE EURONEXT 3, ,485 * OMNICOM GROUP ,765 OMNICOM GROUP, INC ,508 * PACCAR INC 5, ,775 * PALL CORP 9, ,622 PARKER HANNIFIN CORP ,929 PAYCHEX 1,500 54,925 * PAYCHEX INC 1,000 31,656 * 22

23 Equity Activity Period Ending: March 31, QUEST DIAGNOSTICS INC ,741 RANGE RESOURCES CORP 2, ,736 ROCKWELL INTERNATIONAL CORPORATION 2, ,742 SAFECO CORPORATION 2, ,911 SCHERING PLOUGH CORP 16, ,392 * SCHLUMBERGER LTD 21,600 1,993,353 SCHWAB CHARLES CORP NEW COM STK 8, ,766 * SEARS HOLDING GROUP 1, ,786 SIGMA ALDRICH 4, ,328 * SMITH INTL INC 8, ,432 * SUNOCO INCORPORATED 1,200 86,266 SYMANTEC CORP 5,000 86,040 * TEREX CORP NEW ,706 * TEREX CORPORATION ,220 TEXAS INSTRUMENTS, INC. 5, ,029 TEXTRON INC 2, ,562 * TEXTRON, INCORPORATED 2, ,609 TITANIUM METALS CORP 1,500 40,107 TJX COS INC NEW 8, ,210 * TORONTO DOMINION BK ONT ,732 * TRANOCEAN INC 1, ,740 TRANSOCEAN INC SHS NEW 1, ,535 * U S T INCORPORATED 1,100 60,082 UNITED PARCEL SVC INC CL B 2, ,036 * UNITED STATES STEEL CORPORATION 2, ,992 UNITED TECHNOLOGIES CORP 1, ,199 * UNITEDHEALTH GROUP INC 6, ,199 * UST INC COM USD ,046 * VALERO ENERGY CORP 3, ,749 * VALERO ENERGY CORPORATION 3, ,002 VARIAN MED SYS INC 1,600 74,570 * VERISIGN INC 8, ,985 * WASHINGTON POST CO CL B ,104 * WATERS CORP 7, ,759 * WEATHERFORD INTERNATIONAL LTD ,795 * PEABODY ENERGY CORP 1,100 58,849 * PEPSICO INC 4, ,697 POLO RALPH LAUREN CORP 5, ,506 * PRAXAIR ,617 * PRECISION CASTPARTS CORP 1, ,723 PROCTER & GAMBLE CO 32,400 2,402,478 * PROLOGIS SH BEN INT 1,600 92,023 * PRUDENTIAL FINL INC 4, ,848 QUESTAR CORP 1,300 70,113 QUESTAR CORPORATION ,087 * RADIOSHACK CORP 32, ,771 * RADIOSHACK CORP. 9, ,805 * RALPH LAUREN POLO CORPORATION ,511 * RANGE RES CORP 2, ,893 ROCKWELL AUTOMATION INC 2, ,975 SAFECO CORP 2, ,926 * SANDISK CORP 3,800 91,736 SCHERING PLOUGH CORP 46, ,561 SCHLUMBERGER LTD 3, ,359 * SCHLUMBERGER LTD 3, ,256 SEARS HLDGS CORP 1, ,295 * SMITH INTERNATIONAL, INCORPORATED 6, ,799 * SMITH INTL INC 6, ,284 SOUTHWEST AIRLINES CO. 2,800 34,502 * ST JUDE MED INC ,395 * STRYKER CORPORATION 7, ,439 * SUNOCO INC 1,200 67,796 * TERADATA CORP 2,200 60,343 * TERADATA CORP DEL COM 11, ,291 TEREX CORP NEW 5, ,529 * TESORO CORP 3, ,628 TEXAS INSTRS INC 5, ,294 TIFFANY & COMPANY 2, ,154 * TIFFANY + CO NEW 10, ,481 TITANIUM METALS CORP 1,500 21,797 * 23

24 Equity Activity Period Ending: March 31, WELLPOINT INCORPORATED 1, ,723 WESTERN UNION CO 8, ,686 WRIGLEY WM JR CO 5, ,721 * XEROX CORPORATION 15, ,513 YUM BRANDS INC 4, ,374 * UNITED STS STL CORP NEW 2, ,465 * UNITED TECHNOLOGIES CORP. 2, ,764 * UNITEDHEALTH GROUP INC 2, ,154 UNITEDHEALTH GROUP INC. 3, ,549 * UST INC COM USD ,247 V F CORPORATION 1, ,121 * VALERO ENERGY CORP 11, ,955 VULCAN MATERIALS COMPANY 1,000 78,105 * VULCAN MATLS CO 2, ,241 * WALGREEN CO 1,100 36,453 WATERS CORP 5, ,987 WATSON PHARMACEUTICALS INC 3,300 91,450 WELLPOINT INC ,841 WESTERN UN CO 8, ,666 * WHOLE FOODS MKT INC ,757 * XEROX CORP 15, ,451 * XTO ENERGY INC 9, ,412 ZIMMER HOLDINGS INC 21,400 1,579,260 ZIMMER HOLDINGS, INC. 2, ,422 * 24