Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: December 31, 2004

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1 Cumulative Performance Comparisons Period Ending: December 31, 2004 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 TCW CORE RUSSELL 1000 GROWTH

2 Equity Only Summary Statistics Period Ending: December 31, 2004 TCW CORE Portfolio RUSSELL 1000 GROWTH 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 ,605,725 49,738,246 74,480, % 13.8% Ten Largest Holdings Ten Best Performers Ten Worst Performers Security Market Value Weight Security Return Weight Security Return Weight PROGRESSIVE COMPANY 8,102, EBAY INCORPORATED 8,011, YAHOO! INCORPORATED 7,720, NETWORK APPLIANCE, INC. 6,720, GENENTECH INCORPORATED 6,298, AMAZON. COM CORPORATION 5,766, QUALCOMM, INC. 5,533, XM SATELLITE RADIO HOLDINGS - CL A 4,326, STARBUCKS CORPORATION 4,240, MAXIM INTEGRATED PRODUCTS 4,137, NETWORK APPLIANCE, INC STARBUCKS CORPORATION ELECTRONIC ARTS INCORPORATED EBAY INCORPORATED XM SATELLITE RADIO HOLDINGS - CL A DELL INCORPORATED COMMON STOCK COMMERCE BANCORP INCORPORATED NEW JERSEY AMGEN, INCORPORATED YAHOO! INCORPORATED XILINX INC SYMANTEC CORPORATION AMERICAN INTERNATIONAL GROUP, INC WAL-MART STORES, INC PROGRESSIVE COMPANY MAXIM INTEGRATED PRODUCTS AFLAC INCORPORATED HARLEY-DAVIDSON, INCORPORATED APPLIED MATERIALS, INC GENENTECH INCORPORATED CISCO SYSTEMS, INC

3 Portfolio Characteristics - Equity Period Ending: December 31, 2004 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 TCW CORE RUSSELL 1000 GROWTH

4 Top Ten Holding Period Ending: December 31, 2004 As Of 9/30/04 As Of 12/31/04 PROGRESSIVE COMPANY 9.0% PROGRESSIVE COMPANY 7.9% YAHOO! INCORPORATED 7.7% EBAY INCORPORATED 7.8% EBAY INCORPORATED 7.0% YAHOO! INCORPORATED 7.5% GENENTECH INCORPORATED 6.7% NETWORK APPLIANCE, INC. 6.5% AMAZON. COM CORPORATION 5.9% GENENTECH INCORPORATED 6.1% QUALCOMM, INC. 5.6% AMAZON. COM CORPORATION 5.6% NETWORK APPLIANCE, INC. 5.1% QUALCOMM, INC. 5.4% MAXIM INTEGRATED PRODUCTS 4.6% XM SATELLITE RADIO HOLDINGS - CL A 4.2% XM SATELLITE RADIO HOLDINGS - CL A 3.9% STARBUCKS CORPORATION 4.1% SYMANTEC CORPORATION 3.7% MAXIM INTEGRATED PRODUCTS 4.0% Top Ten Total: 59.2% Top Ten Total: 59.3% 4

5 Equity Only Summary Statistics Charts Period Ending: December 31, 2004 Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio Dividend Yield Price/Book Ratio Five Year Earnings Growth Return on Equity TCW CORE RUSSELL 1000 GROWTH 5

6 Equity Only Sector Analysis Quarterly Period Ending: December 31, 2004 Consumer Discretionary - Weightings Consumer Discretionary - Returns Consumer Staples - Weightings Consumer Staples - Returns Energy - Weightings Energy - Returns TCW CORE RUSSELL 1000 GROWTH 6

7 Equity Only Sector Analysis Quarterly Period Ending: December 31, 2004 Financials - Weightings Financials - Returns Health Care - Weightings Health Care - Returns TCW CORE RUSSELL 1000 GROWTH 7

8 Equity Only Sector Analysis Quarterly Period Ending: December 31, 2004 Industrials - Weightings Industrials - Returns Information Technology - Weightings Information Technology - Returns Materials - Weightings Materials - Returns TCW CORE RUSSELL 1000 GROWTH 8

9 Equity Only Sector Analysis Quarterly Period Ending: December 31, 2004 Miscellaneous - Weightings Miscellaneous - Returns Telecommunications Services - Weightings Telecommunications Services - Returns Utilities - Weightings Utilities - Returns TCW CORE RUSSELL 1000 GROWTH 9

10 Performance Attribution Geometric Period Ending: December 31, 2004 Portfolio Market Value Return A B TCW CORE RUSSELL 1000 GROWTH 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 Consumer Staples Stock Financials Information Technology Consumer Discretionary Industry Consumer Discretionary Industry Telecommunications Services Health Care Financials 10

11 Portfolio Holdings And Characteristics - Equity Period Ending: December 31, 2004 TCW CORE Consumer Discretionary AFLAC INCORPORATED AMAZON. COM CORPORATION APOLLO GROUP, INC. EBAY INCORPORATED GENERAL ELECTRIC CO. HARLEY-DAVIDSON, INCORPORATED PIXAR INCORPORATED XM SATELLITE RADIO HOLDINGS - CL A Consumer Staples STARBUCKS CORPORATION WAL-MART STORES, INC. WALGREEN CO. Financials AMERICAN INTERNATIONAL GROUP, INC. COMMERCE BANCORP INCORPORATED NEW JERSEY PROGRESSIVE COMPANY Health Care AMGEN, INCORPORATED GENENTECH INCORPORATED Information Technology APPLIED MATERIALS, INC. CISCO SYSTEMS, INC. DELL INCORPORATED COMMON STOCK ELECTRONIC ARTS INCORPORATED MAXIM INTEGRATED PRODUCTS NETWORK APPLIANCE, INC. QUALCOMM, INC. SYMANTEC CORPORATION XILINX INC. YAHOO! INCORPORATED TCW CORE Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 66, , , , , , , , , , , , , , , , , , , , , , , , , ,

12 Equity Activity Period Ending: December 31, 2004 Start from Oct 01, 2004 TCW CORE Additions Security Name Shares Market Value New APOLLO GROUP, INC. 19,900 1,421,179 COMMERCE BANCORP INCORPORATED NEW 32,015 1,920,344 * JERSEY ELECTRONIC ARTS INCORPORATED 26,800 1,266,647 QUALCOMM, INC ,376 Security Name Deletions Shares Market Value Eliminated INTEL CORP. 33, ,597 * LILLY ELI & CO. 31,865 1,688,323 * SCHWAB CHARLES CP NEW 143,300 1,419,903 * 12