Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: September 30, 2005

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1 Cumulative Performance Comparisons Period Ending: September 30, 2005 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: September 30, 2005 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 ,832,337 48,523,621 74,930, % 14.7% Ten Largest Holdings Security Market Value Weight PROGRESSIVE COMPANY 10,854, AMAZON. COM CORPORATION 8,226, EBAY INCORPORATED 7,778, YAHOO! INCORPORATED 6,933, GENENTECH INCORPORATED 6,837, QUALCOMM, INC. 5,830, AMGEN, INCORPORATED 4,214, XM SATELLITE RADIO HOLDINGS - CL A 4,129, NETWORK APPLIANCE, INC. 4,003, APOLLO GROUP, INC. 3,757, Ten Best Performers Security Return Weight AMAZON. COM CORPORATION QUALCOMM, INC AMGEN, INCORPORATED EBAY INCORPORATED MAXIM INTEGRATED PRODUCTS XILINX INC AMERICAN INTERNATIONAL GROUP, INC XM SATELLITE RADIO HOLDINGS - CL A PROGRESSIVE COMPANY VARIAN ASSOCIATES INCORPORATED Ten Worst Performers Security Return Weight NETWORK APPLIANCE, INC APOLLO GROUP, INC DELL INCORPORATED COMMON STOCK PIXAR INCORPORATED WAL-MART STORES, INC CISCO SYSTEMS, INC WALGREEN CO STARBUCKS CORPORATION YAHOO! INCORPORATED GENERAL ELECTRIC CO

3 Portfolio Characteristics - Equity Period Ending: September 30, 2005 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: September 30, 2005 As Of 9/30/04 PROGRESSIVE COMPANY YAHOO! INCORPORATED EBAY INCORPORATED GENENTECH INCORPORATED AMAZON. COM CORPORATION QUALCOMM, INC. NETWORK APPLIANCE, INC. MAXIM INTEGRATED PRODUCTS XM SATELLITE RADIO HOLDINGS - CL A SYMANTEC CORPORATION 9.0% 7.7% 7.0% 6.7% 5.9% 5.6% 5.1% 4.6% 3.9% 3.7% Top Ten Total: 59.2% As Of 12/31/04 As Of 3/31/05 As Of 6/30/05 As Of 9/30/05 PROGRESSIVE COMPANY 7.9% PROGRESSIVE COMPANY 9.5% PROGRESSIVE COMPANY 9.8% PROGRESSIVE COMPANY 11.2% EBAY INCORPORATED 7.8% YAHOO! INCORPORATED 7.5% GENENTECH INCORPORATED 8.2% AMAZON. COM CORPORATION 8.5% YAHOO! INCORPORATED 7.5% GENENTECH INCORPORATED 7.0% YAHOO! INCORPORATED 7.3% EBAY INCORPORATED 8.0% NETWORK APPLIANCE, INC. 6.5% NETWORK APPLIANCE, INC. 6.0% AMAZON. COM CORPORATION 6.1% YAHOO! INCORPORATED 7.2% GENENTECH INCORPORATED 6.1% AMAZON. COM CORPORATION 5.9% EBAY INCORPORATED 6.0% GENENTECH INCORPORATED 7.1% AMAZON. COM CORPORATION 5.6% EBAY INCORPORATED 5.9% NETWORK APPLIANCE, INC. 5.9% QUALCOMM, INC. 6.0% QUALCOMM, INC. 5.4% QUALCOMM, INC. 5.2% APOLLO GROUP, INC. 4.6% AMGEN, INCORPORATED 4.4% XM SATELLITE RADIO HOLDINGS - CL A 4.2% MAXIM INTEGRATED PRODUCTS 4.3% QUALCOMM, INC. 4.4% XM SATELLITE RADIO HOLDINGS - CL A 4.3% STARBUCKS CORPORATION 4.1% PIXAR INCORPORATED 4.1% GOOGLE INC. 4.3% NETWORK APPLIANCE, INC. 4.1% MAXIM INTEGRATED PRODUCTS 4.0% XM SATELLITE RADIO HOLDINGS - CL A 3.9% PIXAR INCORPORATED 4.0% APOLLO GROUP, INC. 3.9% Top Ten Total: 59.3% Top Ten Total: 59.4% Top Ten Total: 60.5% Top Ten Total: 64.6% 4

5 Equity Only Summary Statistics Charts Period Ending: September 30, 2005 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: September 30, 2005 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: September 30, 2005 Financials - Weightings Financials - Returns Health Care - Weightings Health Care - Returns Industrials - Weightings Industrials - Returns TCW CORE RUSSELL 1000 GROWTH 7

8 Equity Only Sector Analysis Quarterly Period Ending: September 30, 2005 Information Technology - Weightings Information Technology - Returns Materials - Weightings Materials - Returns Miscellaneous - Weightings Miscellaneous - Returns TCW CORE RUSSELL 1000 GROWTH 8

9 Equity Only Sector Analysis Quarterly Period Ending: September 30, 2005 Telecommunications Services - Weightings Telecommunications Services - Returns Utilities - Weightings Utilities - Returns TCW CORE RUSSELL 1000 GROWTH 9

10 Performance Attribution Geometric Period Ending: September 30, 2005 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 Miscellaneous C D E F G Contribution Detractors Stock Consumer Discretionary Stock Information Technology Health Care Consumer Staples Industry Industrials Industry Consumer Discretionary Financials Energy 10

11 Portfolio Holdings And Characteristics - Equity Period Ending: September 30, 2005 TCW CORE Consumer Discretionary AFLAC INCORPORATED AMAZON. COM CORPORATION APOLLO GROUP, INC. EBAY INCORPORATED GENERAL ELECTRIC CO. 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 VARIAN ASSOCIATES INCORPORATED Information Technology ADOBE SYSTEMS, 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 24, , , , , , , , , , , , , , , , , , , , , , , , , ,

12 Equity Activity Period Ending: September 30, 2005 Start from Jun 30, 2005 TCW CORE Additions Security Name Shares Market Value New ADOBE SYSTEMS, INC. 11, ,471 AMAZON. COM CORPORATION 4, ,051 COMMERCE BANCORP INCORPORATED NEW 31,200 1,016,870 JERSEY EBAY INCORPORATED 13, ,634 PROGRESSIVE COMPANY 8, ,443 VARIAN ASSOCIATES INCORPORATED 34,435 1,382,481 * VARIAN MED.SYS ,786 * Security Name Deletions Shares Market Value Eliminated GENENTECH INCORPORATED 17,100 1,504,241 MAXIM INTEGRATED PRODUCTS 35,590 1,534,659 NETWORK APPLIANCE, INC. 33, ,872 SYMANTEC 4,440 92,511 * SYMANTEC CORPORATION 36, ,676 XILINX INC. 17, ,562 12