Fresno County Employees' Retirement Association 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 Date 5th Percentile 14.3 10.5 14.2 18.2 31.4 9.3 4.9 4.3 25th Percentile 11.5 7.0 9.8 13.3 22.8 5.5 -0.5 -1.3 50th Percentile 9.7 5.6 7.6 9.4 18.6 1.2 -3.9 -4.8 75th Percentile 8.7 3.8 5.3 6.3 15.7 -0.4 -5.0 -6.9 95th Percentile 5.3 0.6 2.0 3.0 11.6 -2.1 -7.6 -9.9

TCW CORE 11.6 24 6.1 41 RUSSELL 1000 GROWTH 9.2 62 3.5 77 5.5 73 6.3 75 17.4 60 -0.2 71 -5.7 80 -9.3 91

Wurts & Associates 1 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Summary Statistics Period Ending: December 31, 2004

TCW CORE

Portfolio RUSSELL 1000 GROWTH

Total Number of Securities 26 622 Total Market Value 102,605,725 Average Market Capitalization (000's) 49,738,246 74,480,000 Equity Segment Yield 0.25 0.97 Equity Segment Price/Earnings Ratio 48.61 22.72 Equity Segment Beta 1.44 1.00 Price/Book Ratio 7.79 5.01 5 Year Earnings Growth 30.4% 13.8%

Ten Largest Holdings Ten Best Performers Ten Worst Performers Security Market Value Weight Security Return Weight Security Return Weight PROGRESSIVE COMPANY 8,102,220 7.90 NETWORK APPLIANCE, INC. 44.1 6.55 SYMANTEC CORPORATION -6.1 3.06 EBAY INCORPORATED 8,011,692 7.81 STARBUCKS CORPORATION 37.2 4.13 AMERICAN INTERNATIONAL GROUP, INC. -3.3 1.57 YAHOO! INCORPORATED 7,720,632 7.52 ELECTRONIC ARTS INCORPORATED 34.1 3.75 WAL-MART STORES, INC. -.5 1.86 NETWORK APPLIANCE, INC. 6,720,406 6.55 EBAY INCORPORATED 26.5 7.81 PROGRESSIVE COMPANY .1 7.90 GENENTECH INCORPORATED 6,298,708 6.14 XM SATELLITE RADIO HOLDINGS - CL A 21.3 4.22 MAXIM INTEGRATED PRODUCTS .5 4.03 AMAZON. COM CORPORATION 5,766,558 5.62 DELL INCORPORATED COMMON STOCK 18.4 3.82 AFLAC INCORPORATED 1.9 2.56 QUALCOMM, INC. 5,533,792 5.39 COMMERCE BANCORP INCORPORATED NEW 16.7 2.05 HARLEY-DAVIDSON, INCORPORATED 2.4 1.84 JERSEY XM SATELLITE RADIO HOLDINGS - CL A 4,326,300 4.22 APPLIED MATERIALS, INC. 3.7 1.91 AMGEN, INCORPORATED 12.9 3.31 STARBUCKS CORPORATION 4,240,480 4.13 GENENTECH INCORPORATED 3.9 6.14 YAHOO! INCORPORATED 11.1 7.52 MAXIM INTEGRATED PRODUCTS 4,137,264 4.03 CISCO SYSTEMS, INC. 6.7 1.97 XILINX INC. 10.1 2.61

Wurts & Associates 2 Performance Measurement System Fresno County Employees' Retirement Association Portfolio Characteristics - Equity Period Ending: December 31, 2004

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 Equity Funds - Equity Only 5th Percentile 28.22 2.22 96.48 24.00 1.43 5.57 25th Percentile 22.59 1.69 78.06 14.00 1.19 4.23 50th Percentile 18.71 1.12 43.02 10.00 1.04 3.54 75th Percentile 16.99 0.63 2.37 7.00 0.97 2.84 95th Percentile 13.86 0.16 1.05 2.00 0.86 2.31 TCW CORE 48.61 1 0.25 91 49.74 45 30.39 2 1.44 5 7.79 1 RUSSELL 1000 GROWTH 22.72 25 0.97 58 74.48 28 13.76 26 1.00 64 5.01 13

Wurts & Associates 3 Performance Measurement System Fresno County Employees' Retirement Association 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%

Wurts & Associates 4 Performance Measurement System Fresno County Employees' Retirement Association 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

Wurts & Associates 5 Performance Measurement System Fresno County Employees' Retirement Association 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

Wurts & Associates 6 Performance Measurement System Fresno County Employees' Retirement Association 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

Wurts & Associates 7 Performance Measurement System Fresno County Employees' Retirement Association 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

Wurts & Associates 8 Performance Measurement System Fresno County Employees' Retirement Association 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

Wurts & Associates 9 Performance Measurement System Fresno County Employees' Retirement Association Performance Attribution Geometric Period Ending: December 31, 2004

TCW CORE Portfolio RUSSELL 1000 GROWTH Selection Market Value Return Market Value Return Stock Industry Total A B C D E F G Consumer Discretionary 29.0 13.6 14.0 13.8 0.0 0.6 0.6 Consumer Staples 7.5 18.7 12.8 4.8 0.9 0.2 1.2 Energy 0.0 0.0 1.5 3.2 0.0 0.1 0.1 Financials 12.3 3.2 9.4 7.7 -0.5 0.0 -0.5 Health Care 12.1 4.8 24.5 4.8 0.0 0.5 0.5 Industrials 0.0 0.0 9.0 9.4 0.0 0.0 0.0 Information Technology 39.1 13.3 26.3 13.2 0.0 0.5 0.5 Materials 0.0 0.0 1.3 2.6 0.0 0.1 0.1 Telecommunications Services 0.0 0.0 1.2 19.3 0.0 -0.1 -0.1 Utilities 0.0 0.0 0.1 36.0 0.0 0.0 0.0

100.0 11.5 100.0 9.2 0.4 1.8 2.2

Contribution Detractors

Stock Consumer Staples Stock Financials Information Technology Consumer Discretionary Industry Consumer Discretionary Industry Telecommunications Services Health Care Financials

Wurts & Associates 10 Performance Measurement System Fresno County Employees' Retirement Association Portfolio Holdings And Characteristics - Equity Period Ending: December 31, 2004

Portfolio Dividend Price / Price / Quarterly TCW CORE Shares Price Weight Market Cap Yield Earnings Book Beta Return Consumer Discretionary AFLAC INCORPORATED 66,000 39.84 2.6 20.16 1.0 21.7 4.7 0.18 1.9 AMAZON. COM CORPORATION 130,200 44.29 5.6 18.07 59.9 2.32 8.4 APOLLO GROUP, INC. 43,500 80.71 3.4 14.91 48.6 15.9 0.39 10.0 EBAY INCORPORATED 68,900 116.28 7.8 77.12 110.8 15.4 1.64 26.5 GENERAL ELECTRIC CO. 51,400 36.50 1.8 385.88 2.4 23.9 4.6 0.87 9.3 HARLEY-DAVIDSON, INCORPORATED 31,100 60.75 1.8 17.85 0.8 21.0 6.2 0.98 2.4 PIXAR INCORPORATED 39,100 85.61 3.3 4.95 29.5 5.0 0.60 8.5 XM SATELLITE RADIO HOLDINGS - CL A 115,000 37.62 4.2 7.70 2.21 21.3 30.6 68.33 1.3 60.8 10.8 1.38 14.15 Consumer Staples STARBUCKS CORPORATION 68,000 62.36 4.1 24.94 65.6 10.0 0.60 37.2 WAL-MART STORES, INC. 36,000 52.82 1.9 223.69 1.0 23.1 5.2 0.62 -0.5 WALGREEN CO. 49,900 38.37 1.9 39.21 0.5 29.1 4.8 0.32 7.2 7.9 95.95 0.8 46.9 7.6 0.54 21.16 Financials AMERICAN INTERNATIONAL GROUP, INC. 24,600 65.67 1.6 171.04 0.5 15.8 2.4 0.53 -3.3 COMMERCE BANCORP INCORPORATED NEW JERSEY 32,595 64.40 2.1 5.11 1.4 20.8 3.9 0.46 16.7 PROGRESSIVE COMPANY 95,500 84.84 7.9 16.99 0.1 11.7 4.0 0.56 0.1 11.5 64.38 0.4 13.9 3.7 0.54 2.61 Health Care AMGEN, INCORPORATED 52,900 64.15 3.3 81.48 38.0 4.2 0.70 12.9 GENENTECH INCORPORATED 115,700 54.44 6.1 57.14 83.8 8.8 1.19 3.9 9.5 69.31 67.8 7.2 1.02 7.03 Information Technology APPLIED MATERIALS, INC. 114,610 17.10 1.9 28.71 21.9 3.1 2.25 3.7 CISCO SYSTEMS, INC. 104,500 19.30 2.0 127.22 25.4 5.0 2.13 6.7 DELL INCORPORATED COMMON STOCK 92,900 42.14 3.8 104.69 34.8 1.73 18.4 ELECTRONIC ARTS INCORPORATED 62,300 61.68 3.8 18.83 32.0 6.9 0.90 34.1 MAXIM INTEGRATED PRODUCTS 97,600 42.39 4.0 13.79 0.9 30.9 6.5 2.19 0.5 NETWORK APPLIANCE, INC. 202,300 33.22 6.6 11.92 69.2 8.4 2.33 44.1 QUALCOMM, INC. 130,300 42.40 5.4 69.50 0.7 41.2 7.2 1.40 8.8 SYMANTEC CORPORATION 122,000 25.76 3.1 16.34 37.9 6.6 1.45 -6.1 XILINX INC. 90,300 29.65 2.6 10.33 0.7 28.0 4.1 2.63 10.1 YAHOO! INCORPORATED 204,900 37.68 7.5 51.80 100.5 11.4 2.71 11.1 40.6 45.31 0.8 51.5 7.6 2.01 15.95 TCW CORE 100.0 49.74 0.7 50.7 7.8 1.44 13.43

Wurts & Associates 11 Performance Measurement System Fresno County Employees' Retirement Association Equity Activity Period Ending: December 31, 2004 Start from Oct 01, 2004 TCW CORE Additions Deletions Security Name Shares Market Value New Security Name Shares Market Value Eliminated APOLLO GROUP, INC. 19,900 1,421,179 INTEL CORP. 33,915 679,597 * COMMERCE BANCORP INCORPORATED NEW 32,015 1,920,344 * LILLY ELI & CO. 31,865 1,688,323 * JERSEY ELECTRONIC ARTS INCORPORATED 26,800 1,266,647 SCHWAB CHARLES CP NEW 143,300 1,419,903 * QUALCOMM, INC. 700 30,376

Wurts & Associates 12 Performance Measurement System