Fresno County Employees’ Retirement Association Peer Comparison Study January 10, 2007 Scott Whalen Senior Consultant SEATTLE 999 Third Avenue Suite 3650 Seattle, Washington telephone facsimile LOS ANGELES 2321 Rosecrans Avenue Suite 2250 El Segundo, California telephone facsimile

WURTS & ASSOCIATES PAGE 2 Introduction RV Kuhns & Associates presented a study at the most recent SACRS Conference in the Fall on public funds nation-wide. Wurts & Associates has extracted the relevant investment related data pertaining only to FCERA and other SACRS members. Returns are annualized ending June 30, Ranking shown is FCERA’s percentile ranking amongst the 19 SACRS members included in the study.

WURTS & ASSOCIATES PAGE 3 SACRS Members The following is a list of SACRS Members included in the study: Alameda CountySan Bernardino County Contra Costa County San Diego County Fresno County San Joaquin County Imperial County San Mateo County Kern County Santa Barbara County Los Angeles CountySonoma County Marin CountyStanislaus County Merced CountyTulare County Orange County Ventura County Sacramento County

WURTS & ASSOCIATES PAGE 4 Asset Allocation SACRS FCERA *SACRS Asset Allocation is a weighted Average of the members included in the study **Source RV Kuhns & Associates Public Fund Universe Analysis Report

WURTS & ASSOCIATES PAGE 5 Total Fund Returns *Ranking shown is a percentile ranking amongst 19 SACRS members ** 60/40 Portfolio composed of 60% S&P 500 & 40% LB Aggregate ***Source: RV Kuhns & Associates Public Fund Universe Analysis Report 1 Year3 Year5 Year FCERA11.4%13.4%7.6% SACRS Median11.7%12.9%7.4% 60/40 Portfolio4.8%7.6%3.8% Rank: 63rd Rank: 37th Returns used are gross of fees

WURTS & ASSOCIATES PAGE 6 Risk/Return Analysis 5 Year Annualized Return vs. Risk FCERA SACRS Median Risk (10.9%) SACRS Median Return (7.4%) *Source: RV Kuhns & Associates Public Fund Universe Analysis Report

WURTS & ASSOCIATES PAGE 7 Total U.S. Equity Returns 1 Year3 Year5 Year FCERA9.0%14.2%6.0% SACRS Median10.5%13.8%4.6% S&P %11.2%2.5% Russell %12.6%3.5% Rank: 84th Rank: 32nd Rank: 26th *Ranking shown is a percentile ranking amongst 19 SACRS members **Source: RV Kuhns & Associates Public Fund Universe Analysis Report

WURTS & ASSOCIATES PAGE 8 Total International Equity Returns Returns used include returns of Emerging Markets Equity 1 Year3 Year5 Year FCERA27.2%22.4%7.8% SACRS Median27.8%24.0%10.6% MSCI EAFE27.1%24.4%10.4% *Ranking shown is a percentile ranking amongst 19 SACRS members **Source: RV Kuhns & Associates Public Fund Universe Analysis Report Rank: 63rd Rank: 89th Rank: 100th

WURTS & ASSOCIATES PAGE 9 U.S. Fixed Income Returns 1 Year3 Year5 Year FCERA0.1%2.7%4.5% SACRS Median0.2%3.1%5.8% LB Aggregate-0.8%2.0%5.0% Rank: 89th Rank: 100th Rank: 58th *Ranking shown is a percentile ranking amongst 19 SACRS members **Source: RV Kuhns & Associates Public Fund Universe Analysis Report

WURTS & ASSOCIATES PAGE 10 Real Estate Returns 1 Year3 Year5 Year FCERA32.9%19.9%16.3% SACRS Median20.7%16.8%13.0% NCREIF Property18.7%15.8%12.0% Rank: 1st Rank: 27th Rank: 21st *Rankings: I Year is amongst 16 SACRS members, 3 Year is amongst 15 SACRS members, 5 Year is amongst 14 SACRS members **Source: RV Kuhns & Associates Public Fund Universe Analysis Report