1. Transamerica Investment Management, LLC Heidi Y
Transamerica Investment Management, LLC Heidi Y. Hu, CFA Senior Vice President, Head of Fixed Income Chris Gwynn, Regional Sales Director
The Ritz-Carlton, Bachelor Gulch, Colorado
September 17-19, 2003

2. One Firm Overview
Two Fixed Income Investment Philosophy and Process
Three Performance
Four TIM at TRS

3. Firm Overview

4. Organizational Overview
Predecessor organization started in 1967
$14 billion under management ending second Quarter 2003
$6.7 billion in Equities
$5.2 billion in Fixed Income
$2.1 billion in Convertibles
58 employees with offices in Los Angeles, San Francisco, Dayton and Denver
Los Angeles – Fixed Income, Convertibles
San Francisco – Growth and Core Equity
Dayton – Traditional Value, Operations
Denver – Sales, Marketing and Client Service
Unique Ownership Strategy – TIM, LLC formed in 2000 by parent AEGON, N.V.
Economic Motivation
22% Employee owned Infrastructure
78% AEGON, N.V Autonomy
Long standing track records
Attract industry talent

5. Organizational Overview
EXECUTIVE MANAGEMENT
John Riazzi, CFA
Chief Executive Officer
Gary Rollé, CFA
President & CIO
Heidi Hu, CFA
Sr VP & Head of Fixed-Income
Jeff Van Harte, CFA
Sr VP & Head of Equities
FIXED INCOME INVESTMENTS
EQUITY INVESTMENTS
FIXED INCOME/CONVERTIBLE PORTFOLIO MANAGERS
Edward Han,
VP & Portfolio Manager
Kirk Kim
FIXED/CONV ANALYSTS
Peter Lopez
VP & Director of Fixed Income Research
Irene Lu, CFA
Sr Research Analyst
Andrew Kim, CFA
Research Analyst
Greg Haendel
EQUITY PORTFOLIO MANAGERS
Chris Bonavico, CFA
VP & Portfolio Manager
Ken Broad, CFA
Daniel Prislin, CFA
Michelle Stevens, CFA
Patrick Fortier, CFA
Portfolio Manager
EQUITY ANALYSTS
Van Tran
Research Analyst
EQUITY TRADER
Lisa Hansen
VP & Portfolio Manager (index/passive)
Sangita Patel
Securities Trader

6. Organizational Overview
As of 06/30/03

7. Telling the Story $14.03 billion $14,025 billion 9878 8985

8. Representative Client List
Institutional
Detroit General Retirement System
City of Detroit Police and Fire
UniHealth Foundation
Aegon USA
Bricker & Eckler
The Cincinnati Reds
Palmetto Rural Telephone Cooperative
Visiting Nurses of Ohio
Marianist Missions
City of Ocala
Taft Hartley
Paint Manufacturer Employers Association
The Painters & Allied Trades Paint Makers
Subadvised
SEI Investments
Legacy Marketing Group
Transamerica Retirement Services
IDEX Mutual Funds
Transamerica Capital
Western Reserve Life
IMAX Funds
SMA Platforms
SEI Investments
Lockwood Financial
Envestnet PMC
Bank One
Charles Schwab MAC
Bear Stearns
McDonald & Company
DC Alliance Platforms
Charles Schwab Corporate Services
JP Morgan America Century Retirement Services
AIG Valic
Sungard
BISYS
Diversified Investment Advisers (DIA)

9. TIM Competitive Advantages
Investment Philosophy and Track Record
A responsibly focused approach to growth investing
Proven results through all market cycles
Size
Competitive asset size – allows scalability
Flexible asset size allows managers to adhere to investment discipline
Stability
Aegon, NV brings stability to the organization
LLC creates an autonomous business unit, bringing stability to the team
Hidden Gem
35 years of proven results
Formation of TIM, LLC unlocked availability for outside distribution

10. Investment Philosophy and Process
Fixed Income
Investment Philosophy and Process

11. Fixed Income Philosophy
Generate consistent top quartile performance and excess returns primarily through credit selection and strategic sector weightings.
Corporate credit markets are not efficient
Our expertise is in corporate credit valuation
We use an active management style to exploit inefficiencies in valuation

12. Fixed Income Selection Process
Philosophy:
We seek to generate consistent top-quartile performance and excess returns through credit selection and strategic sector weightings.
Result: Proven success across all asset classes
Relative Valuation
• All team members have a seat on the trading desk, research does not occur in a valuation vacuum
• Value comparisons are made daily
• Economic indicators are reviewed and discussed daily
• Our investment outlook is reviewed on an ongoing basis, resulting in a published investment outlook piece
• Sector fundamentals are reviewed on an ongoing basis
• Sector selections emphasize catalysts for change,
e.g. regulatory, economic, technological
• All credits are stripped down to their underlying business models - which are evaluated for feasibility, profitability and defensibility
• Similarities in process result in excellent synergies
with our equity analysts
Accountability
Ultimate responsibility for performance resides with the portfolio manager
Economic Outlook
Sector Outlook
Peer Review
A strong culture of peer review is overlaid upon the entire investment process
Credit Research

13. Performance

14. Transamerica Balanced Fund
vs. Lipper Balanced Funds Returns for Periods Ending: 7/31/03
Inception: 8/1/ The Transamerica Balanced Fund is not part of the Lipper Balanced Funds Universe. TRANAMERICA Balanced Fund performance is gross of fees.

15. Transamerica Investment Grade Fixed Income Composite
vs. Lipper Single A-Rated Corporate Debt Funds Returns for Periods Ending: 7/31/03
Inception: 8/1/ The Transamerica Investment Grade Fixed Income Composite is not part of the Lipper Single A-Rated Corporate Debt Funds Universe. TRANAMERICA Investment Grade Fixed Income Composite performance is gross of fees.

16. Transamerica High Yield Fixed Income Composite
vs. Lipper High Current Yield Funds Returns for Periods Ending: 7/31/03
The Transamerica High Yield Fixed Income Composite is not part of the Lipper High Current Yield Funds Universe. TRANAMERICA High Yield Fixed Income Composite performance is gross of fees.

17. Transamerica Money Market Composite
vs. Lipper Money Market Funds Returns for Periods Ending: 7/31/03
The Transamerica Money Market Composite is not part of the Lipper Money Market Funds Universe. TRANAMERICA Money Market Composite performance is gross of fees.

18. TIM at TRS Of the 22 “Transamerica” funds, 7 are managed by TIM
Transamerica Cash Management
Transamerica Bond Fund
Transamerica Balanced Fund
Transamerica Core Equity Fund
Transamerica Equity Fund
Transamerica Focus Fund
Transamerica Growth Opportunities Fund

19. TIM – Different, Simple, Makes Sense
Difference Makes Sense
Unknown Firm Nobody Hates us
Structure Analyst = PM = Owner
Selection Process Cash Flow, Balance Sheet, Management
Focus Stocks vs. 100 plus
Results Consistent Across time Frames

20. Since Inception: 1/1/1994 Since Inception: 7/1/1997
TIM Large Growth vs.
PSN Large Growth Universe
TIM Small/Mid Growth vs.
PSN Mid Growth Universe
TIM Large Growth
18%
18%
15%
16.90%
15%
TIM Small/Mid Growth
R1000 Growth
15.07%
13%
10%
R2500 Growth
10% 5%
1.36% 8%
8.14% 0% 5%
Since Inception: 1/1/1994
-2%
Since Inception: 7/1/1997
TIM Core Equity vs.
Large Core Universe
TIM Balanced vs.
Balanced Universe
TIM
Core Equity 6%
17%
TIM Balanced
S&P 500
15%
Balanced Index 2%
2.93%
12% 9%
-1%
-0.92%
Since Inception: 4/1/1998
Since Inception: 1/1/1994

21. Consistency – 13 out of 13 vs. R1000G
TIM Large Growth
R1000 G Index
YTD
2002
2001
2000
1999
1998
1997
1996
1995
1994
TIM Large Gr
13.59%
-22.74%
-16.53%
-6.45%
33.70%
41.09%
46.96%
29.69%
45.89%
5.31%
R1000 G
13.08%
-27.89%
-20.42%
-22.42%
33.14%
38.71%
30.49%
23.12%
37.19%
2.66%

22. Large Growth Lineup

23. 866-TIM-1800 The Power of the Pyramid at work for You!
Chris Gwynn (103)
Toby Cromwell (102)
Crissy Janzen (105)
(Last slides for John or David)
We hope that this morning you have seen the “Power of the Pyramid”. As you go back to your offices and build your portfolios using WRL, IDEX and the elite managers program you can rest assured that TIM will give you the following with the money management and support:
Performance
Consistency
Quality
Flexibility
Enjoy your time here in Hawaii and we are looking forward to growing and supporting this business together (work on this one)