Mazama Growth

Mazama Growth is an actively managed portfolio of approximately 80 growth stocks. This strategy focuses primarily on midsized growth companies with market capitalizations found within its benchmark, the Russell Midcap Growth Index, but is not benchmark constrained, allowing the strategy to opportunistically buy small, mid and large cap growth investments. The objective of this strategy is to outperform the Russell Midcap Growth Index over complete market cycles.

Strategy Profile
Inception date	January 1, 2004
Benchmark	Russell Midcap Growth Index
Approximate number of holdings	80
Average cash position	0 – 2%

Reward Characteristics
Bottom-up, fundamental stock selection process
Fully invested at all times (<2% cash)
Growth rates > 20%
Focus on market caps represented by the Russell Midcap Growth Index (benchmark oriented but not benchmark constrained)
Overweight the top 30 stocks with over 50% of the portfolio assets

Risk Constraints1
Diversified portfolio of approximately 80 holdings
Positions are reduced as soon as prudent if they exceed 4% of portfolio value
Normal sector allocations are within 1000 basis points variance from those of the Russell Midcap Growth Index
Focus on investing in only the highest quality companies in our universe
Proprietary Price Performance Model provides dynamic indication of timely buy and sell decisions

Characteristics and Statistics as of 30 JUN 2010	Mazama Growth	Russell Midcap Growth Index
Number of holdings	86	497
Weighted average market capitalization	$5.6 billion	$6.1 billion
Upside Capture %2 (since inception)	154%
Downside Capture % (since inception)	119%

Sector Allocation3 as of 30 JUN 2010	Mazama Growth	Russell Midcap Growth Index
Technology	22%	20%
Consumer Discretionary	24%	21%
Health Care	13%	14%
Financial Services	13%	9%
Producer Durables	12%	17%
Energy	7%	6%
Materials & Processing	3%	8%
Utilities	3%	1%
Consumer Staples	3%	4%
Cash & Cash Equivalents	0%	0%

1. Contractual risk constraints may vary and will be determined when an advisory agreement is established.
2. “Upside Capture” is the cumulative return of the Mazama Growth Composite during quarters in which the benchmark was up, relative to the benchmarks cumulative performance during the same quarters. “Downside Capture” is the same calculation but accumulates the performance from quarters in which the benchmark was down. Performance is net of fees. Mazama Capital Management, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS©).
3. All portfolio holdings and index data provided by Mellon Analytical Services and Russell Indexes.