Up-Market Capture Ratio

The “Up Market Capture Ratio” is the cumulative return of the Small Cap Growth Composite during quarters in which the benchmark was up, relative to the benchmarks cumulative performance during the same quarters.
The “Down Market Capture Ratio” is the same calculation but accumulates the performance from quarters in which the benchmark was down.
Performance is shown Net of Fees. Current performance may be preliminary, pending final reconciliation and verification. All periods longer than one year have been annualized. At times, the participation of Initial Public Offerings ("IPOs") provides significant contribution to performance on the day of purchase; in addition, such contribution may vary over time and its effect on performance cannot be guaranteed. Past performance is not indicative of future results. Mazama Capital Management, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS©).