TIMESSQUARE CAPITAL MANAGEMENT, LLC

A Mid Cap Growth Portfolio Review Presentation To

August 15, 2012

1 1 7 7 A v e n u e o f t h e A m e r i c a s , 3 9 th F l o o r ● N e w Y o r k , N Y 1 0 0 3 6 ● P h o n e: 8 0 0 – 5 4 1 – 5 1 5 6

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TABLE OF CONTENTS

I. TimesSquare Capital Management, LLC (TimesSquare)OrganizationAssets Under ManagementRepresentative Client List

II. TimesSquare Mid Cap Growth StrategyTeamPhilosophyProcess

III. Portfolio Results & Characteristics

IV. AppendixAdditional Performance InformationBiographiesDisclosures

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TimesSquare Capital Management, LLC(TimesSquare)

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TIMESSQUARE CAPITAL MANAGEMENT, LLC

Investment manager focused on providing superior investment solutions exclusively to the institutional marketplace

Experienced team of international and U.S. equity professionals

Time-tested investment strategies driven by internally generated research

Significant employee ownership

We are growth equity specialists.

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TIMESSQUARE CAPITAL MANAGEMENT, LLC

Grant BabyakCEO, Portfolio Manager

Tony Rosenthal, CFAPortfolio Manager

Stephen Green, CFAHead of Business Development

Management Committee

Trading

Joshua BischoffHead Trader

Christina MukofskyU.S. Trader

Technology/Operations/Administration

Mark AaronChief Operating Officer

& Chief Compliance Officer

Fred KramerOperations & Systems

John MetznerTechnology Support

Valerie VazquezOffice Manager

Marketing & Product Management

Carl JanoChief Financial Officer

Siobhan FlanneryMarketing &

Product Management

Brenda Le, CFAMarketing &

Product Management

Michael RayClient Service &

Product Management

Jeffrey Braemer, CFAClient Service &

Product Management

Joy RaglandClient Service &

Product Management

Joseph DeVeraClient Service &

Product Management

Adam SalomonU.S. Trader

International Equities

Robert Madsen, CFAAnalyst - Asia

David HirshAnalyst - Europe

Magnus LarssonHead of International Equities/

Portfolio Manager

Timothy CorlissInternational Trader

U.S. Equities

Kenneth Duca, CFAPortfolio Manager/Analyst

Keith Ferguson, CFAAnalyst

Dr. Weidong Huang, CFAAnalyst

Mark Grzymski Analyst

James RussoAnalyst

Michael RussellAnalyst

Seth BienstockAnalyst

Matthew D’AltoAnalyst

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GROWTH EQUITY STRATEGIESAs of June 30, 2012

$14.13 BillionTotal Assets

$3,610Small Cap Growth(CLOSED)

U.S.

$4,225Small/Mid Cap Growth(CLOSED)

$5,933Mid Cap Growth(CLOSED)

$286FOCUS Growth

$68All-Cap Growth

International Total Assets ($M)

$4International Small Cap

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REPRESENTATIVE CLIENT LISTCorporateAllerganAmerican AirlinesAMETEKBarnes GroupBaxter InternationalBoeingBombardier Trust (Canada, U.K., U.S.)Bowne & Co.Catholic Health PartnersCBS Corporation CenturyLinkChevron CorporationColgate-Palmolive CompanyCox EnterprisesDell Inc.General MillsHallmark CardsIllinois Tool Works Inc.Invensys Jefferson Regional Medical CenterBlue Cross and Blue Shield of MinnesotaNestléPacific Gas and Electric CompanyPCA Retirement & Benefits, Inc.Providence Health SystemSt. Joseph Health SystemSCANA CorporationTextronUnderwriters LaboratoriesWells Fargo Advisors

Taft-HartleyLaborers’ District Council & Contractors Pension Fund of OhioMaritime Association - I.L.A. Pension FundNational Automatic Sprinkler IndustryOperating Engineers Pension Trust Fund of Washington, DCSan Diego Electrical Industry TrustTwin City Iron WorkersUFCW Denver Area Meat Cutters & Employers Pension PlanUFCW Rocky Mountain Unions & Employers Pension Plan

PublicArizona State Retirement SystemColorado Public Employees’ Retirement Association HEB ManitobaImperial County Employees’ Retirement SystemIndiana Public Employees’ Retirement FundManhattan and Bronx Surface Transit Operating AuthorityMontana Board of InvestmentsPublic Employees Retirement Association of New MexicoOakland County Employees’ Retirement SystemOklahoma City Employee Retirement SystemOklahoma Municipal Retirement FundMetropolitan St. Louis Sewer DistrictRegional Transportation AuthoritySouth Carolina Retirement Systems Stilllegungsfonds für Kernanlagen/Entsorgungsfonds für KernkraftwerkeVirginia Retirement SystemWorldwide Assurance for Employees of Public Agencies

Endowment/FoundationAmerican College of SurgeonsAmerican Legacy FoundationUCLA Foundation Foundation for the CarolinasCook Children’s Health FoundationHoward UniversityIdaho Endowment Fund Investment BoardKansas Health FoundationKemper & Ethel Marley FoundationSilicon Valley Community FoundationSpectrum Health FoundationTexas Tech University SystemUniversity of Arizona FoundationWichita State University Foundation

Sub-AdvisoryAon Group TrustGuideStone Capital ManagementManagers Investment GroupNestlé Capital Advisers Prudential FinancialVantagepoint Funds

Please see the Appendix for important disclosures regarding this list.

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TimesSquare Mid Cap Growth Strategy

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MID CAP GROWTH INVESTMENT TEAM

9Semiconductor, Software, Internet,Computer HardwareBS/Boston CollegeJames J. Russo

16Biotechnology, Pharmaceuticals, Medical Devices, Healthcare Services

PhD/Harvard UniversityAB/Princeton UniversityDr. Weidong Huang, CFA

15Industrials, Materials & Processing, Machinery

MBA/Fordham UniversityBSBA/Bucknell UniversityMark E. Grzymski

24Generalist MBA/New York UniversityBA/Yale UniversityGrant R. Babyak

19Consumer, Media, Marketing ServicesMBA/Harvard UniversityAB/Princeton UniversityMichael J. Russell

20Communications, Data Networking, Data Storage, Lodging, Transportation

MBA/New York UniversityBBA/Hofstra UniversityKeith E. Ferguson, CFA

22Business Services, Transaction Processing

MBA/Rutgers UniversityBA/Muhlenberg CollegeKenneth C. Duca, CFA

14EnergyMBA/University of ChicagoBA/Fairfield UniversityMatthew T. D’Alto

15Financial ServicesBS/Wharton SchoolSeth M. Bienstock

Years of ExperienceInvestment FocusCredentialsMid Cap Analysts

23GeneralistMBA/Columbia Business SchoolBA/Wesleyan UniversityTony Rosenthal, CFA

Years of ExperienceInvestment FocusCredentialsPortfolio Managers

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MID CAP GROWTH INVESTMENT PHILOSOPHY

“We believe that our proprietary fundamental mid cap

research skills, which place a particular emphasis on the

assessment of management quality and an in-depth understanding

of superior business models, enable us to build a diversified

portfolio of mid cap growth stocks that will generate

superior risk-adjusted returns.”

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PRIMARYREQUIREMENTS

Exceptionalmanagement

Distinct, sustainable competitiveadvantage

Strong, consistent growth

WORKING UNIVERSE

250 STOCKS

MID CAP GROWTH INVESTMENT PROCESSResearch-Driven, Bottom-Up Research

FURTHERIN-DEPTHANALYSIS

Management scrutiny

Financialmodeling

Valuation

Pricetargets

PORTFOLIOCONSTRUCTION/RISK MANAGEMENT

Sector/securitydiversification

Active oversight

Selldiscipline

PORTFOLIO75

STOCKS

Market CapCriteria≥$2.5 billion≤$15 billion

1,000 domestic stocks

Growth Criteria3 Yrs. EPS/Sales growth≥15%

600 stocks

STEP 1 STEP 2 STEP 3

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Identifying “Superior Growth Businesses”

PRIMARYREQUIREMENTS

Exceptionalmanagement

Distinct, sustainable competitiveadvantage

Strong, consistentgrowth

MID CAP GROWTH INVESTMENT PROCESS

Exceptional management Clear goals and viable business modelAlignment of interests with shareholdersExperience and integrityMeaningful proportion of net worth tied to companyTrack record of successPrudent allocation of capital

Distinct, sustainable competitive advantageProprietary products, services, distribution/manufacturing advantagesDemonstrated franchise valueHigh barriers to entryRelatively few competitorsBrand name recognitionPatents

Strong, consistent growth Both top line (revenue) and bottom line (earnings)Strong probability of retaining or widening marginsHigh proportion of recurring revenuesSales to many customers in multiple marketsStrong balance sheet, conservative accounting, sufficient cash flowVisibility of earningsGrowth rate potential unidentified

WORKING UNIVERSE

250 STOCKS

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Establish targets for each stock 25-50% price appreciation potential over 12 to 18 monthsRe-evaluate based on evolving fundamentals and current market conditions

FURTHERIN-DEPTHANALYSIS

Management scrutiny

Financialmodeling

Valuation

Pricetargets

Management scrutiny Approximately 1,500 management meetings per yearOn site due diligence of manufacturing/production facilitiesFurther management discussions

Financial Modeling Traditional financial analysis Models based on internally generated growth forecasts

ValuationPrice/earnings at a discount to earnings growthAttractive price/earnings relative to industry groupPrice/revenue, price/cash flow, etc., as appropriate

Further In-Depth AnalysisMID CAP GROWTH INVESTMENT PROCESS

WORKING UNIVERSE

250 STOCKS

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Sell DisciplineOperating objectives not metManagement unable to sustain competitive advantageAnticipated deterioration in fundamentalsReasons for purchase changedOvervaluationPrudent profit-taking/trimming

MID CAP GROWTH INVESTMENT PROCESS

PORTFOLIOCONSTRUCTION/RISK MANAGEMENT

Sector/securitydiversification

Active oversight

Selldiscipline

PORTFOLIO75

STOCKS

Sector/Security DiversificationPrudent diversification among sectors and within largest holdings Generally 75 stocks in a portfolioTop 10 positions targeted to represent 25% to 35% of the portfolio

Active OversightTrading system with built-in pre-trade complianceDaily compliance reviewFormal weekly review versusclient guidelines and peer group reviewDaily and weekly strategy/research meetingsMonthly attribution analysis

Portfolio Construction/Risk Management

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Portfolio Results & Characteristics

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IMPERIAL COUNTY EMPLOYEES’ RETIREMENT SYSTEMTotal Returns for the Period Ending June 30, 2012

Market Value as of June 30, 2012: $27,601,182

-4.8 -5.0 -5.6

9.7 9.38.1

1.3 0.6

-3.0

17.4 16.719.0

4.13.4

1.9

8.57.8

5.8

13.112.4

10.5

2Q 12 YTD 1 YR 3 YR 5 YR 7 YR SinceInception(03/03/03)

ICERS (Gross) ICERS (Net) Russell Midcap® Growth Index

Perc

ent R

etur

n

Returns are Annualized greater than 1 YR

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RUSSELL MIDCAP® GROWTH INDEX BREAKDOWN

Source: FactSet

MACRO GROUP

Consumer Discretionary -7.3 8.6 24.9 20.7Consumer Staples -0.1 11.0 8.1 3.9Energy -12.4 -9.9 5.0 7.0Financial Services -2.7 10.3 10.1 16.8Healthcare 4.8 21.6 12.5 10.5Materials & Processing -4.3 11.4 7.4 3.3Producer Durables -6.7 5.0 15.6 14.8Technology -8.5 10.5 15.2 22.9Utilities -15.3 -13.9 1.2 0.0

Index Total -5.6 8.1 100 100

RUSSELL MIDCAP® GROWTH INDEX(AS OF 06/30/12)

WEIGHT (%)INDEX2ND QTR

RETURN (%)ICERS

WEIGHT (%)Y-T-D

RETURN (%)

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IMPERIAL COUNTY EMPLOYEES’ RETIREMENT SYSTEM ATTRIBUTION HIGHLIGHTS: 2nd QUARTER 2012

Performance Contribution by SectorRelative to Russell Midcap® Growth Index

Source: FactSet

SECTOR STOCK ACTIVERUSSELL GLOBAL ECONOMIC SECTORS ALLOCATION SELECTION CONTRIBUTIONConsumer Discretionary 0.10 -0.94 -0.84Consumer Staples -0.07 0.17 0.10Energy 0.14 -0.21 -0.07Financial Services 0.22 0.13 0.34Health Care -0.27 0.09 -0.18Materials & Processing -0.06 0.22 0.17Producer Durables 0.01 0.42 0.44Technology -0.15 0.72 0.57Utilities 0.09 0.00 0.09

TOTAL (Includes Cash & Equivalents) 0.15 0.62 0.77

Contrib to Equity Contrib to Equity Security Sector Return % Security Sector Return %DaVita Health Care 0.41 Tempur-Pedic International Consumer Discretionary -1.14SBA Communications Technology 0.39 Coach Consumer Discretionary -0.43SXC Health Solutions Health Care 0.29 VeriFone Systems Technology -0.36IHS Producer Durables 0.23 Whiting Petroleum Energy -0.34Hershey Consumer Staples 0.22 NetApp Technology -0.30

Greatest Contributors Greatest Detractors

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IMPERIAL COUNTY EMPLOYEES’ RETIREMENT SYSTEM PORTFOLIO TEN LARGEST HOLDINGS

Source: FactSet

6/30/2012 Cap 2Q12 Contribution% of Size Portfolio Portfolio

Security Name Description (Year of Initial Purchase) Total Price ($ mil) Return (%) Return (%)

DaVita Provides dialysis services in the U.S. for patients suffering from chronic kidney failure (2001)

4.95 98.21 9,230 8.10 0.41

SBA Communications Corp. Owns & operates wireless communications infrastructure in the U.S. (2008)

3.43 57.05 6,616 12.30 0.39

Virgin Media Inc. Provides cable television, cable, telephone, & internet access to residential customers (2005)

3.36 $24.39 6,773 -2.20 -0.03

Alliance Data Provides transaction services, credit services, & marketing services (2002)

2.84 135.00 6,794 7.17 0.20

RenaissanceRe Holdings Provides reinsurance & insurance products & services worldwide (2008)

2.70 $76.01 3,935 0.74 0.00

Discovery Communications Cable network in over 170 other countries with over 100 channels, including Discovery, the Oprah Winfrey Network, TLC & Animal Planet (2007)

2.69 $50.09 21,470 6.84 0.17

Amdocs Limited Provides product-driven information system solutions to major telecommunication companies in the U.S. & internationally (2005)

2.15 $29.72 5,014 -5.89 -0.13

NeuStar Provides the North American communications industry with clearinghouse services (2005)

2.06 $33.40 2,242 -10.37 -0.20

Gartner, Inc. Provides independent & objective research & analysis on information technology (IT), computer hardware, software, communications, & related technology industries (2011)

1.95 $43.05 4,016 0.97 0.02

Kansas City Southern Engages primarily in the freight rail transportation business, with a network linking key markets in the central U.S. & Mexico (2010)

1.81 $69.56 7,651 -2.41 -0.04

27.93 0.80

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IMPERIAL COUNTY EMPLOYEES’ RETIREMENT SYSTEMPORTFOLIO CHARACTERISTICS As of June 30, 2012

¹ Source: FactSet Estimates

Russell Midcap®

Growth IndexICERS

45976Number of Holdings

16.3%17.8%L.T. Earnings Growth Forecast 1

17.0x14.7xP/E (FY1 Forecast) 1

8.67.8Weighted Average Market Capitalization ($ Billions)

8.06.8Weighted Median Market Capitalization ($ Billions)

4.56.7Median Market Capitalization ($ Billions)

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Appendix

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MID CAP GROWTH HISTORICAL PERFORMANCECalendar Year Gross-of-Fee Returns

Calendar Years

Mid Cap Growth Composite

Russell Midcap® Growth Index

2011 -0.73% -1.65%

2010 19.29 26.38

2009 38.44 46.29

2008 -33.07 -44.32

2007 10.97 11.43

2006 18.90 10.66

2005 13.00 12.10

2004 21.31 15.48

2003 37.66 42.71

2002 -17.93 -27.41

2001 -7.00 -20.15

2000 -0.84 -11.75

1999 63.03 51.29

1998 22.69 17.86

⇒ Our team has outperformed the Russell Midcap® Growth Index in 8 of the 9 negative benchmark quarters over the last seven years (89%)

⇒ Our team has outperformed the Russell Midcap® Growth Index in 10 of the 13 negative benchmark quarters over the last ten years (77%)

Please see the Appendix for important disclosures regarding past performance.

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Biographies

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MANAGEMENT COMMITTEE

Grant R. Babyak 24 Years Experience

Grant is a Managing Director and Portfolio Manager in TimesSquare’s growth equity group. Prior to joining the firm, Grant managed small cap and mid cap portfolios at Fiduciary Trust Company International. He previously worked for six years at Avatar Associates as an institutional portfolio manager and for two years at U.S. Trust Company of New York as an analyst covering the consumer and basic industrial sectors. Grant has a B.A. in Political Science from Yale University and an M.B.A. in Finance from the Leonard N. Stern School of Business at New York University.

Stephen Green, CFA 23 Years Experience

Stephen is a Managing Director and Head of Marketing & Product Management at TimesSquare. Prior to joining the firm, Stephen was Senior Vice President and Head of Product Management at Fiduciary Trust Company International. In that capacity, he was in charge of Fiduciary’s product development efforts and global client servicing in the U.S., Asia, and Europe. Stephen’s investment background also includes institutional investment consulting experience at William M. Mercer Investment Consulting and Stratford Advisory Group. At both firms, he was a Senior Consultant & Director of Investment Manager Research and was responsible for major client relationships in the U.S., Europe, and Australia. Stephen has a B.S. in Finance and an M.B.A. from the University of Illinois. He is a member of the CFA Institute and the New York Society of Security Analysts.

Tony Rosenthal, CFA 23 Years Experience

Tony is a Managing Director and Portfolio Manager in TimesSquare’s growth equity group. Before joining the firm, Tony held a similar position at Fiduciary Trust Company International. Prior experience includes three years at the Bank of New York as an equity portfolio manager and analyst and time at U.S. Trust Company of New York, where he conducted economic research. Tony has a B.A. in Economics from Wesleyan University and an M.B.A. from Columbia Business School. He is a member of the CFA Institute and the New York Society of Security Analysts.

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U.S. EQUITY INVESTMENT PROFESSIONALSSeth M. Bienstock 15 Years Experience

Seth is a Director and Analyst in TimesSquare’s growth equity group and is responsible for research coverage of the financial services sector. Prior to joining the firm, Seth was a Senior Analyst at Second Curve Capital, a financial services hedge fund. Prior experience includes eight years in private equity with Conning Capital Partners and Securitas Capital. At Securitas, he also worked extensively on strategy and corporate development assignments for Swiss Re. Seth has a B.S. in Economics from the Wharton School at the University of Pennsylvania, with a dual concentration in Finance and Insurance/Risk Management.

Joshua A. Bischoff 17 Years Experience

Joshua is a Director and Head of Trading at TimesSquare. Joshua joined the firm from Loomis Sayles & Co. where he held a similar position. His previous experience includes trading for small capitalization equity products at Scudder Kemper and Dreman Value and working as a block trader for Bear Stearns where he concentrated on trading financial and energy stocks. Joshua has a B.S. in Business Administration from Providence College and holds FINRA Series 7 and 55 licenses.

Matthew T. D’Alto 14 Years ExperienceMatt is a Senior Vice President and Analyst in TimesSquare’s growth equity group, responsible for research coverage of the energy sector. Prior to joining the firm, Matt was a Senior Vice President/Senior Equity Analyst at J. & W. Seligman on their small- and SMID-cap growth equity team for eight years. Prior to J. & W. Seligman, Matt worked at Putnam Investments as an Investment Associate. Matt holds a B.A. in English writing with a Finance minor from Fairfield University, and an MBA from the University of Chicago Booth School of Business.

Kenneth C. Duca, CFA 22 Years ExperienceKen is a Director and Portfolio Manager/Analyst in TimesSquare’s growth equity group, responsible for covering the business services and transaction processing sectors. Prior to joining the firm, Ken held a similar position at Fiduciary Trust Company International. Before joining Fiduciary Trust, Ken spent 10 years with Prudential where, at the time of his departure, he was a senior equity analyst on the small cap growth team. Ken has a B.A. in Economics from Muhlenberg College and an M.B.A. from Rutgers University. He is a member of the CFA Institute and the New York Society of Security Analysts.

Keith E. Ferguson, CFA 20 Years Experience

Keith is a Director and Analyst in TimesSquare’s growth equity group. He is responsible for research coverage of the communications, data networking, data storage, lodging and transportation industries. Keith joined the firm from Alkeon Capital, a technology hedge fund, where he held a similar position. His previous research analyst experiences were as a Vice President at Loomis, Sayles and a Senior Analyst at Value Line, Inc. Keith has a B.B.A. in Banking and Finance from Hofstra University, and an M.B.A. from the Leonard N. Stern School of Business at New York University. He is a member of the CFA Institute and the New York Society of Security Analysts.

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U.S. EQUITY INVESTMENT PROFESSIONALS

Weidong Huang, Ph.D., CFA 16 Years Experience

Weidong is a Director and Analyst in TimesSquare’s growth equity group with research responsibilities for biotechnology, pharmaceutical, medical device, and healthcare services stocks. Prior to joining the firm, Weidong held a similar position at Fiduciary Trust Company International since 1999. Weidong previously held analyst positions at both PaineWebber and Hambrecht & Quist where he covered the biotechnology industry. He also was a research scientist at SmithKline Beecham Pharmaceuticals where he conducted genomics research. Weidong has an A.B. in Molecular Biology from Princeton University and a Ph.D. in Molecular and Cellular Biology from Harvard University. He is a member of the CFA Institute and the New York Society of Security Analysts.

Mark E. Grzymski 15 Years Experience

Mark is a Director and Analyst in TimesSquare’s growth equity group. He is responsible for research coverage of the industrial manufacturing, services, materials and processing industries. Prior to joining the firm, Mark was a Director at RBC Capital Markets covering industrial manufacturing and services companies. His previous research analyst experiences were as a Vice President at Needham & Company and as an associate analyst at Prospector Partners LLC. Mark has a B.S.B.A. in Management from Bucknell University, and an M.B.A. from the Graduate School of Business at Fordham University.

Michael J. Russell 19 Years Experience

Mike is a Director and Analyst in TimesSquare’s growth equity group with research responsibilities for the consumer, media and marketing services sectors. Before joining the firm, Mike was an Executive Director at Morgan Stanley covering media stocks since 1995 where he was a four year member of the Institutional Investor All-America Research Team and was rated the top broadcasting analyst in the Greenwich Associates survey in his last year on the sell-side. Mike graduated magna cum laude with an A.B. in Economics from Princeton University and has an M.B.A. from Harvard Business School.

James J. Russo 9 Years Experience

Jim is a Vice President and Analyst in TimesSquare’s growth equity group, responsible for research coverage of the semiconductor, software, internet, and computer hardware industries. Prior to joining the firm, Jim was an Equity Research Analyst at Adage Capital Management, L.P. for four years. Prior to Adage Capital Management, he worked at Fidelity Management and Research as an Equity Research Associate. Jim holds a B.S. in Management with concentrations in Finance and Economics from Boston College.

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KEY BUSINESS PROFESSIONALS

Mark J. Aaron 23 Years Experience

Mark is Chief Operating Officer and Chief Compliance Officer of TimesSquare. He leads the back office and operations team supporting the investment team and process. Mark was part of the initial team responsible for the development and implementation of TimesSquare’s systems, operations and control environment in 1999. Prior to joining TimesSquare, Mark was Senior Vice President at Credit Suisse Asset Management from 1991 to 1999 where he managed the Global Infrastructure and Technology Group responsible for the implementation and management of their global network and technical infrastructure. Prior to Credit Suisse, Mark worked in network management and system development roles at Applied Business Technologies, Inc. and Selectronics, Inc. Mark has a B.A. from the University of Rochester.

Jeffrey D. Braemer, CFA 24 Years Experience

Jeff is a Senior Vice President, Product Manager in TimesSquare’s growth equity group. His responsibilities include client servicing as well as portfolio and attribution analysis and general investment research. Prior to joining the firm, Jeff was a Director, Client Service and Marketing at Jacobs Levy Equity Management where he co-led the client service and portfolio analysis department. In that capacity, he was a primary point person for all client needs. Prior to Jacobs Levy, Jeff was a Product Specialist at Batterymarch Financial Management for U.S. and non-U.S. equity portfolios. Jeff has a B.A. in Political Science from Washington University in St. Louis and an M.S. in Management from Boston University. He is a member of the CFA Institute and the New York Society of Security Analysts. He holds FINRA Series 7 and 63 licenses.

Joseph B. DeVera 18 Years Experience

Joe is a Senior Vice President, Product Manager in TimesSquare’s growth equity group. His responsibilities include client servicing as well as portfolio and attribution analysis and general investment research. Prior to joining TimesSquare, Joe was a Vice President, Director of Investment Strategy at Sentinel Asset Management where he was the product specialist for the firm’s products, including their Small Cap Growth and Mid Cap Growth products. Prior to Sentinel, Joe was a Director and Senior Client Portfolio Manager for the Small Cap and Mid Cap Growth portfolio management team at Deutsche Asset Management. He has a B.S. in Finance, Marketing and International Business from the Leonard N. Stern School of Business at New York University and holds FINRA Series 7 and 63 licenses.

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KEY BUSINESS PROFESSIONALS

Michael B. Ray 24 Years Experience

Mike is a Senior Vice President, Product Manager in TimesSquare’s growth equity group. His responsibilities include client servicing as well as portfolio and attribution analysis and general investment research. Prior to joining the firm, Mike was a Vice President, Client Service Manager at Goldman Sachs Asset Management. In that position, Mike worked closely with GSAM relationship and product managers with the common goal of deepening public fund client relationships. Prior to joining Goldman Sachs, Mike was a Vice President, Portfolio Specialist with Morgan Stanley Investment Management working with institutional and retail clients with a focus on the firm’s US Growth products. Mike has a B.S. in Accounting from St. John’s University and holds FINRA Series 7, 63 and 3 licenses.

Brenda N. Le, CFA 9 Years Experience

Brenda is a Vice President, Marketing & Product Management at TimesSquare. Her responsibilities include consultant relations, marketing, and client servicing. She is also involved with written commentary and attribution analysis. Prior to joining the firm, Brenda was a Press Assistant in the New York State Executive Chamber where she assisted with media inquiries, reviewed television news summaries, and organized media requests for Governor George E. Pataki. Brenda graduated cum laude with a B.A. in Communications and a B.S.E. in Digital Media Design from the University of Pennsylvania and holds FINRA Series 7 and 63 licenses. She is a member of the CFA Institute and the New York Society of Security Analysts.

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Disclosures

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MID CAP GROWTH DISCLOSURESComposite Disclosure:TimesSquare Capital Management, LLC (“TimesSquare”) is a registered investment adviser that is owned by the former equity management team of TimesSquare Capital Management, Inc. (“TimesSquare Inc.”) and Affiliated Managers Group, Inc. TimesSquare was formed to manage TimesSquare Inc.’s growth equity investment advisory business which was sold to TimesSquare in a transaction that closed on November 19, 2004. The members of TimesSquare’s mid cap growth team joined TimesSquare Inc. on September 7, 2000 after working together at Fiduciary Trust Company International (“FTCI”). While employed at FTCI, the team, led by Grant Babyak and Tony Rosenthal, had responsibility for the accounts underlying that firm's mid cap growth composite since its inception in 1997 through September 6, 2000. The performance information presented to the recipient of this presentation as indicated on the cover is that of the FTCI mid cap growth composite from June 30, 1997 until September 30, 2000 as published in the PSN database of manager returns. TimesSquare has not independently verified the accuracy of the performance information published in the PSN database, all returns in which are submitted by the participating investment management firms. From October 1, 2000 to November 18, 2004, the performance is that of the TimesSquare Inc. mid cap composite. From November 19, 2004, the performance is that of the TimesSquare mid cap composite which consists of all mid cap accounts managed by the team at TimesSquare and TimesSquare Inc. There has been no change in the investment management responsibility or strategy from the prior two firms.

The performance record prior to October 1, 2000 may reflect a number of factors, including the contributions of members of the TimesSquare team as well as those of other persons who are not part of the TimesSquare team. Variations in performance, investments, strategies, allocation percentages among other things, can be attributed to a number of factors, including, but not limited to, cash flows, timing of purchases and sales of portfolio securities, and investment restrictions imposed by account holders. There can be no assurance that the future performance of an individual account will be the same as the performance of any other account, including those represented in the historical record we present.

The performance figures shown are calculated in U.S. dollars on a size-weighted basis and reflect the reinvestment of dividends and other earnings, and the deduction of brokerage commissions and other transaction costs. Performance is provided on a gross basis (before the deduction of management fees) as well as net of the highest management fee of 0.80% charged by TimesSquare to separately managed institutional accounts in this composite. Investment advisory fees generally charged by TimesSquare are described in Part II of its Form ADV. To illustrate performance net of fees, assume $20,000,000 is placed under management for ten years and sustains 10% annual gross return for each year during this period. If an advisory fee of 0.80% of average assets under management is charged per year, for each year of the ten-year period, the resulting annual net return would be 9.2%. The ending dollar value of the account would be $48,223,239, as compared to $51,874,849 if the advisory fees had not been deducted.

The “linked” performance results included in this presentation are exclusively for the use of the recipient of this presentation as indicated on the cover, and are suitable for use exclusively in “one on one” institutional settings. The performance results of the FTCI composite and the TimesSquare Inc. composite, for the respective time periods as represented in the linked performance results, are presented on the following pages.

In August 2007, TimesSquare modified its purchase capitalization range to match the changes in the midcap market as represented by the Russell Midcap® Growth Index. The range changed from $1.5 bil to $10 bil at time of purchase to the current $2.5 bil to $15 bil.

The opinions and information expressed and provided are for general information only and are not intended to provide specific advice or recommendations but rather, a basis from which strategies can be built, taking into account the specific objectives of each portfolio, in terms of return, time horizon, and risk constraints, as well as diverging investment perspectives and assumptions. All material has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed.

Russell® Disclosure:Performance is measured against the Russell Midcap® Growth – a market capitalization-weighted index that measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth rates. All indexes, including the Russell Midcap® Growth Index, are based on gross-of-fee returns. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto.

Representative Client List Disclosure:The Representative Client List includes the clients of TimesSquare Capital Management, LLC that have consented to inclusion on this list, and is not based on performance criteria. Inclusion on this list does not represent an endorsement by or of these entities or of the services provided by TimesSquare or these entities.

Portfolio Holdings:The holdings and weightings displayed represent a particular point in time. It should not be assumed that the securities continue to be held and/or continue to be held in the same percentage. In addition, the holdings and percentage weights of a particular client account may differ from the information shown. The sector weightings shown for TSCM reflect the Russell Global Sectors classification system of the securities within our portfolios.

Representative Portfolio:The representative portfolio is an account that we believe most closely reflects the current portfolio management style for this strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio may differ from those of other managed accounts and from those of a start-up portfolio. The characteristics relate to the portfolio as of a particular point in time and should not be regarded as predictive.

Notice to Consultants:Consultants may provide gross performance data to prospective clients only in one-on-one presentations and such performance must be accompanied by the disclosures set forth herein.

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20001st Quarter 10.18% 21.12%2nd Quarter -6.53 -7.413rd Quarter 7.58 2.52

19991st Quarter 11.12 3.422nd Quarter 6.71 10.423rd Quarter -1.92 -5.014th Quarter 40.17 39.47

Year 63.03 51.291998

1st Quarter 11.08 11.942nd Quarter 2.40 -0.063rd Quarter -18.32 -16.694th Quarter 32.06 26.47

Year 22.69 17.861997

3rd Quarter 14.81 13.994th Quarter 0.46 -2.75

Year 15.34 10.86

Russell Midcap®

FTCI Growth

FTCI Mid Cap Growth Composite Quarterly Returns, Gross of Fees, 6/30/97 through 9/30/00MID CAP GROWTH DISCLOSURES

Please see the important disclosures regarding past performance.

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TSCM Mid Cap Growth Composite Quarterly Returns, Gross of Fees, Since 9/30/00

20081st Quarter -8.39 -10.952nd Quarter 2.68 4.653rd Quarter -10.30 -17.754th Quarter -20.68 -27.36

Year -33.07 -44.322007

1st Quarter 1.90 3.962nd Quarter 8.25 6.743rd Quarter 1.94 2.154th Quarter -1.32 -1.70

Year 10.97 11.43

Russell Midcap®

TSCM Growth

20091st Quarter -4.48 -3.362nd Quarter 16.30 20.673rd Quarter 16.61 17.584th Quarter 6.87 6.69

Year 38.44 46.29

20101st Quarter 6.44 7.672nd Quarter -8.60 -10.203rd Quarter 11.71 14.654th Quarter 9.76 14.01

Year 19.29 26.38

20111st Quarter 7.23 7.852nd Quarter 0.23 1.613rd Quarter -18.51 -19.334th Quarter 13.33 11.24

Year -0.73 -1.65

20121st Quarter 15.21% 14.52%2nd Quarter -4.84 -5.60

Year 9.64 8.10

20061st Quarter 10.60 7.612nd Quarter -3.89 -4.693rd Quarter 3.60 0.894th Quarter 7.98 6.95

Year 18.90 10.66

20021st Quarter 0.53 -1.772nd Quarter -11.54 -18.263rd Quarter -15.57 -17.184th Quarter 9.30 9.16

Year -17.93 -27.412001

1st Quarter -14.96 -25.092nd Quarter 16.94 16.183rd Quarter -24.25 -27.804th Quarter 23.45 27.06

Year -7.00 -20.15 2000

4th Quarter -10.50 -23.25Year -0.84 -11.75

20031st Quarter -1.72 -0.022nd Quarter 18.18 18.763rd Quarter 6.53 7.164th Quarter 11.26 12.16

Year 37.66 42.71

20041st Quarter 7.03 4.832nd Quarter 1.33 1.053rd Quarter -3.21 -4.334th Quarter 15.55 13.94

Year 21.31 15.48

20051st Quarter -2.74% -1.67%2nd Quarter 4.68 3.433rd Quarter 7.07 6.554th Quarter 3.65 3.45

Year 13.00 12.10

Russell Midcap®

TSCM Growth

MID CAP GROWTH DISCLOSURES

Please see the important disclosures regarding past performance.

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MID CAP GROWTH DISCLOSURESCalendar Year Net-of-Fee Returns

Calendar Years

Mid Cap Growth Composite

Russell Midcap® Growth Index

2011 -1.53% -1.65%

2010 18.35 26.38

2009 37.36 46.29

2008 -33.63 -44.32

2007 10.09 11.43

2006 17.97 10.66

2005 12.12 12.10

2004 20.35 15.48

2003 36.59 42.71

2002 -18.60 -27.41

2001 -7.74 -20.15

2000 -1.64 -11.75

1999 61.78 51.29

1998 22.38 17.86

The Russell Midcap® Growth Index is based on gross-of-fee returns. Please see the important disclosures regarding past performance.