january 18, 2018 robert c. lanphier, partner portfolio ... university of chicago bs, ... and pms via...

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Robert C. Lanphier, Partner Portfolio Manager Douglas J. Kryscio, CFA, Partner Senior Client Relationship Manager 40807 Custom Cover – 2 Line Title Mid Cap Growth Charlotte Firefighters' Retirement System January 18, 2018 FOR USE WITH INSTITUTIONAL INVESTORS ONLY. As used in this document, “William Blair” refers to William Blair Investment Management, LLC and the Investment Management division of William Blair & Company, L.L.C. unless otherwise noted. For more information about William Blair, please see http://www.williamblair.com/About-William-Blair.aspx 00001480 1

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Page 1: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Robert C. Lanphier, Partner

Portfolio Manager

Douglas J. Kryscio, CFA, Partner

Senior Client Relationship Manager

40807Custom Cover – 2 Line Title

Mid Cap Growth

Charlotte Firefighters' Retirement System

January 18, 2018

FOR USE WITH INSTITUTIONAL INVESTORS ONLY. As used in this document, “William Blair” refers to William Blair Investment Management, LLC and the Investment Management division of William Blair & Company, L.L.C. unless otherwise noted. For more information about William Blair, please see http://www.williamblair.com/About-William-Blair.aspx

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Page 2: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Compliance Attestation

240138

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Page 3: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Contents

SECTION I

Overview

SECTION II

Philosophy and Process

SECTION III

Portfolio Characteristics and Performance

SECTION IV

Appendix

31704

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Page 4: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Overview

29646

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Page 5: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Firm Overview: Built for Client Success

• Founded in 1935

• Investment roots in small and mid cap growth

• 100% active employee owned

• Diversified, merit-based ownership structure

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Page 6: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Assets Under Management

222831

$73.9 billion in assets under managementAs of September 30, 2017

As used on this page, “William Blair” refers to William Blair Investment Management, LLC and the Investment Management division of William Blair & Company, L.L.C. unless otherwise noted. For more information about William Blair, please see http://www.williamblair.com/About-William-Blair.aspx. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Strategy availability may be limited to certain investment vehicles; not all investment vehicles may be available to all investors. Please contact your William Blair representative for more information. Unless otherwise noted, all data shown is as of the date of this material. Assets shown in U.S. dollar.

All Cap Growth $1.9 billion David Fording International Growth $16.3 billion Macro Allocation

John Jostrand (closed 6/12) Global Opportunity

Large Cap Growth $2.9 billion James Golan International Leaders $5.1 billion Dynamic Diversified Allocation

David Ricci Global Diversified Return

Mid Cap Growth $4.2 billion Dan Crowe International Developed Plus $1.3 billion

Robert Lanphier

David Ricci ADR Growth $205 million

Small-Mid Cap Growth $7.4 billion Dan Crowe

Robert Lanphier Intl. Small Cap Growth $3.3 billion

Small Cap Growth $855 million Mike Balkin (closed 3/11)

Ward Sexton Emerging Markets Growth $6.1 billion

Small-Mid Cap Value $75 million Chad Kilmer

Mark Leslie Emerging Markets Leaders $6.0 billion

David Mitchell

Small Cap Value $1.9 billion Chad Kilmer Emerging Markets Small Cap Growth $1.6 billion

(closed 9/17) Mark Leslie (closed 10/13)

David Mitchell Global Leaders $2.9 billion

Tax-Efficient Strategies $142 million Mark Fuller

Jackie Moss

Greg Pusinelli

Custom Portfolios $7.7 billion

Fixed Income $1.4 billion Christopher Vincent

Todd Kurisu

Kathy Lynch

Paul Sularz

$28.7 billion $42.9 billion $2.3 billionU.S. Strategies Non-U.S. Strategies Dynamic Allocation Strategies

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Page 7: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Mid Cap Growth Portfolio Team

221982

Henry Baby, CFAResearch Analyst – U.S. Small Cap Generalist12 years in industry3 years at William BlairMBA, University of ChicagoBS, Boston College

Mark Thompson, CFA, PartnerResearch Analyst – U.S. Small Cap Generalist18 years in industry11 years at William BlairMBA, BBA, University of Iowa

Research Associates (8)

Analysts average 17 years industry experience and 9 years at William Blair. As of October 2017.1Jim Jones and Corey Tobin also serve as Co-Directors of U.S. Growth Research. 29 years of experience at William Blair from November 2002 to 2011. Rejoined the firm in August 2012.

Portfolio Management Portfolio Specialists

Dan Crowe, CFA, Partner18 years in industry6 years at William BlairBS, University of Illinois

Robert Lanphier, Partner30 years in industry30 years at William BlairMBA, Kellogg School of Mgmt.BS, Purdue University

David Ricci, CFA, Partner23 years in industry23 years at William BlairMBA, Harvard UniversityScB, Brown University

Matt McLaughlin, CFA9 years in industry1 year at William BlairBA, Loras College

Tara Patock, CFA12 years in industry4 years at William BlairMBA, Univ. of ChicagoBBA, Loyola University

Patrick Quinn, CFA, Partner17 years in industry13 years at William BlairMBA, Univ. of ChicagoBS, Indiana University

Research Analysts

Consumer Financials Healthcare Industrials Information Technology Resources

U.S. Large Cap

RJ Bukovac, CFA, CPA, Partner29 years in industry10 years at William BlairMSA, DePaul UniversityBA, Cornell University

Nancy Aversa, CFA21 years in industry2 years at William BlairMBA, University of WindsorBC, University of Windsor

Lauren Thompson, CFA6 years in industry3 years at William BlairBS, University of Notre Dame

Mark Lane, Partner25 years in industry19 years at William BlairMBA, University of ChicagoBA, Northwestern University

Yan Krasov, CFA15 years in industry11 years at William BlairMBA, University of ChicagoBS, Northwestern University

Yan Krasov, CFA James Golan, CFA,Partner29 years in industry17 years at William BlairMBA, Kellogg School of ManagementBA, DePauw University

James Golan, CFA, Partner

U.S. Mid Cap

Travis Cope10 years in industry9 years at William BlairMA, University of St. Andrews

Nick Zimmerman, CFA13 years in industry<1 year at William BlairMS, University of WisconsinBS, University of Illinois

Colin Williams, CFA, Partner19 years in industry17 years at William BlairBA, Grove City College

Nick Zimmerman, CFA

U.S. Small Cap

Michael Lasota, CFA9 years in industry3 years at William BlairMBA, University of ChicagoBA, University of Chicago

Michael Hubbard6 years in industry6 years at William BlairBBA, University of Iowa

Kurt Wiese, CFA, CPA, Partner19 years in industry17 years at William BlairMBA, University of ChicagoBS, Indiana University

Jim Jones, CFA, Partner1

17 years in industry7 years at William BlairMBA, University of North CarolinaBS, Miami University

Corey Tobin, Partner1

18 years in industry15 years at William Blair2

MBA, Kellogg School of ManagementMS, University of ChicagoBBA, University of Michigan

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Page 8: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Philosophy and Process

31707

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Page 9: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Investment Philosophy

221974

Quality Growth

Superior, longer-term earnings growth

• Strong management

• Sustainable business model

• Solid financials

Traditional Quality Growth

A better company than the market expects

• Faster growing

• More durable growth rates

Fallen Quality Growth

Short term issue

• Growth is non-linear

• Market overreacts

• Deep company knowledge

Undiscovered Quality Growth

Lack of readily accessible information

• Minimal analyst coverage

• Low institutional ownership

Market Inefficiencies We Seek to Exploit

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Page 10: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Mid Cap Growth Investment Process

221976

Screening for Potential Quality

Growth Companies

Preliminary Bottom-up

Analysis

Thorough Fundamental Analysis

Portfolio Construction

& Risk Control

Portfolio Monitoring

& Sell Discipline

Institutional Knowledge

• Analyst and PM networks and experience

Quantitative Screens

• Quality & Growth

Identify Potential Candidates for Deeper Research

• Sourced by analysts and PMs via internal and external networks, conferences, screens

• Investigated by the analyst or PM through company filings, internal and external discussions

• Highest priority ideas nominated for the Research Agenda

Iterative Process

• Analyst led with PM research sponsor

• Weekly team meetings, daily interaction

• Analyst produces research report, assigns stock rating

Intensive Due Diligence

• Company assessment

– Company visits, management meetings, independent checks

• Valuation assessment

– Understand perceived business quality and long term fundamental expectations discounted in stock price

Portfolio Construction

• PM team decision with analyst input

Risk Control

• Absolute: continually

• Benchmark relative: monthly

Monitoring

• Continual research and monitoring by PMs and analysts

Sell Discipline

• PM team decision with analyst input

Portfolio40–60 quality

growth holdings

1 2 3 4 5

Buy List75–100 fully vettedstock opportunities

Research Agenda10–20 high priority investment

ideas at any given time

Live, working document that serves as a roadmap for company research

Eligibility List400–500 potential

quality growth companies

Investable Universe

≈900 companiesprimarily within the range of the Russell Midcap Index

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Page 11: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Portfolio Characteristics and Performance

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Page 12: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Portfolio CharacteristicsDecember 31, 2017

1. This measure represents the weighted average of forecasted growth in earnings expected to be experienced by stocks within the portfolio over the next 3-5 years. This projectedearnings growth should not be considered an indication of future performance. From a portfolio perspective, the portfolio P/E ratio and EPS Growth Rate are weighted averages of theindividual holdings’ P/E ratios and EPS Growth Rates.

Calculated in FactSet; Market cap calculated in Eagle. The projected P/E value is calculated using First Call Data.

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Charlotte Firefighters’ Retirement

SystemRussell Midcap Growth Index

Growth

EPS Growth Rate (3-year historic) 15.1% 13.3%

EPS Growth Rate (LT forecast)1 17.1% 15.8%

Quality

Return on Invested Capital 12.5% 11.7%

Free Cash Flow Margin 13.2% 10.5%

Debt to Total Capital Ratio 45.8% 48.9%

Valuation

P/E (1-year forecast) 24.3x 21.5x

Capitalization ($B)

Weighted Average Market Cap $14.2 $15.6

Weighted Median Market Cap $12.2 $13.6

Portfolio Positions

Number of Securities 53 421

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Page 13: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Top 15 HoldingsAs of December 31, 2017

Calculated in Eagle. Holdings include cash. Individual securities listed in this report are for informational purposes only. Holdings are subject to change at any time. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.

Top 15 Holdings – Charlotte Firefighters’ Retirement System

Charlotte Firefighters’ Retirement System

% In Portfolio

Russell Mid Cap Growth

% In Index

Copart Inc 3.52 0.28

Progressive Corp/The 3.40 1.05

Verisk Analytics Inc 3.32 0.47

Ross Stores Inc 3.25 0.98

Red Hat Inc 3.01 0.69

Vantiv Inc 2.88 0.38

SBA Communications Corp 2.85 0.63

BWX Technologies Inc 2.84 0.18

CoStar Group Inc 2.83 0.34

Ball Corp 2.78 0.23

Zoetis Inc 2.71 1.14

Six Flags Entertainment Corp 2.60 0.14

Concho Resources Inc 2.56 -

Equifax Inc 2.51 0.45

Middleby Corp/The 2.48 0.24

Total 43.54 7.21

Charlotte Firefighters’ Retirement System

Russell Mid Cap Growth Index

Number of Securities 53 421

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Page 14: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Institutional Mid Cap Growth Strategy Batting Average

Rolling 5-Year Returns Since Inception (April 1, 1997)

237207

-10

-5

0

5

10

15

20

25

-10 -5 0 5 10 15 20 25

Mid

Cap

Gro

wth

Co

mp

osi

teA

nn

ual

ized

Ret

urn

s (%

US

D G

ross

)

Russell Midcap GrowthAnnualized Returns (%)

Bear Markets

Normal Up Markets

SpeculativeUp Markets

As of December 31, 2017

Rolling 5-year returns graph calculated using quarterly data. Market environment returns reflect average annualized returns for rolling 5-year periods within each market environmentcategory. Overall batting average reflects the percentage of rolling 5-year periods in which Mid Cap Growth outperformed the Russell Midcap Growth Index.

Past performance is not indicative of future returns. Returns for periods greater than one year are annualized. Gross performance results shown do not reflect the deduction ofinvestment management fees, assume the reinvestment of dividends and capital gains, and are net of transaction costs. Performance results will be reduced by the fees incurred in themanagement of the account. For example, assuming an annual gross return of 8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be7.58% over a 5‐year period. Net investment performance represents the deduction of the highest possible fee. Investment management fees are described in William Blair's Form ADV Part2A.. The Russell Midcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratiosand higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Please see composite disclosure in appendix for a complete description of thecomposite.

Overall Batting Average: 63%

Mid Cap Growth Composite 4.16

Russell Midcap Growth -3.42

Relative Performance 7.58

Mid Cap Growth Composite 8.84

Russell Midcap Growth 6.52

Relative Performance 2.32

Mid Cap Growth Composite 16.55

Russell Midcap Growth 18.35

Relative Performance -1.80

Market Environment

Bear Markets (<0% return)

Normal Up Markets (0-15% return)

Speculative Up Markets (>15% return)

December 2017 performance is preliminary.

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Page 15: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Performance SummaryFor periods ending December 31, 2017

1. Charlotte Firefighters’ Retirement System Performance Inception: 6/27/13.

As of 7/1/2015, discretionary investment management of the portfolio is provided by William Blair Investment Management, LLC. Prior to such date, such discretionary investment management was provided by William Blair & Company, L.L.C., an affiliate of William Blair Investment Management, LLC.

Past performance is not indicative of future returns. Net investment performance represents the deduction of the account’s actual fee. Investment management fees are described in William Blair's Form ADV Part 2A. Returns for periods greater than one year are annualized.

The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. This benchmark is a comparable market proxy.

Assets

Charlotte Firefighters’ Retirement System $21,460,467

240128

Performance (%)

Annualized

4Q17 1 Year 3 YearSince

Inception1

Charlotte Firefighters’ Retirement System (Net) 5.63 21.39 7.14 9.68

Russell Midcap Growth Index 6.81 25.27 10.30 13.53

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Page 16: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Institutional Mid Cap Growth AttributionDecember 31, 2017

Source: William Blair, Opturo.

Past performance is not indicative of future returns. The above information is based on the strategy's representative portfolio. Holdings are subject to change at any time. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. William Blair may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held. The above securities do not represent all of the securities purchased, sold or recommended for all William Blair clients.

236854

QTD Contributors YTD Contributors

• Stock selection in Industrials including Copart and Verisk Analytics

• Other top contributors: Ross Stores (Consumer Discretionary), SBA Communications (Real Estate) and Progressive (Financials)

• Top contributors: Red Hat (Information Technology), Copart (Industrials) and Costar Group (Information Technology)

• Stock selection in Health Care including Centene and Align Technology

• Our higher growth bias, and resulting lower dividend yield exposure, was a tailwind

QTD Detractors YTD Detractors

• Consumer Discretionary stock selection including Newell Brands, Hanesbrands and CarMax

• Other top detractors: Ball Corporation (Materials) and Guidewire Software (Information Technology)

• Consumer Discretionary stock selection including O’Reilly Automotive, Newell Brands and Tractor Supply

• Other top detractors: Ball Corporation (Materials) and Signature Bank (Financials)

• Our typical underweight to the Semiconductor industry, including not owning NVIDIA, detracted meaningfully from relative returns

• Our emphasis on durable business models was a headwind as companies with more volatile fundamentals outperformed

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Page 17: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Appendix

29670

000012F0 17

Page 18: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Charlotte Firefighters’ Retirement SystemAs of December 31, 2017William Blair Relationship Review

*Includes client contributions, withdrawals and any expenses that are paid out of the account, such as management fees, custody fees, audit fees and legal fees.The above information is intended to supplement, but in no way supersede your custodian statements, which are the official record of your account.

Original Investment (06/27/2013) $22,240,779

+/- Net Contributions/(Withdrawals)* ($11,503,085)

+/- Market Appreciation/(Depreciation) $10,722,773

Market Value $21,460,467

000F6C40 18

Page 19: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Charlotte Firefighters’ Retirement System – HoldingsDecember 31, 2017

Individual securities listed in this report are for informational purposes only. Holdings are subject to change at any time. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed. The benchmark above is the Russell Midcap Growth Index.

240131

Portfolio

Weight

Benchmark

Weight

Portfolio

Weight

Benchmark

Weight

Portfolio

Weight

Benchmark

Weight

Consumer Discretionary 19.07 17.57 Health Care (Cont'd) Information Technology (Cont'd)

Ross Stores Inc. 3.25 0.98 BioMarin Pharmaceutical Inc. 1.42 0.50 Ultimate Software Group Inc. 2.24 0.20

Six Flags Entertainment Corporation 2.60 0.14 Align Technology Inc. 1.40 0.57 Booz Allen Hamilton Holding Corporation 2.22 0.16

Domino's Pizza Inc. 2.27 0.27 Teleflex Incorporated 1.39 0.06 Guidewire Software Inc. 2.04 0.07

Tractor Supply Company 1.68 0.30 Encompass Health Corporation 1.38 - MAXIMUS Inc. 1.87 -

Live Nation Entertainment Inc. 1.58 0.18 ABIOMED Inc. 1.32 0.25 Microchip Technology Incorporated 1.43 0.65

Vail Resorts Inc. 1.48 0.27 West Pharmaceutical Services Inc. 1.06 0.23 Analog Devices Inc. 1.41 1.05

CarMax Inc. 1.46 0.38 IDEXX Laboratories Inc. 1.02 0.44 Arista Networks Inc. 1.27 0.40

Hanesbrands Inc. 1.35 0.24 Charles River Laboratories International Inc. 0.92 0.17 CSRA Inc. 1.10 0.16

Ulta Beauty Inc 1.25 0.42 Mettler-Toledo International Inc. 0.89 0.51 Coherent Inc. 1.05 0.22

Newell Brands Inc 1.17 - Industrials 19.87 17.24 j2 Global Inc. 1.00 -

Aptiv PLC 0.98 0.73 Copart Inc. 3.52 0.28 Take-Two Interactive Software Inc. 0.91 0.39

Consumer Staples - 4.21 Verisk Analytics Inc 3.32 0.47 Materials 5.95 6.40

Energy 2.56 2.52 BWX Technologies Inc. 2.84 0.18 Ball Corporation 2.78 0.23

Concho Resources Inc. 2.56 - Equifax Inc. 2.51 0.45 Vulcan Materials Company 2.10 0.51

Financials 6.36 7.27 Middleby Corporation 2.48 0.24 Axalta Coating Systems Ltd. 1.07 0.22

Progressive Corporation 3.40 1.05 Fortive Corp. 1.89 0.65 Real Estate 2.85 3.33

East West Bancorp Inc. 1.68 0.02 Xylem Inc. 1.73 0.21 SBA Communications Corp. 2.85 0.63

Affiliated Managers Group Inc. 1.27 - Westinghouse Air Brake Technologies Corporation 1.58 0.07 Telecommunication Services - 0.22

Health Care 17.16 13.21 Information Technology 25.26 27.96 Utilities - 0.05

Zoetis Inc. 2.71 1.14 Red Hat Inc. 3.01 0.69 Cash & Equivalents 0.91 -

Centene Corporation 2.22 0.07 Vantiv Inc. 2.88 0.38 Total: 100.00 100.00

Veeva Systems Inc 1.44 0.19 CoStar Group Inc. 2.83 0.34

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Page 20: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Biographies – Mid Cap Growth Team

29504

Robert C. Lanphier, Partner

Rob Lanphier is a portfolio manager on the Mid Cap Growth and Small-Mid Cap Growth strategies. He co-founded the Mid Cap Growth strategy in 1997 and the Small-Mid Cap Growth

strategy in 1998. Before that, he was with William Blair’s sell-side institutional sales group for eight years. He joined William Blair in 1987. Before joining the investment industry, Rob

was with Emerson Electric Corporation for nearly six years. Education: B.S., with honors, Purdue University; M.B.A., Northwestern University’s Kellogg Graduate School of

Management.

David Ricci, CFA, Partner

David Ricci is a portfolio manager on the Mid Cap Growth and Large Cap Growth strategies. He joined the Mid Cap Growth strategy in 2005 and the Large Cap Growth strategy in 2011.

Previously, he was the group head for the consumer sector, focusing on specialty retail and e-commerce companies, in William Blair’s sell-side research group. David joined William

Blair in 1994. Before joining the investment industry, he had extensive experience with Procter & Gamble, Melville, and Bain & Company. He is a member of the CFA Institute and the CFA

Society of Chicago. Education: Sc.B., magna cum laude, Brown University; M.B.A., Harvard Business School.

Dan Crowe, CFA, Partner

Dan Crowe is a portfolio manager on the Mid Cap Growth and Small-Mid Cap Growth strategies. Dan had previously served as an Associate Portfolio Manager on our Mid Cap Growth

strategy and before that as an associate portfolio manager on our Small Cap Growth strategy and a research analyst. His research focus was on the U.S. small cap space across all

sectors. Dan joined William Blair as a generalist research analyst in May 2011. Before joining William Blair, he was a midcap portfolio manager at Pyramis Global Advisors, and before

that a portfolio manager and analyst at The Boston Company/Founders Asset Management. He began his career as a generalist analyst at Marsico Capital Management. Dan is a member

of the CFA Institute and the CFA Society of Chicago. Education: B.S., mechanical engineering, University of Illinois at Urbana-Champaign.

Tara Patock, CFA

Tara Patock is a Portfolio Specialist for the firm’s U.S. equity growth strategies. She joined William Blair in 2013 to work with the firm’s domestic equity growth teams. Previously, Tara

was a consultant with Pavilion Advisory Group. Before her role at Pavilion, Tara was a registered sales associate with Oppenheimer & Co. Tara is a member of the CFA Institute and the

CFA Society of Chicago. Education: B.B.A., summa cum laude, economics and finance, Loyola University Chicago; M.B.A., with honors, University of Chicago’s Booth School of Business.

Patrick Quinn, CFA, Partner

Patrick Quinn is a Portfolio Specialist for the firm’s U.S. equity growth strategies. He joined William Blair in 2004 to work with the firm’s domestic equity growth teams. Previously,

Patrick was an institutional equity trader with Strong Capital Management. Patrick is a member of the CFA Institute and the CFA Society of Chicago. Education: B.S., accounting and

finance, Indiana University; M.B.A., with honors, University of Chicago’s Booth School of Business.

Matt McLaughlin, CFA, CAIA

Matt McLaughlin is a Portfolio Specialist for the firm’s U.S. equity growth strategies. He joined William Blair in 2016 to work with the firm’s domestic equity growth teams. Previously,

Matt was Vice President, Research with Harbor Capital Advisors. Matt is a member of the CFA Institute, the CFA Society of Chicago, and the CAIA Association. Education: B.A., finance,

and marketing, Loras College.

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Page 21: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Biographies – U.S. Equity Research Team

31721

RJ Bukovac, CFA, CPA, Partner

RJ Bukovac is a research analyst focused on U.S. large- and mid-cap consumer companies. He joined William Blair as a research analyst in 2007. Previously, he worked in the research

department and within the portfolio teams of Putnam Investments for 10 years. During his time at Putnam, RJ covered a broad range of domestic and international equities, including

industrials, consumer cyclicals, consumer staples, and diversified media. Before that, he was an analyst for privately held businesses, and he determined fair market values for purposes

of reorganizations, divestitures, and mergers and acquisitions in Price Waterhouse’s Chicago valuation consulting practice for nine years. He is a member of the CFA Institute, the CFA

Society of Chicago, and the Illinois CPA Society and AICPA. Education: B.A., economics and finance, Cornell University; M.S.A., DePaul University.

Henry Baby, CFA

Henry Baby is a domestic small-cap generalist research analyst. He joined William Blair in December 2014 after running his own firm Six Corners Capital for more than five years. Before

joining Six Corners Capital, Henry was an equity analyst at RMB Capital Management and Holland Capital Management in Chicago. He is a member of the CFA Institute and the CFA Society

of Chicago. Education: B.S., finance, Boston College; MBA, University of Chicago Booth School of Business.

Nancy Aversa, CFA

Nancy Aversa is a research analyst focused on U.S. large- and mid-cap consumer companies. She joined William Blair in 2015. Previously, Nancy worked in the research department and

on the portfolio teams of Federated Investors for 10 years. During her time at Federated, Nancy covered a broad range of domestic equities within the consumer cyclicals and consumer

staples sectors for both long-only and short-only portfolio strategies. Before that, she was a consumer research analyst with Victory Capital Management. Nancy started her career in

investment banking with McDonald Investments. She is a member of the CFA Institute and the CFA Society of Chicago. Education: Bachelor of Commerce, University of Windsor; MBA,

University of Windsor.

James S. Golan, CFA, Partner

Jim Golan is a portfolio manager on William Blair’s Large Cap Growth strategy and a research analyst covering U.S. large-cap technology and resources. From 2000 until he took on his

current role in 2005, Jim served as a research analyst focusing on financial, technology, industrial, and resource companies. Before joining William Blair in 2000, he worked at Citigroup

Global Asset Management, where he was a global research team leader for the telecommunications sector and a key member of the team that devised valuation metrics for standardizing

the analysis of domestic and international companies. Jim began his career at Kemper Financial as a research analyst covering telecommunications, technology, energy, industrial, food,

and beverage companies. He is a member of the CFA Institute and the CFA Society of Chicago. Education: B.A., economics, DePauw University; MBA, finance, Northwestern University’s

Kellogg Graduate School of Management.

Travis Cope

Travis Cope is a research analyst focused on U.S. mid-cap healthcare companies. He joined William Blair in 2008 as a research associate working primarily with the U.S. growth team,

where he was generalist analyst covering emerging market small-cap companies and non-U.S. small-cap resources companies. Before joining the firm, he was an analyst at Macquarie

Bank in Chicago, where he engaged in corporate restructuring advisory activity. Education: M.A., international relations and modern history, University of St. Andrews, Scotland.

Michael Hubbard

Michael Hubbard is a research analyst on the financials sector team, where he focuses on U.S. small-cap companies. He joined William Blair in 2007, working as a research analyst for the

firm’s sell side, where he covered specialty technology and healthcare IT for two years. In 2013, after serving in the U.S. Marine Corps for four years, Michael rejoined William Blair as a

research associate on the technology sector team, where he focused on U.S. companies and later emerging market small-cap companies. He founded and leads the company’s veteran

employee resource group. Education: B.B.A., finance, University of Iowa.

Jim Jones, CFA, Partner

Jim Jones is a research analyst focused on U.S. small-cap industrials and a co-director of research for the U.S. Growth Equity team. He joined William Blair as a research analyst in 2010.

Previously, Jim was an investment analyst at Federated Investors for four years. Before that, he was a research analyst at Credit Suisse and an associate at Ashton Partners. He is a

member of the CFA Institute and the CFA Society of Chicago. Education: B.S., accounting, Miami University; MBA, University of North Carolina.

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Biographies – U.S. Equity Research Team

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Michael Lasota, CFA

Michael Lasota is a research analyst on the consumer sector team, where he focuses on U.S. small-cap companies. He joined William Blair as a research analyst in April 2014. Previously,

Michael was an investment analyst at T. Rowe Price for nearly six years, where he covered hotel, cruise, and real estate companies. Before that, he was an associate at Boston Consulting

Group for two years. Michael is a member of the CFA Institute. Education: B.A., economics, University of Chicago; MBA, University of Chicago Booth School of Business.

Yan Krasov, CFA

Yan Krasov is a research analyst focused on U.S. large-cap industrials and healthcare companies. He joined William Blair in September 2006 as a research associate. Before joining the

firm, Yan spent four years at JPMorgan Securities in Chicago, where he began his career in the firm’s institutional equity sales and in the private client services groups. He is a member of

the CFA Institute and the CFA Society of Chicago. Education: B.S., speech and economics, Northwestern University; MBA, University of Chicago Booth School of Business.

Lauren Thompson, CFA

Lauren Thompson is a research analyst on the consumer sector team, where she focuses on U.S. mid-cap companies. She joined William Blair as a research associate in September 2014.

Previously, Lauren was an equity research associate at Credit Suisse, first on the small-/midcap strategy team and later covering the broadline retail sector. She is a member of the CFA

Institute and CFA Society of Chicago. Education: B.S, mathematics and economics, University of Notre Dame.

Mark Lane, Partner

Mark Lane is a research analyst focused on U.S. large- and mid-cap financials. From June 2013 to June 2017, Mark also served as the director of research for the U.S. Growth Equity team.

Before joining the team, he was a financials sector analyst with the firm’s sell-side research department, where he specialized in asset management, brokerage, exchanges, and

investment banking. Before joining William Blair in 1998, Mark worked as a senior underwriter for The St. Paul Companies, where he analyzed specialty property-casualty insurance

risks. He also worked at Goldman Sachs as an analyst in the Chicago high-net-worth money-management group. Education: B.A., economics, Northwestern University; MBA, University

of Chicago Booth School of Business.

Mark C. Thompson, CFA, Partner

Mark Thompson is a research analyst and small-cap growth associate portfolio manager. His research focus is on the U.S. small-cap space across all sectors. He joined William Blair as a

research analyst in 2006. Previously, he was a research generalist at Kidron Capital for three years. Before that, he was a research analyst covering healthcare at American Express for

two years. Mark is a member of the CFA Institute and the CFA Society of Chicago. Education: B.B.A., finance (with an emphasis in accounting), University of Iowa; MBA, finance,

University of Iowa.

Corey S. Tobin, Partner

Corey Tobin is a research analyst focused on U.S. small-cap technology companies and a co-director of research for the U.S. Growth Equity team. Before rejoining William Blair in 2012,

he was the senior vice president of healthcare solutions and corporate planning for Trustwave Holdings, Inc., a provider of data security and compliance solutions. In this role, he led

Trustwave’s administrative and planning functions, such as its financial planning and analysis, human resources, sales operations, facilities, investor relations, and special projects

areas. From 2001 through 2011, Corey served in William Blair’s sell-side research group, focusing on specialty software and healthcare IT companies; in this role he was recognized by

The Wall Street Journal, The Financial Times, and Forbes. Before William Blair, Corey was an associate at private-equity firm Willis Stein & Partners, an analyst in the M&A investment

banking group of Merrill Lynch, and an associate in the financial advisory services practice at Coopers & Lybrand (now PricewaterhouseCoopers). Education: B.S., business

administration, high distinction, University of Michigan; MBA, Northwestern University Kellogg Graduate School of Management; M.S., computer science, with recognition, University of

Chicago.

Kurt M. Wiese, CFA, CPA, Partner

Kurt Wiese is a research analyst focused on U.S. small-cap healthcare companies. He joined the team in 2001 after serving as a member of William Blair’s corporate finance healthcare

team, where he was engaged in all aspects of transaction execution. He joined William Blair in 2000. Before that, he worked in the Chicago audit practice of PricewaterhouseCoopers for

two years. Kurt is actively involved within the Chicago community through his philanthropic work at the Chicago Jesuit Academy, a full-scholarship, college-prep middle school for

underprivileged boys on Chicago’s West Side. Kurt was a participant at the Center for Japanese Language and Culture at Nanzan University in Nagoya, Japan. Education: B.S., accounting

and finance, Indiana University; MBA, University of Chicago Booth School of Business.

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Biographies – U.S. Equity Research TeamColin Williams, CFA, Partner

Colin Williams is a research analyst on the technology sector team focused on U.S. mid-cap companies. He initially joined William Blair in 2000 as a research associate in the firm’s sell-

side research group. In 2002, he moved to the firms’ investment management group as a research analyst. In 2006, he began co-managing the Small Cap Growth strategy. In 2008, he

requested to resume his research responsibilities.  Previously, Colin held several finance positions of increasing responsibility at Allegiance Healthcare, a division of Cardinal Health. He

is a member of the CFA Institute and the CFA Society of Chicago. Education: B.A., economics, Grove City College.

240869

Nick Zimmerman, CFA

Nick Zimmerman is a research analyst focused on U.S. small- and mid-cap resources and mid-cap industrials companies. He joined William Blair as a research analyst in 2017. Before

joining William Blair, Nick was an equity analyst at Holland Capital Management, where he covered energy, materials, aerospace and defense, and transportation companies. He is a

member of the CFA Institute and the CFA Society of Chicago. Education: B.S., finance, with high honors, University of Illinois at Urbana-Champaign; M.S., finance, University of Wisconsin-

Madison.

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Biographies

204989

Systematic Research:

Strategy Research:

Spiro Voulgaris, Partner

Spiro Voulgaris is a Senior Quantitative Analyst leading the Systematic Research team. He joined William Blair in 2007. Prior to joining the firm, Spiro was a Senior Quantitative Analyst

with Neuberger Berman for five years and subsequently worked alongside the same investment professionals for an additional three years while with Northern Trust. He was also with

Lehman Brothers for six years where he was a Strategist and Quantitative Analyst for their global and U.S. Investment Strategy teams in London and New York. Prior to that, Spiro spent

three years as a research analyst with the Center for Research in Securities Prices (CRSP). Education: B.A., Economics, University of Chicago; M.B.A., with a concentration in Statistics

and International Finance, University of Chicago Booth School of Business.

Andrew Kominik, CFA

Andrew Kominik is a Quantitative Portfolio Analyst on the Systematic Research team. He primarily supports equity management teams in the use of internal and external quantitative

models to evaluate portfolio risk and performance. Andrew also develops and programs multifactor quantitative models that are used by the fundamental equity analysts and portfolio

managers. He joined William Blair in 2003 and previously served as a marketing analyst and portfolio construction analyst. He is a member of the CFA Institute and the CFA Society of

Chicago. Education: B.A., History, Brandeis University; M.B.A., with concentrations in Econometrics & Statistics and Finance, University of Chicago Booth School of Business.

Olga Bitel

Olga Bitel joined William Blair in 2009. As Investment Management’s Global Strategist, she is responsible for economic research and analysis across all regions and sectors. She distills

macroeconomic and geopolitical developments into actionable insights for Global, International and Emerging Markets equities portfolios within a multifaceted strategic framework.

Additionally, she provides insight on cyclical turning points and structural trends as inputs into portfolio construction in predominantly bottom-up investment approaches. Olga

represents the firm with current and prospective clients in one-on-one settings, via conference calls, and written communications. With her contributions to the William Blair blog

“Investing Insights,” she is frequently quoted in the media. She is a frequent speaker at major global investment conferences with influential colleagues in the industry, heads of state,

and global political figures. Prior to joining William Blair, Olga was a senior economist at the National Institute of Economic and Social Research in London, United Kingdom, where she

produced macroeconomic forecasts for most Asian economies and led thematic research projects for some of the world’s best known international organizations including OPEC, the

IMF among others. Education: B.A., University of Chicago; M.Sc. economics, London School of Economics and Political Science.

Jeffrey Hill

Jeffrey Hill is a Senior Quantitative Business Analyst on the Systematic Research team. He joined William Blair in 2014. Jeff provides business and technical support across all needs for

the team with a focus on portfolio attribution. Prior to joining William Blair he spent 15 years at UBS Global Asset Management within the Global Investment Services team. During this

time he managed an international development team that focused on building bespoke risk management, portfolio rebalancing, and asset allocation solutions. The UBS role also required

Jeff to function as the bridge between the technical, investment, and sales teams as the tools were built and used both within UBS and for external clients. Education: Bachelor of Science

in Industrial Technology, Illinois State University.

Andrew Wickman, CFA

Andrew Wickman is a Quantitative Research Associate on the Systematic Research team. He develops and programs multifactor quantitative models that are used by the fundamental

equity analysts and portfolio managers, in addition to supporting the strategic thought leadership of the team. Prior to joining William Blair in 2015, he was a consultant at FactSet

Research Systems for four years supporting investment management research analysts and portfolio managers. He is a member of the CFA Institute and the CFA Society of Chicago.

Education: B.S., Economics, University of Kentucky.

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Biographies – Client Service Team

191615

Douglas J. Kryscio, CFA, Partner

Doug Kryscio is a senior client relationship manager. Before joining William Blair in 2011, he was a partner and Midwest and Great Lakes market business leader with Mercer

Investment Counseling for 11 years. While at Mercer, Doug was also a senior analyst, associate, and principal. Before joining Mercer, he was a portfolio manager for First Chicago. He is a

member of the CFA Institute and the CFA Society of Chicago. Education: B.B.A., finance, with department honors, University of Kentucky; M.B.A., finance, with distinction, DePaul

University. Distinctions: Phi Kappa Phi and Delta Mu Delta National Honor Society.

Julie Stevens, CFA

Julie Stevens joined William Blair in 2000 as a member of Investment Management’s Operations team. She is the Head of Client Services. She has been a member of the Client Services team

since May of 2004. Previously, she spent three years at Bank One as a Financial Analyst for the Asset Liability Management Department. She is a member of the CFA Institute and the CFA

Society of Chicago. Education: B.S., Indiana University; M.B.A., University of Chicago Booth School of Business.

Cliff Kalish, CFA

Cliff Kalish is a client relationship manager. Before joining William Blair in 2011, Cliff was a client relationship manager at Calamos Investments for six years. Before that, Cliff was a

research analyst at Ellwood Associates for five years. Cliff is a member of the CFA Institute and the CFA Society of Chicago. Education: B.S., consumer economics with an option in

finance, University of Illinois at Urbana-Champaign.

Stephen J. Weeks

Steve Weeks is a senior client relationship manager. Before joining William Blair in 2015, Steve was senior vice president of marketing, consultant relations, and client services at

Columbus Circle Investors (CCI). Prior to joining CCI in April 2005, Steve was a director and senior investment specialist for Principal Global Investors and one of the founding partners

of GlobeFlex Capital, L.P., where he was responsible for institutional marketing and client service. He is a current board advisor to the National Conference on Public Employee

Retirement Systems (NCPERS). Education: B.S., finance, University of Arizona.

Dana Denizman

Dana Denizman joined William Blair in 1999 as a member of the Small Cap Growth Team. Currently, she is a Senior Client Services Associate, responsible for both international and

domestic accounts, and has been a member of the Client Services Team since May 2004. Previously, she spent four years at PaineWebber in various positions, including Registered Sales

Assistant, Branch Office Administrator and in the Management Development Program. Prior to that, Dana spent four years at American Century as a Client Service Representative.

Education: B.A., University of Iowa.

James Dominguez

James Dominguez is a client relationship manager.  Before joining William Blair in 2016, he served as a Vice President and Relationship Manager for Northern Trust Asset Management

working with Public Pension plans and Taft-Hartley plans.  While at Northern Trust, James also served as an Associate Relationship Manager within the Institutional Sales and Client

Service group and as a Senior Investment Manager Liaison within Investment Operations.  Prior to Northern Trust, James was the managing director of a national employment and

training organization where he oversaw the service delivery of five workforce programs for the City of Chicago’s Mayor's Office of Workforce Development. Education: B.A.,

psychology, Roosevelt University; M.B.A., financial analysis, DePaul University’s Kellstadt Graduate School of Business.

Robert J. Duwa, CFA, Partner

Robert Duwa is head of institutional client relationship management. Previously, Bob was a Portfolio Specialist on the Global Equity team. Bob joined William Blair in 2010 as a Senior

Client Relationship Manager responsible for institutional clients. Previously, he was a Senior Consultant and Practice Leader with DeMarche Associates, Inc. for 11 years, where he was

responsible for the strategic investment direction for institutional clients. At DeMarche, he was also president and founder of Discretionary Management Services, a registered

investment advisor providing OCIO services. Prior to DeMarche, Bob worked in institutional investment management for Boatmen’s Trust Company. He is a member of the CFA

Society of Chicago. Education: B.A. Finance, Loras College.

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Biographies – Client Service Team

236826

Thomas Riesenberg

Tom Riesenberg is a Senior Client Service Associate responsible for both international and domestic accounts. He joined Investment Management in November 2014. Previously, Tom

was an International Accounting Analyst at William Blair for three years. Prior to that, Tom was a Financial Reporting Analyst at the Northern Trust Company for four years.

Education: B.S.B.A. in Finance, Creighton University.

Jennifer Pinner

Jennifer Pinner joined William Blair in 2014 as a member of Investment Management Institutional Client Service. She is a Client Service Associate, responsible for both international and

domestic accounts. Previously, she spent eight years at Northern Trust in various positions, including Senior Consultant and Senior Account Manager for the Corporate and

Institutional Services team. Education: B.S., DePaul University; M.B.A., Saint Xavier University Graham School of Management.

Luke Hepler

Luke Hepler joined William Blair in 2015 as a member of Invesment Management Institutional Client Service. He is a Client Service Associate, responsible for both international and

domestic accounts. Previously, Luke was a Research Analyst at Ellwood Associates. Education: B.S., Finance, Northern Michigan University.

Matt Brady

Matt Brady joined William Blair in May 2015. He is a member of the Client Services Team as a Client Service Associate. He is responsible for both international and domestic accounts.

Previously, Matt was an Analyst on the Product Development & Management Team for BMO Global Asset Management. Education: BBA, Finance and Risk Management, University of

Wisconsin-Madison.

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Growth Equity Research Team

221973

StrategyResearch

Directors ofResearch

Institutional Portfolio ManagersSystematicResearch

PortfolioSpecialists

Olga Bitel, Global Strategist Jim Jones, CFA, PartnerD.J. Neiman, CFA, PartnerCorey Tobin, Partner

Research ManagerKristina Blaschek

Mike Balkin, PartnerDan Crowe, CFA, PartnerSimon Fennell, PartnerAndy Flynn, CFA, PartnerDavid Fording, CFA, PartnerJames Golan, CFA, PartnerJohn Jostrand, CFA, PartnerRobert Lanphier, Partner

Ken McAtamney, PartnerTodd McClone, CFA, PartnerDavid Merjan, CFA, PartnerJack Murphy, CFA, PartnerCasey Preyss, CFA, PartnerDavid Ricci, CFA, PartnerWard Sexton, CFA, PartnerJeff Urbina, CFA, Partner

Spiro Voulgaris, PartnerAndrew Kominik, CFAJeffrey HillAndrew Wickman, CFA

Ryan Dimas, CFA, CAIARomina GraiverMatt McLaughlin, CFATara Patock, CFABlake Pontius, CFAPatrick Quinn, CFA, Partner

Portfolio Managers average 26 years industry experience and 17 years at William Blair; Analysts average 16 years industry experience and 10 years at William Blair. Years of experience excludes research associates. As of January 2018.

Research Teams Consumer Financials Healthcare IndustrialsInformation Technology

Resources

U.S. Large Cap

Nancy Aversa, CFA

RJ Bukovac, CFA, CPA, Partner

Lauren Thompson, CFA

Mark Lane, Partner

Yan Krasov, CFA Yan Krasov, CFA James Golan, CFA,Partner

James Golan, CFA, Partner

U.S. Mid CapTravis Cope Nick Zimmerman, CFA Colin Williams, CFA,

Partner Nick Zimmerman, CFA

U.S. Small Cap

Michael Lasota, CFA Michael Hubbard Kurt Wiese, CFA, CPA, Partner

Jim Jones, CFA, Partner Corey Tobin, Partner

U.S. Small Cap Generalists

Henry Baby, CFA Mark Thompson, CFA, Partner

U.S. Research Associates (9)

Global Large/Mid

Kwesi Smith, CFA

Dan Su, CFA

Joel Gomberg, CFA, Partner

D.J. Neiman, CFA, Partner

Thomas Sternberg, CFA, Partner

Camilla Oxhamre Cruse, Ph.D.

Andrew Siepker, CFA

Anil Daka, CFA

William Benton, CFA, CPA, Partner

William De Allaume, CFA

Alaina Anderson, CFA, Partner

GlobalSmall Cap

Rita Spitz, CFA, Partner Daniel Hill, CFA Richard Reznik, Ph.D. Taylor Cope, CFA Drew Buckley, CFA, CPA Taylor Cope, CFA

EM Small Cap Generalists

Greg Scolaro, CFA, CPA Bryan Shea

China Generalists

Vivian Lin Thurston, CFA Richard Reznick, Ph.D.

Global Research Associates (7)

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Page 28: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Institutional Mid Cap Growth Strategy Performance for periods ending December 31, 2017

*Annualized standard deviation of monthly returns.

**Partial year performance from April 1 to December 31, 1997.

Past performance is not indicative of future returns. Returns for periods greater than one year are annualized. Gross performance results shown do not reflect the deduction of investment management fees, assume the reinvestment of dividends and capital gains, and are net of transaction costs. Performance results will be reduced by the fees incurred in the management of the account. For example, assuming an annual gross return of 8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5‐year period. Net investment performance represents the deduction of the highest possible fee. Investment management fees are described in William Blair's Form ADV Part 2A. The Russell Midcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Please see composite disclosure in appendix for a complete description of the composite.

216369

AnnualizedStrategy Inception

Composite Performance (% USD) Qtr 1 Yr 3 Yr 5 Yr 10 Yr (Apr 1 97)

Mid Cap Growth (Gross) 5.84 22.38 7.90 12.31 8.97 10.62Russell Midcap Growth Index 6.81 25.27 10.30 15.30 9.10 9.29 Relative Performance (Gross) -0.97 -2.89 -2.40 -3.00 -0.13 1.34

AnnualizedStrategy Inception

Risk (Standard Deviation)* % USD 5 Yr 10 Yr (Apr 1 97)

Mid Cap Growth (Gross) 10.27 16.12 16.36Russell Midcap Growth Index 10.73 17.94 20.89

Annual Composite Performance (% USD) 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Mid Cap Growth (Gross) 22.38 1.42 1.21 9.04 30.43 12.19 2.80 25.98 38.07 -34.12 16.34Russell Midcap Growth Index 25.27 7.33 -0.20 11.90 35.74 15.81 -1.65 26.38 46.29 -44.32 11.43 Relative Performance (Gross) -2.89 -5.91 1.41 -2.86 -5.31 -3.61 4.45 -0.40 -8.22 10.21 4.91

Annual Composite Performance (% USD) 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997**

Mid Cap Growth (Gross) 10.39 15.88 11.98 30.31 -20.25 7.05 18.64 6.17 16.92 26.02Russell Midcap Growth Index 10.66 12.10 15.48 42.71 -27.41 -20.15 -11.75 51.29 17.86 27.18 Relative Performance (Gross) -0.27 3.78 -3.50 -12.40 7.16 27.20 30.39 -45.12 -0.94 -1.16

December 2017 performance is preliminary.

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Page 29: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Mid Cap Growth – 2016 PerformanceDividend Yield Dynamic

To illustrate the dividend headwind in 2016:

Source: FactSet, December 31, 2016.

Past performance is not indicative of future returns. The Russell Midcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. This benchmark is a comparable market proxy. The attribution table by Dividend Yield is based on the strategy’s representative portfolio. A direct investment in an unmanaged index is not possible.

Mid Cap Growth Russell Midcap Growth Russell Midcap Growth Allocation

Average Weight (%) Average Weight (%) Total Return (%) Effect

>3% 2.1 8.1 12.8 -0.30

2%–3% 2.2 17.4 14.5 -0.98

1%–2% 25.3 23.1 9.4 0.14

0%–1% 16.1 12.6 15.2 0.16

0% 51.6 38.8 -0.8 -0.98

Total 7.3 -1.96

Issuer Dividend

Yield

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Page 30: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Mid Cap Growth – 2016 PerformanceCyclical Dynamic

Investors favored more cyclically‐oriented areas of the market in 2016 as evidenced by the 15 best performing industries in the Russell Midcap Growth Index. While our strategy is not void of companies within these industries, we have a bias towards companies with more durable growth that are less dependent on the macroeconomic environment.

Source: FactSet, December 31, 2016.

Past performance is not indicative of future returns. The above information is based on the Russell Midcap Growth Index. A direct investment in an unmanaged index is not possible.

Industry Total Return (%)

Semiconductors & Semiconductor Equipment 55.5

Oil Gas & Consumable Fuels 52.0

Technology Hardware Storage & Peripherals 48.9

Metals & Mining 48.7

Automobiles 46.8

Construction Materials 46.3

Insurance 40.6

Construction & Engineering 31.5

Airlines 27.1

Trading Companies & Distributors 27.1

Machinery 25.7

Banks 20.6

Aerospace & Defense 20.1

Electronic Equipment Instruments & Components 20.1

Air Freight & Logistics 19.3

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*All figures shown above are cumulative.

Inception date: April 1, 1997.

Source: FactSet. Past performance is not indicative of future returns. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investmentmanagement fees and net of transaction costs. Performance results will be reduced by the fees incurred in the management of the account. For example, assuming an annual gross return of8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5‐year period. Net investment performance represents thededuction of the highest possible fee. Investment management fees are described in William Blair's Form ADV Part 2A. Returns for periods greater than one year are annualized. The RussellMidcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratios and higherforecasted growth values. The stocks are also members of the Russell 1000 Growth Index. A direct investment in an unmanaged index is not possible.

Mid Cap Growth Performance – 2012 to 2014

Key factors that affected relative performance for period:

• -551 bps: Style impact – underweight to low valuation stocks as the cheapest stocks outperformed (106% vs. 52% for the lowest vs. highest valuation quintiles). We are typically underweight the cheapest segment of the market given our quality/sustainable growth philosophy

• -309 bps: Style impact – our typical lower debt/capital as more highly levered stocks outperformed (103% vs. 56% for the highest debt quintile vs. lowest debt quintile). Also highlighting the same “low quality” nature of this three year period was the fact that profitable companies returned 72% while unprofitable companies returned 146% .

• -245 bps: Cash – averaged 3.0% over the three-year period

• -158 bps: Our typical underweight to Biotechnology

• Stock selection – Our goal is to control what we can control and that is stock selection. We added an experienced investor, Dan Crowe, as an independent voice in making MCG portfolio decisions and have added analytical resources in our largest area of weakness, Consumer. In addition, we have become more self-aware due to lessons learned from some of our bigger detractors over this time period (HMS Holdings, Polypore, Select Comfort and Citrix Systems), including minimizing stock-specific risk by better assessing the potential compounding effects of fundamental issues in higher multiple stocks.

5358267

Performance (%) Annualized Cumulative

Mid Cap Growth Composite (Gross) 16.86 59.57

Russell MidCap Growth 20.71 75.91

Relative Performance -3.85 -16.34

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222748

Investment Process – Company AssessmentIdentifying Durable Business Franchises

Strong Management

Sustainable Business Model Solid Financials

Record of Success

Common Goals with

Shareholders

SignificantEquity

Ownership

Ability to Reinvent

SolidCorporate

Culture

Leadership & Execution

Capabilities

Market Opportunity

Leadershipin its Field

Value-Added Products &

Services

Flexible Pricing

High Barriers to Entry

Sustainable Competitive Advantages

Predictable Earnings

Conservative Accounting

Recurring Revenue

SuperiorCash Flow

High Returnon Investment

Low Debt

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Investment Process – Valuation Assessment

We apply a valuation discipline to our buy and sell decisions. Some of the metrics include:

• Stock relative to its historical valuation

• Stock relative to its peer group

• Stock relative to the market

• Stock relative to other companies with similar financial characteristics

• Does the market price reflect our view of the company’s long-term fundamentals?

• Is the risk/reward favorable?

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Page 34: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Investment ProcessMid Cap Growth Portfolio Construction & Risk Control

Portfolio allocations exclude cash.

Weights shown are percentages of total net assets. Sector weights may vary over time as benchmark index weights shift. The data shown above is taken from a representative account. Calculated in FactSet based on Global Industry Classification Sectors (GICS).

Portfolio Construction

Position Limit Parameters

Typical Initial Position 0.5-1.5%

Position Limit at Market 5%

Portfolio Holdings 40–60

Market Cap Range

Primarily within the range of the Russell Midcap Index at time of purchase

Sector Weight Parameters

Sector weights are generally .5x to 2x the benchmark weights of the major economic sectors

232042

Risk Control

Absolute

• Best possible understanding of company

• Valuation discipline

• Position size parameters

Benchmark Relative

• Sector, industry and market cap weights

• Barra multi-factor risk analysis

• Internally-developed quantitative models

• Timely analysis of custom risk factors

– Days to Cover, HF ownership, Self-Funding, Capital Market Dependency

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Investment Process – Sell Discipline

221981

Are fundamentals intact?

• Change in management

• Change in competitive environment

• Change in company strategy

• Change in growth rate

Is valuation attractive?

• Absolute and relative multiples

• Relative to other companies with similar financial characteristics

Are portfolio construction parameters met?

• Positions outside of parameters

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Page 36: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Institutional Mid Cap Growth Strategy Performance

Past performance is not indicative of future returns. Returns for periods greater than one year are annualized. Gross performance results shown do not reflect the deduction of investment management fees, assume the reinvestment of dividends and capital gains, and are net of transaction costs. Performance results will be reduced by the fees incurred in the management of the account. For example, assuming an annual gross return of 8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5‐year period. Net investment performance represents the deduction of the highest possible fee. Investment management fees are described in William Blair's Form ADV Part 2A.. The Russell Midcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Please see composite disclosure in appendix for a complete description of the composite.

Mid Cap Growth Composite vs. Russell Midcap Growth IndexQuarterly and Annual Returns (%)

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Mid Cap

Growth

Composite

(USD

Gross)

Index Relative

Performance

Mid Cap

Growth

Composite

(USD

Gross)

Index Relative

Performance

Mid Cap

Growth

Composite

(USD

Gross)

Index Relative

Performance

Mid Cap

Growth

Composite

(USD

Gross)

Index Relative

Performance

Q1 -- -- -- Q1 -3.32 -0.02 -3.30 Q1 -3.54 -3.36 -0.18 Q1 6.69 5.38 1.31Q2 18.47 14.72 3.75 Q2 13.19 18.76 -5.56 Q2 18.84 20.67 -1.83 Q2 -1.23 -1.14 -0.09Q3 6.70 13.99 -7.29 Q3 7.39 7.16 0.23 Q3 14.72 17.58 -2.86 Q3 -7.55 -7.99 0.44Q4 -0.31 -2.75 2.44 Q4 10.88 12.16 -1.28 Q4 4.99 6.69 -1.70 Q4 3.89 4.12 -0.23

1997 26.02 27.18 -1.16 2003 30.31 42.71 -12.40 2009 38.07 46.29 -8.22 2015 1.21 -0.20 1.41

Q1 12.48 11.94 0.54 Q1 2.24 4.83 -2.59 Q1 7.28 7.67 -0.39 Q1 -1.37 0.58 -1.95Q2 2.66 -0.06 2.72 Q2 3.41 1.05 2.35 Q2 -8.52 -10.20 1.68 Q2 1.24 1.56 -0.32Q3 -16.77 -16.69 -0.07 Q3 -3.65 -4.33 0.68 Q3 12.82 14.65 -1.83 Q3 2.40 4.59 -2.19Q4 21.66 26.47 -4.81 Q4 9.92 13.94 -4.02 Q4 13.78 14.01 -0.23 Q4 -0.81 0.46 -1.27

1998 16.92 17.86 -0.94 2004 11.98 15.48 -3.50 2010 25.98 26.38 -0.40 2016 1.42 7.33 -5.91

Q1 -7.98 3.42 -11.39 Q1 -1.61 -1.67 0.06 Q1 9.94 7.85 2.08 Q1 5.49 6.89 -1.40Q2 9.92 10.42 -0.50 Q2 5.00 3.43 1.57 Q2 2.48 1.61 0.88 Q2 5.12 4.21 0.91Q3 -10.39 -5.01 -5.38 Q3 6.45 6.55 -0.10 Q3 -16.82 -19.33 2.50 Q3 4.27 5.28 -1.01Q4 17.14 39.47 -22.34 Q4 5.37 3.44 1.92 Q4 9.70 11.24 -1.54 Q4 5.84 6.81 -0.97

1999 6.17 51.29 -45.12 2005 15.88 12.10 3.78 2011 2.80 -1.65 4.45 2017 22.38 25.27 -2.89

Q1 9.18 21.12 -11.94 Q1 10.45 7.61 2.84 Q1 13.26 14.52 -1.26Q2 0.71 -7.41 8.11 Q2 -5.47 -4.69 -0.77 Q2 -5.02 -5.60 0.59Q3 11.26 2.52 8.73 Q3 0.09 0.89 -0.80 Q3 4.13 5.35 -1.21Q4 -3.01 -23.25 20.24 Q4 5.62 6.95 -1.32 Q4 0.15 1.69 -1.54

2000 18.64 -11.75 30.39 2006 10.38 10.66 -0.27 2012 12.19 15.81 -3.62

Q1 -7.59 -25.08 17.50 Q1 5.88 3.96 1.92 Q1 11.37 11.51 -0.14Q2 12.79 16.18 -3.39 Q2 7.59 6.74 0.84 Q2 1.63 2.87 -1.23Q3 -13.35 -27.80 14.45 Q3 5.98 2.15 3.83 Q3 7.74 9.34 -1.60Q4 18.53 27.06 -8.53 Q4 -3.63 -1.70 -1.94 Q4 6.97 8.23 -1.27

2001 7.05 -20.15 27.20 2007 16.34 11.43 4.91 2013 30.43 35.74 -5.31

Q1 0.42 -1.77 2.18 Q1 -10.94 -10.95 0.01 Q1 0.42 2.04 -1.63Q2 -11.77 -18.26 6.49 Q2 4.50 4.65 -0.14 Q2 2.45 4.37 -1.92Q3 -16.03 -17.18 1.15 Q3 -8.59 -17.75 9.16 Q3 -1.81 -0.73 -1.08Q4 7.21 9.16 -1.95 Q4 -22.56 -27.36 4.80 Q4 7.94 5.84 2.10

2002 -20.25 -27.41 7.16 2008 -34.12 -44.32 10.21 2014 9.04 11.90 -2.86

December 2017 performance is preliminary.

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Page 37: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Glossary – Indices

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Bank of America Merrill Lynch 1-Year U.S. Treasury Note Index: An unmanaged index comprised of a single U.S.Treasury Bill issued at the beginning of each month and held for a full month. Each month the index is rebalanced and theissue selected is the outstanding U.S. Treasury Note that matures closest to, but not beyond one year from therebalancing date.

Bank of America Merrill Lynch 3-Month Treasury Bill Index: An unmanaged index tracking 3-month U.S.government securities.

Bloomberg Barclays U.S. Aggregate Bond Index: A broad-based benchmark that measures the investment grade, U.S.dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities,mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercialmortgage backed securities.

Bloomberg Barclays Intermediate Govt./Credit Bond Index (formerly the Lehman Index): A fixed-rate governmentand corporate bonds rated investment grade or higher.

Bloomberg Barclay’s Multiverse Index: Provides a broad-based measure of the global fixed-income bond market. Theindex represents the union of the Global Aggregate Index and the Global High-Yield Index and captures investment gradeand high yield securities in all eligible currencies. Standalone indices such as the Euro Floating-Rate ABS Index and theChinese Aggregate Index are excluded. The Multiverse Index family includes a wide range of standard and customizedsub-indices by sector, quality, maturity, and country.

Bloomberg Barclays U.S. Intermediate Aggregate Bond Index: A broad-based benchmark that measures theinvestment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-relatedand corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backedsecurities and commercial mortgage backed securities with maturities between one and 10 years.

Merrill Lynch 1-Year U.S. Treasury Note Index: Comprised of a single U.S. Treasury Bill issued at the beginning of eachmonth and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding U.S.Treasury Note that matures closest to, but not beyond one year from the rebalancing date.

Merrill Lynch 3-Month Treasury Bill Index: An unmanaged index tracking 3-month U.S. government securities.

MSCI (Morgan Stanley Capital International): MSCI indices are the most widely used benchmarks by global portfoliomanagers. MSCI offers international investors performance benchmarks for 51 national stock markets as well asregional, sector, industry group, and industry aggregations.

MSCI All Country World ex-US EAFE Index: An unmanaged index that includes developed and emerging marketsoutside the United States.

MSCI All Country World ex-US Small Cap Index: A free float-adjusted market capitalization index designed to measureglobal developed and emerging market small capitalization equity performance, excluding the U.S.

MSCI EAFE Index: A free float-adjusted market capitalization index which captures large and mid cap representationacross Developed Markets countries around the world, excluding the U.S. and Canada.

MSCI EAFE IMI Index: A free float-adjusted market capitalization index which captures large, mid and small caprepresentation across Developed Markets countries around the world, excluding the U.S. and Canada.

MSCI EAFE Growth Index: A free float-adjusted market capitalization index that is designed to measure the equitymarket performance of developed markets, excluding the U.S. & Canada.

MSCI All Country World ex-US Index: An unmanaged index that includes developed and emerging markets, excludingthe U.S.

MSCI All Country World ex-US Growth Index: A free float-adjusted market capitalization index that is designed toprovide a broad measure of equity-market performance throughout the world, excluding the U.S. It includes those MSCIAll Country World ex-US securities with higher price-to-book ratios and higher forecasted growth rates.

MSCI All Country World ex-US IMI Index: A free float-adjusted market capitalization index that is designed to measureequity market performance in the global developed and emerging markets, excluding the U.S.

MSCI All Country World IMI Index: A free float-adjusted market capitalization index that is designed to measure equitymarket performance in the global developed and emerging markets.

MSCI All Country World ex-US IMI Growth Index: A free float-adjusted market capitalization index that is designed tomeasure equity market performance in the global developed and emerging markets, excluding the U.S. It includes thoseMSCI All Country World ex-US IMI Index securities with higher price-to-book ratios and higher forecasted growth rates.

MSCI World ex-US Growth Index: A free float-adjusted market capitalization weighted index that is designed tomeasure the equity market performance of developed markets, excluding the U.S., with higher price-to-book ratios andhigher forecasted growth rates.

MSCI World ex-US Index: A free float-adjusted market capitalization weighted index that is designed to measure theequity market performance of developed markets, excluding the U.S.

MSCI Emerging Markets Index: A free float-adjusted market capitalization index that is designed to measure equitymarket performance in the global emerging markets.

MSCI Emerging Markets IMI Index: A free float-adjusted market capitalization index which captures large, mid andsmall cap equity market performance in the global emerging markets.

MSCI Emerging Markets Small Cap Index: A free float-adjusted market capitalization index that is designed to measure equity market performance of small cap companies in emerging markets.

MSCI Emerging Markets Large Cap Index: A free float-adjusted market capitalization index that is designed to measure equity market performance of large cap companies in emerging markets.

MSCI World ex-US Small Cap Index: An unmanaged index that includes non-US developed markets.

Russell 1000 Index: Measures the performance of the 1000 largest companies in the Russell 3000 Index, which represents approximately 90% of the total market capitalization of the U.S. market.

Russell 1000 Growth Index: Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index: Measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Index: Measures the performance of the 2000 smallest companies in the Russell 3000 index, which represents approximately 8% of the total market capitalization of the Russell 3000 index.

Russell 2000 Growth Index: Measures the performance of those Russell 2000 companies with higher price-to book ratios and higher forecasted growth values.

Russell 2000 Value Index: Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500 Index: Measures the performance of the 2500 smallest companies in the Russell 3000 Index.

Russell 2500 Growth Index: Measures the performance of those Russell 2500 companies with higher price-to book ratios and higher forecasted growth values.

Russell 2500 Value Index: Measures the performance of those Russell 2500 companies with lower price-to book ratios and lower forecasted growth values.

Russell 3000 Index: Measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000 Growth Index: Measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Index: Measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 27% of the total market capitalization of the Russell 1000 companies.

Russell Midcap Growth Index: Measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Value Index: Measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

S&P 500 Index: The Standard & Poor's 500 Index (S&P 500) is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. Companies included in the index are selected by the S&P Index Committee, a team of analysts and economists at Standard & Poor's. The S&P 500 is a market value weighted index—each stock's weight is proportionate to its market value.

A direct investment in an unmanaged index is not possible.

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Page 38: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Composite Presentation ReportInstitutional Mid Cap Growth

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Page 39: January 18, 2018 Robert C. Lanphier, Partner Portfolio ... University of Chicago BS, ... and PMs via internal and external networks, ... Holdings are subject to change at any time

Institutional Mid Cap Growth StrategyPerformance for periods ending December 31, 2017

*Partial year performance from April 1 to December 31, 1997.

Past performance is not indicative of future returns. Net investment performance represents the deduction of the highest possible fee. Actual client net returns may be higher or lower depending on fees charged to your account and the amount invested.

Returns for periods greater than one year are annualized. Gross performance results shown do not reflect the deduction of investment management fees, assume the reinvestment of dividends and capital gains, and are net of transaction costs. Performance results will be reduced by the fees incurred in the management of the account. For example, assuming an annual gross return of 8% and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5‐year period. Net investment performance represents the deduction of the highest possible fee. Investment management fees are described in William Blair's Form ADV Part 2A.. The Russell Midcap Growth Index is an unmanaged index registered to Russell/Mellon. It measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Please see composite disclosure in appendix for a complete description of the composite.

216369

Annualized

Strategy Inception

Composite Performance (% USD) Qtr 1 Yr 3 Yr 5 Yr 10 Yr (Apr 1 97)

Mid Cap Growth (Gross) 5.84 22.38 7.90 12.31 8.97 10.62

Mid Cap Growth (Net) 5.60 21.29 6.93 11.30 7.99 9.60

Russell Midcap Growth Index 6.81 25.27 10.30 15.30 9.10 9.29

Relative Performance (Gross) -0.97 -2.89 -2.40 -3.00 -0.13 1.34

Annual Composite Performance (% USD) 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Mid Cap Growth (Gross) 22.38 1.42 1.21 9.04 30.43 12.19 2.80 25.98 38.07 -34.12 16.34Mid Cap Growth (Net) 21.29 0.51 0.31 8.07 29.27 11.18 1.88 24.85 36.83 -34.73 15.31Russell Midcap Growth Index 25.27 7.33 -0.20 11.90 35.74 15.81 -1.65 26.38 46.29 -44.32 11.43

Annual Composite Performance (% USD) 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997*

Mid Cap Growth (Gross) 10.39 15.88 11.98 30.31 -20.25 7.05 18.64 6.17 16.92 26.02Mid Cap Growth (Net) 9.41 14.85 10.94 29.05 -21.05 5.99 17.48 5.12 15.78 25.11Russell Midcap Growth Index 10.66 12.10 15.48 42.71 -27.41 -20.15 -11.75 51.29 17.86 27.18

5469575

December 2017 performance is preliminary.

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