efgam new capital us growth fund citywire southwest retreat 2012

New Capital

US Growth Fund

May 2012

FOR INSTITUTIONAL INVESTORS ONLY

New Capital US Growth Fund


2

EFG Asset Management

An independently managed subsidiary of EFG International.

EFG International AG is part of the EFG Bank European Financial Group and has a strong capital base, as illustrated by a Tier 1 Capital Ratio of 13%.

EFG Asset Management (EFGAM) is an independently managed subsidiary of EFG International and a provider of investment products and services to institutional and individual investors worldwide.

As a global private bank headquartered in Zurich, EFG International AG has a comprehensive service offering in the areas of private banking and wealth management.

EFG International AG and its subsidiaries currently operate in 50 locations in 30 countries, with over 2400 employees. EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange.



3

EFGAM is an international advisor delivering leading investment solutions for clients worldwide. With $7 billion in assets under management, we have 94 professionals around the world.

Our range of funds span a broad spectrum of investment options with over $1.2 billion in assets.

We offer a wide range of investment solutions reflecting the varied needs and preferences of our clients.

Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles.

Figures as at 31 December 2011

Specialist Strategies for Thoughtful Investors



About New Capital Funds

► The New Capital family of funds offer a focused range of thematic strategies launched to

meet the diverse needs of EFGAM’s private clients and institutional investors.

► We focus on delivering sound investment performance across all capabilities by developing

funds that reflect our macro economic views and asset allocation requirements. We will

continue to launch new products as markets evolve.

► New Capital UCITS Funds

Our Ireland domiciled UCITS Fund range consists of six sub-funds offering investment in

equities and bonds, covering global, regional, developed and emerging markets. Many of

the funds are registered in several countries.

4



5


► The Fund seeks long term capital appreciation by actively investing in high conviction US equity holdings with approximately 70% weight in large cap and 30% in mid cap.

► The portfolio consists of companies with high quality growth brands, products, and management, high consumer acceptance, financial strength and consistency.

► A rigorous qualitative and quantitative research process is utilised to buy quality companies at good valuations relative to expected ROE and EPS growth rates, enhancing the opportunity for attractive gains while minimising the risk of downside price movements.

► The Fund is actively managed by Mazama Capital, a dedicated growth equity manager to institutional investors worldwide.

Investment philosophy.



The Up Market capture ratio of all five Mazama strategies rank top quintile or better in their respective peer universe, since inception. Data provided by e-Vestment .

Performance and Continuity

� Lead Portfolio Manager and CIO in place since firm

inception

� Mazama has an 18 year track record managing

institutional growth equity portfolios, with an industry

leading Up-Market Capture Ratio

Process

� Mazama’s Proprietary Price Performance Model is a

disciplined, dynamic and repeatable tool

� Our process focuses on high quality growth companies

with superior financial models, providing a competitive

advantage in both up and down markets

Mazama Capital Management

ConWay

Public pensions

Corporate pensions

Foundation &

Endowment

Sub-advisoryEFG Asset Management

John Deere

Utah Retirement System

AT&T

Services offered Selection of clients

Mazama serves institutional investors only.

6



7

Mazama Investment Team

Portland514TradingJoe JenkinsTrading

Portland916Equity TraderBryan Goss

Portland22Research AnalystKrystal DaibesResearch

Portland22Research AssociateChelsea Wilson

Analysts

Name Areas of CoverageExperience

LocationIndustry Mazama

Portfolio

Managers

Ron Sauer All Sectors 30 18 Portland

Joel Rubenstein All Sectors 14 8 Portland

Gretchen Novak Consumer Emphasis 17 12 New York

Tim Butler Financial Services/Durables 17 9 Portland

Mike Clulow Healthcare/Energy 16 9 New York

Li Tang Technology Materials/Utilities 8 4 Portland

Note: Sectors shown are representative of the combined growth universe as viewed by Mazama, and using best estimate of allocations after annual rebalancing. Industrials includes Producer Durables; traditional energy; materials; utilities; transportation.

2010 Positive Earnings Surprise % is YTD through 31 March 2012. Positive earnings calculation provided by Russell Analytics.

Industry Expertise leads to a High Fundamental Hit Rate

Calendar Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% of Portfolio with Positive Earnings Surprise

60% 63% 62% 69% 80% 78% 72% 73% 65% 75% 80%

Consumer Discretionary

Utilities

Materials

Technology

Financial S

ervices

DurablesEnergy

Healthcare

Consumer Staples

71%

2011



Mazama’s Investment Process

Growth Equity Universe

Russell 3000 Growth Index

Companies actively monitored in the

Price Performance Model

Portfolio Holdings

Approximately 300 companies

Micro Cap Growth

80 Names

Weighted average Market Cap = $540M

Mazama portfolios constructed by market cap

Small Cap Growth

80 Names

Weighted average Market

Cap = $1.7b

SMID Cap Growth

80 Names

Weighted average Market

Cap = $3.8b

Mid Cap Growth

80 Names

Weighted average Market Cap = $10.2b

SelectGrowth

60 Names


Large Cap Growth

40 Names


Weighted average market cap of each Mazama portfolios as at 31 March 2012

8

The US Growth Fund selection process begins with Mazama’sMid Cap and

Large Cap Growth Funds universe



Mazama’s Investment Process Continued…

� Dedicated and passionate employees, which leads to low employee turnover� ‘Brandable’ products and services� Products positioned to increase market share� Expanding addressable market for products or services� Able to grow in all economic environments� Exposure to emerging markets� Significant staff ownership

� Financial trends can be excellent indicators of potential future performance� We utilise proprietary financial trend analysis to confirm that the industry data we are

gathering is accurate� This analysis allows us to assess whether a company is positioned to outperform

current expectations and improves our timing in buying and selling growth stocks

Identify high quality growth companies through industry diligence

Generate proprietary financial estimates for each portfolio holding

PricePerformance

Model

Financial Modeling &

Trend Analysis

Fundamental Industry

Research

PPM framework captures both qualitative and quantitative inputs

� Our proprietary framework allows us to identify quality, timely names that have strong financial models and strong growth potential

� By quantifying our inputs and information, we can efficiently identify the best names in our universe and compare very dissimilar companies

� This framework allows us to screen the universe; pick the best stocks; and then build a portfolio to effectively outperform our benchmark

9



10

Mazama’s Investment Process Continued…

Quality Grade

Ten criteria we use to identify the industry’s view of

current and foreseeable quality of a company’s

people, products and services.

Timeliness Grade

Fourteen criteria we use to assess the product/service

ramp’s impact on current and future financial

statements and stockmovements.

Proprietary

Growth Model Grade

Identifies companies with outstanding Return on Shareholders Equity

relative to the estimated P/E.

Other Investors’

Best Valuation Grade

Identifies when other investors will begin to buy/sell

securities based upon estimated EPS Growth

relative to the estimated P/E.

� The cornerstone of the Fund’s buy/sell discipline is the Price Performance Model, a proprietary stock picking and portfolio management tool developed by Mazama which has been used for over 20 years across multiple equity growth strategies.

� The sum of the components within this framework provides the overall Price Performance Model Grade.

� Provides a qualitative and quantitative framework to identify, evaluate, track and rank stocks with attractive ROE and high earnings growth.

Proprietary Price Performance Model Framework (PPM).



11

Portfolio Construction

Quality

GradeTimeliness

Grade+++

►Utilising the PPM, the portfolio construction process includes screening companies with market caps represented within the Russell 1000 Growth and Russell Midcap Growth indices for desirable financial characteristics.

► This analysis produces a workable list of stocks that undergo further fundamental analysis, of which around 60 will become portfolio holdings.

2.50

2.50

2.50

2.50

+

+

+

+

3.13

1.93

2.40

4.02

+

+

+

+

0.69

1.93

1.60

1.79

=

=

=

=

8.82+2.50Apple

8.86+2.50Starbucks

9.00+2.50Mastercard

10.81+2.50Express Scripts

Quality Grade

TimelinessGrade

Proprietary

Growth ModelGrade

Other Investors’

Best Valuation

Grade

Price Performance

Model (PPM) scores:

2.50 = Outstanding1.75 = Above Average1.25 = Average

+ + +

Four category rankings combine to help determine each company’s weighting in the portfolio

Note: The stocks shown above were selected from the Price Performance Model on 31 March 2012, and represent the highest weighted holdings in their respective industries of the Select Growth Portfolio at that time. They are presented for illustration purposes only and may no longer be held in client accounts. This presentation should not be construed as a recommendation to buy.

Proprietary Price Performance Model Framework (PPM).

Overall PPM Grade=



42%

20%22%

16%

26%

19%

26%

29%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Growth > 17.0% Growth 13.2 - 17.1% Growth 10 - 13.2% Growth < 10%

Mazama

Russell Benchmark

12

Portfolio Growth Outstrips the Universe

► 62% of the Mazama portfolio is invested in top growing companies – compared to 45% of the universe. Only 38% of the Mazama portfolio is in the lower growing companies, compared to 55% of the universe.

Mazama 62% vs. 45% for Russell Index Mazama 38% vs. 55% for Russell Index

Note: Data provided by FactSet as of 31 March 2012. Data from Factset specific to the long term estimated EPS growth for the Mazama Select Portfolio vs. the Russell 1000 Growth Index.

Earnings Growth by Quartile



Average of all portfolios

through 31 March 2012

175%

109%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Up Market Capture % Down Market Capture %

Capture Ratio

13

� The Up Market capture ratio of all Mazamastrategies rank top quintile or better in their respective peer universe, since inception.

� In the last bull market for growth stocks, April 1993 – February 2000, Mazama Small Cap Growth returned 392% vs. 228% for the R2000G.

� Numbers include all Mazama portfolios, a combined 46 years of quarterly data.

Capture Ratio = 1.6Capture Ratio = 1.6

Since inception of all Mazama strategies.

The “Up Capture” is the cumulative return of the composite during quarters in which the benchmark was up, relative to the benchmarks cumulative performance during the same quarters. The “Down Capture” is the same calculation but accumulates the performance from quarters in which the benchmark was down. Average is time weighted. Performance is calculated net of fee.

Current performance may be preliminary, pending final reconciliation and verification. Past performance is not indicative of future results. Please see Mazama Capital Management’s full performance disclosure for additional information regarding the firm’s composites, performance history and calculations and fee schedules.

Capture Ratio – average of all portfolios back to 1993



Annualised Three Year Performance –All Mazama Strategies

Current performance may be preliminary, pending final reconciliation and verification. All periods longer than one year have been annualised. Past performance is not indicative of future results. Please see Mazama Capital Management’s full performance disclosure for additional information regarding the firm’s composites, performance history and calculations, and fee schedules. Figures as at 31 March 2012

14

Mazama Composites –

Gross of Fees30.29% 29.39% 28.79% 30.57% NA 24.81%

Mazama Composites –

Net of Fees29.16% 28.70% 27.98% 29.84% NA 24.01%

Respective index 28.18% 28.36% 29.86% 29.16% 25.28% 25.28%

Alpha 2.11% 1.03% -1.07% 1.41% NA -0.47%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Mazama

Micro Cap

Growth

Mazama

Small Cap

Growth

Mazama

SMID Cap

Growth

Mazama Mid

Cap Growth

Mazama

Select

Growth

Mazama

Large Cap

Growth

Mazama Benchmark



0

5

10

15

20

25

30

35

40

45

50

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

P/E

– I

BE

S 1

Ye

ar

Es

tim

ate

15

Growth Equity Forecast is Very Positive

Historical High = 52

P/E of the Russell 3000 Growth Universe

Historical Low = 11

LTaverage =

20

20% Premium = 24

► Corporate profits are near all

time high levels

► P/E multiples for the growth

universe are at a 33%

discount to their 20 year

average

► Financial condition of

companies in the growth

universe is extremely strong

► Growth of the middle class

worldwide provides an historic

opportunity for growth

companies to market and sell

their products overseas

Mazama’s Internal Forecast.

Represents a moderate projection by Mazama. P/E history is the monthly Russell 3000 Growth Index, provided by FactSet thru 31 March 2012. Acquisition premium a combination of day of purchase increase of 35%, plus increase over the 6 weeks preceding announcement.

This supplemental information compliments Mazama Capital Management, Inc.’s full performance disclosure presentation

Mazama portfolios have had 70 companies acquired at an average

premium of approximately 50% since PE’s dipped below long term average

levels in 2004

Russell 3000 Growth Index PE



16 The Up Market capture ratio of all 5 Mazama strategies rank top quintile or better in their respective peer universe, since inception. Data provided by e-Vestment . P/E statistics provided by FactSet

Growth Stocks and Mazama Portfolios are timely

Why growth is so timely

� Corporate profits are near all time high levels

� P/E multiples for the growth universe are at a 33% discount to their 20 year average

� Financial condition of companies in the growth universe are extremely strong

� Growth of the middle class worldwide provides an historic opportunity for growth companies to market and

sell their products overseas

Why Mazama?

� The Up Market capture of 1.67 for Mazama portfolios provides outstanding return potential

� The CIO and investment team have over 136 years of industry experience, and over 60 years together

managing institutional growth portfolios

� Our proprietary process leads us to companies with superior financial models

� Mazama is an independent, institutional growth equity boutique



Reward Characteristics� Bottom-up, fundamental stock selection process� Fully invested at all times� Growth rates > 20%� Focus on market caps represented by the

Russell Midcap Growth Index (benchmark oriented but not benchmark constrained)

� We overweight the top 30 stocks with over 50% of the portfolio assets

Risk Constraints� Diversified portfolio of approximately 80 holdings� Positions are reduced as soon as prudent if they

exceed 4% of portfolio value� Focus on investing in only the highest quality

companies in our universe� Proprietary Price Performance Model provides

dynamic indication of timely buy and sell decisions

17

Mazama Mid Cap Growth – statistics as of 31 March 2012

*Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure.

17

27

13

9

11

5

11

4

3

17

26

13

10

5

6

11

11

1

0 5 10 15 20 25 30


Technology

Producer Durables

Health Care

Financial Services

Materials & Processing

Energy

Consumer Staples

UtilitiesRussell 1000 Growth

Mazama Large Cap Growth

Mazama Mid Cap Typical Mazama Mid Cap Growth Account Russell Midcap Growth Index

Forward P/E Ratio* 15.7 17.2

Price/Book Ratio 3.37 3.92

Number of Stocks 80 463

EPS Growth (I/B/E/S projected long term) 15.80% 14.60%

EPS Growth (Proprietary 1-3 year projection) 27.80% -

Portfolio Turnover - in dollars 83% -

Weighted Average Market Cap $10.17 billion $9.08 billion



Reward Characteristics

� Bottom-up, fundamental stock selection process� Fully invested at all times� Growth rates > 20%� Focus on market caps represented by the Russell

1000 Growth Index

Risk Constraints

� Diversified portfolio of approximately 40 holdings� Positions are reduced as soon as prudent if they




* Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure

18

Mazama Large Cap Growth – statistics as of 31 March 2012

Mazama Large Cap Typical Mazama Large Cap Growth Account Russell 1000 Growth Index

Forward P/E Ratio* 13 15.1



EPS Growth (I/B/E/S projected long term) 15.20% 13.50%




16

26

11

9

11

7

10

8

3

17

28

13

10

6

6

10

10

1

0 5 10 15 20 25 30


Technology

Producer Durables

Health Care

Financial Services


Energy

Consumer Staples


Mazama Large Cap Growth



Mazama Select Growth – statistics as of 31 March 2012

Reward Characteristics

� Bottom-up, fundamental stock selection process� Fully invested at all times� Growth rates > 20%� Focus on market caps represented by the Russell

1000 Growth Index

Risk Constraints

� Diversified portfolio of approximately 60 holdings� Positions are reduced as soon as prudent if they




* Forward P/E for the Mazama account is using proprietary earnings estimates; and for the Russell index is using I/B/E/S earnings estimates as of 31 March 2012. Note: All non-proprietary statistics provided by Russell/Mellon Analytical Services. This supplemental information complements Mazama Capital Management’s full performance disclosure

19

Mazama Select Typical Mazama Select Growth Account Russell 1000 Growth Index

Forward P/E Ratio* 13.7 15.1



EPS Growth (I/B /E/S projected long term) 15.8% 13.5%




20

29

8

5

11

8

11

6

1

17

26

13

10

6

6

10

10

1

0 5 10 15 20 25 30 35


Technology

Producer Durables

Health Care

Financial Services


Energy

Consumer Staples


Mazama Select Growth



Performance of US Growth Fund

20 Past performance is not necessarily a guide to the future.Data as at end March 2012

PerformanceNew Capital

US Growth

Fund

Russell

1000

Index

Date of inception 26 July 2010

Source: New Capital Fund Management, Bloomberg

Returns may increase or decrease as a result of currency fluctuations. Performance is net of fees

S&P

500

Index



Mazama Portfolio Managers

Ron A. Sauer | President, Chief Investment Officer, Senior Portfolio Manager

Mr. Sauer is the founder of Mazama Capital Management and chairman of the board of directors. He oversees the investment process and is the lead portfolio manager on all Mazama strategies. Mr. Sauer has been active in growth investing since1980. In his role as president and director of research for Black & Company, Mr. Sauer spent 14 years assisting growth managers with stock selection. Earlier in his career as an analyst at Willamette Management, Mr. Sauer developed a highly disciplined and successful investment process. He developed Mazama's proprietary Price Performance Model (PPM) in 1985, which is a critical component and the underlying discipline of Mazama's investment approach. Mr. Sauer earned a Bachelor of Science in Finance from the University of Oregon. Currently, Mr. Sauer is on the Dean's Business Advisory Council for the Charles H. Lundquist College of Business at the University of Oregon. He is a founding member of the Securities Analysis Center at the University of Oregon and the namesake for center’s Managing Director position, known as the Ronald A. Sauer Distinguished Fellow of Finance.

Joel Rubenstein | Senior Portfolio Manager

Mr. Rubenstein is a part of the Portfolio Management team, working closely with the CIO in all facets of investment process. Prior being promoted to the role of Portfolio Manager in 2007, Joel was a senior research analyst at Mazama, specializing primarily within the technology sector and certain alternative energy companies across all strategies. He joined Mazama in 2003. Prior to joining Mazama, Mr. Rubenstein was a Senior Equity Research Associate in the technology group at Banc of America Securities. He also spent three years as a Senior Research Analyst at Analysis Group, a leading provider of economic and business strategy consulting services. Mr. Rubenstein earned a MBA in finance and a Bachelor of Arts degree in Economics from UCLA.

Gretchen Novak, CFA | Portfolio Manager, Sector Portfolio Manager - Consumer

Ms. Novak is responsible for researching consumer discretionary and consumer staple companies for all Mazama strategies and is a Portfolio Manager, supporting Ron Sauer in overseeing the investment process. Formerly an Equity Analyst with Cramer Rosenthal McGlynn, LLC, Ms. Novak was originally trained as a research analyst by Ron Sauer at Black & Company. Ms. Novak earned a Bachelor of Arts in Business Administration with a concentration in Finance from the University of Washington, graduating cum laude and elected to Phi Beta Kappa and Beta Gamma Sigma honor society. She received her Chartered Financial Analyst designation in 2001.

21



Mazama Sector Specialists

Timothy P. Butler | Sector Portfolio Manager – Financial Services

Mr. Butler specialises in the research and analysis of financial services and financial technology growth companies for all Mazama strategies. Mr. Butler worked most recently at Pacific Crest Securities, where he was Senior Research Analyst specialising in financial technology stocks. Previously he worked at Stifel, Nicolaus & Co., also as a Research Analyst focused on specialty finance companies. Prior to entering the securities industry, Mr. Butler was employed by a publicly-traded specialty finance company where he handled investor relations, financial analysis and strategic planning. Mr. Butler earned a MBA at the University of Texas, graduating cum laude, and earned a Bachelor of Arts in Business Administration from Wichita State University, where he graduated summa cum laude and was elected to the Beta Gamma Sigma honor society.

Michael D. Clulow, CFA | Sector Portfolio Manager – Healthcare

Mr. Clulow specialises in the analysis of healthcare stocks, namely emerging and established pharmaceutical and diagnostic technology companies, for all Mazama strategies. He has been an investment analyst since 1995, most recently as a Senior Analyst covering Healthcare IT and Pharmaceutical Outsourcing stocks at UBS Warburg in New York, NY. Previously he worked as a healthcare analyst at CIBC World Markets. Mr. Clulow earned a MBA with honors in Finance and Economics at New York University’s Leonard N. Stern School of Business and earned a Bachelor of Science in Finance from Miami University. He received his Chartered Financial Analyst designation in 2002.

Li Tang, CFA | Senior Portfolio Manager – Technology

Mr. Tang specialises in the research and analysis of growth companies within the technology, energy and basic industry sectors for all Mazama strategies, with an emphasis on U.S. companies with significant growth opportunities overseas. Prior to joining Mazama, Mr. Tang was a senior equity research analyst at Pacific Crest Securities, concentrating on Chinese telecommunications and semiconductor industries. Previously, he spent two years as a strategic financial analyst with Intel Corporation. Mr. Tang earned an MBA in Finance from UCLA, a Masters of Electrical Engineering from the New Jersey Institute of Technology and a Bachelor of Science in Electrical Engineering and Computer Science from Beijing Institute of Technology. He received a Chartered Financial Analyst designation in 2006.

22



Mazama Large Cap Growth Composite

(US $

Millions)

Number of

accounts

Performance

(Gross)

Performance

(Net)Dispersion

3-year

annualised

standard

deviation*

Performance

3-year

annualised

standard

deviation*

2011 $408 $5 2 -1.07% -1.79% NA 21.92% 2.64% 17.76%

2010 $1,042 $7 2 10.33% 9.75% NA NA 16.71% NA

2009 $1,025 $46 3 56.12% 55.39% NA NA 37.12% NA

2008 $1,750 $0.5 1 1.58% 1.58% NA NA 1.81% NA

Mazama Select Growth Composite

(US $

Millions)

Number of

accounts

Performance

(Gross)

Performance

(Net)Dispersion

3-year

annualised

standard

deviation*

Performance

3-year

annualised

standard

deviation*

2011 $408 $12 5 -5.47% -6.06% 0.01% NA 2.64% NA

2010 $1,042 $57 6

Mazama Mid Cap Growth Composite

(US $

Millions)

Number of

accounts

Performance

(Gross)

Performance

(Net)Dispersion

3-year

annualised

standard

deviation*

Performance

3-year

annualised

standard

deviation*

2011 $408 $48 1 -9.51% -10.08% Na 27.39% -1.65% 20.82%

2010 $1,042 $266 3 18.34% 17.59% NA 33.11% 26.38% 26.37%

2009 $1,025 $292 6 60.77% 59.78% 0.10% 30.72% 46.29% 24.01%

2008 $1,750 $259.0 7 -50.08% -50.51% 0.01% 24.68% -44.32% 20.38%

2007 $6,847 $606 9 8.29% 7.70% 0.05% 15.85% 11.43% 10.51%

2006 $7,300 $412 6 20.95% 20.31% NA 17.12% 10.66% 11.18%

2005 $6,770 $81 2 22.68% 21.76% NA NA 12.10% NA

2004 $5,640 $67 2 12.98% 21.53% NA NA 15.48% NA

Annual performance results

Year EndTotal Firm Assets

(US $ Millions)

Composite assetsLarge Cap Grow th Composite Russell 1000 Grow th Index


(US $ Millions)

Composite assetsAnnual performance results

Large Cap Grow th Composite Russell 1000 Grow th Index


(US $ Millions)

Composite assetsAnnual performance results

Large Cap Grow th Composite Russell 1000 Grow th Index



Mazama Large Cap Growth Composite strategy is a concentrated portfolio focusing on companies with market capitalisations represented in the Russell 1000 Growth Index. The composite contains fully discretionary select growth accounts and for comparison purposes is measured against the Russell 1000 Growth Index. The objective of this strategy is to outperform the Russell 1000 Growth over the long-term. The minimum account size for this composite is $250,000. The Mazama Large Cap Growth Composite was created December 1, 2008. The basic fee schedule uses the following annual rates: 0.70% on the first $20,000,000, 0.55% on assets over $20,000,000.

Mazama Select Growth Composite strategy focuses on a selection of large and midcap growth companies with market capitalisations represented by the Russell 1000 Growth Index. The composite contains fully discretionary large cap growth and mid cap growth accounts and for comparison purposes is measured against the Russell 1000 Growth Index. The objective of this strategy is to outperform Russell 1000 Growth Index over the long-term. The minimum account size for this composite is $250,000. The Mazama Select Composite was created July 1, 2010. The basic fee schedule uses the following annual rates: 0.70% on the first $20,000,000, 0.60% on assets over $20,000,000.

Mazama Mid Cap Growth Composite strategy is oriented towards market capitalisations represented in the Russell Midcap Growth Index, but may invest opportunistically in small and large cap growth names. The composite contains fully discretionary mid cap growth accounts and for comparison purposes is measured against the Russell Midcap Growth Index. The objective of this strategy is to outperform the Russell Midcap Growth Index over the long-term. The minimum account size for this composite is $3 million. The Mazama Mid Cap Growth Composite was created January 1, 2004 and has undergone a performance examination each quarter thereafter. Prior to June 30, 2011 the Mazama Mid Cap Growth Composite was known as the Mazama Growth Composite. The basic fee schedule uses the following annual rates: 0.70% on the first $20,000,000, 0.60% on assets over $20,000,000.



25

Important Disclaimers

The following information is very important, and you should read it carefully and let us know if there is anything that is unclear to you.

This document has been prepared, approved and issued by EFG Asset Management (UK) Limited.

This document has been approved solely for distribution in the United Kingdom, and its publication or availability in any other jurisdiction or country may be contrary to local law or regulation, and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission.

This document has approved solely for distribution to Institutional Investors, which are defined as those falling within the UK Financial Services Authority’s categories of Professional Clients or Eligible Counterparties. Prospective investors should satisfy themselves they fall into one of these categories, and you should advise us if you are in any way unsure, as this may have a material bearing on our ability to deal with you, as well as the level of regulatory protection available to you.

This document does not constitute an offer to sell, solicit or offer to buy any investment product or service, and is not intended to be a final representation of the terms and conditions of any product or service. The investments mentioned in this document may

not be suitable for all recipients and you should seek professional advice if you are in doubt. Clients should obtain legal/taxation advice suitable to their particular circumstances.

Although information in this document has been obtained from sources believed to be reliable, EFGAM does not represent or warrant its accuracy, and such information may be incomplete or condensed. All estimates and opinions in this document constitute our judgment as of the date of the document and may be subject to change without notice. EFGAM will not be responsible for the consequences of reliance upon any opinion or statement contained herein, and expressly disclaims any liability, including incidental or consequential damages, arising from any errors or omissions.

The value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks, involving but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss of principal invested.

Issued by EFG Asset Management (UK) Limited (“EFGAM”) which is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Registered number: 7389736. Registered address: EFG Asset Management (UK) Limited, Leconfield House, Curzon Street, London W1J 5JB, United Kingdom, telephone +44 (0)20 7491 9111.

efgam new capital us growth fund citywire southwest retreat 2012

Economy & Finance

capital ratio

new capital family of

new capitalus growth

new products

high quality growth

combined growth universe

strong capital base

eps growth rates