Mid Cap Growth Separate Account Composite contains fully discretionary accounts invested primarily in mid cap common stock of U.S. companies. Securities purchased for this composite generally have market capitalizations at the time of purchase of $1.5 billion to $12.5 billion which appear to have clear indicators of future earnings growth or that appear to demonstrate other potential for growth of capital.  In addition to common stock the composite may also purchase convertible and preferred stock as well as certain Exchange Traded Funds.  This composite is actively managed and securities in the composite are frequently purchased and sold by the manager. For comparison purposes the composite is measured against the Russell Midcap® Growth Index.

Stephens Investment Management Group, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Stephens Investment Management Group, LLC is a registered investment advisor specializing in equity investment management, specifically small and mid-capitalization growth companies. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income. Net of fee performance is calculated using actual fees incurred.  Additional information regarding policies for calculating and reporting returns is available upon request.

The management fee schedule begins at 1.00% of assets under management. Actual investment advisory fees incurred by clients may vary.

The Mid Cap Growth Separate Account Composite was created on June 2, 2006. Compliance with the GIPS standards has been verified firm-wide by Ashland Partners & Company LLP from December 1, 2005 through December 30, 2011. A copy of the verification report is available upon request.

Prior to September 1, 2011, composite policy required the temporary removal of any account from the composite which incurred a client initiated significant cash inflow or outflow of 10% or more of the value of the net assets of the account in any 30 day period. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite at the beginning of the month after the cash flow. This policy was deleted effective September 1, 2011.  Additional information regarding the treatment of significant cash flows is available upon request.

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You should consider the investment objectives, risks, charges and expenses carefully before investing. Neither Stephens Inc., SIMG nor their representative provide legal or tax advice. Please consult your tax advisor before making any decisions.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.