** Results shown for the year 2004 represent partial period performance from October 7, 2004 through December 31, 2004.
*Strategy Assets are shown as supplemental information. 
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Small Cap Growth Separate Account Composite contains fully discretionary accounts invested primarily in small cap growth common stock of U.S. companies. Securities purchased for this composite generally have market capitalizations at the time of purchase of $2.5 billion or less 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 2000® 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 management fees and include the reinvestment of all income. Net of fee performance is calculated using actual fees incurred. Prior to June 2, 2005, accounts in the composite were charged a bundled fee based on a percentage of assets under management. The bundled fee covered investment management, trading and other account expenses.  Gross returns for this period are shown as supplemental information and are stated gross of all fees and transaction costs; net returns are reduced by all fees and transaction costs incurred.  Additional information regarding policies for calculating and reporting returns is available upon request.

The management fee schedule begins at 1.25% of assets under management. Actual investment advisory fees incurred by clients may vary.

The Small Cap Growth Separate Account Composite was created December 1, 2005. Performance for the period prior to December 1, 2005 occurred while the Portfolio Management Team provided services on behalf of the prior firm, Stephens Inc., and the Portfolio Management Team members were the only individuals responsible for selecting the securities to buy and sell. Compliance with GIPS has been verified firm-wide by Ashland Partners & Company LLP from December 1, 2005 through September 30, 2011. In addition, a performance examination was conducted on the Small Cap Growth Separate Account Composite beginning October 7, 2004. A copy of the verification report is available upon request.

Composite policy requires the temporary removal of any account from the composite which incurs 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. Additional information regarding the treatment of significant cash flows is available upon request.

The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

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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 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.