SMid-Cap Annualized

SMid-Cap Composite Net of Fees Annualized Returns vs. the Russell 2500

As of December 31, 2016

Returns are stated net of fees. For complete composite information, please refer to the SMid-Cap Equity Composite Presentation.

Past performance is not a guarantee of future results. Results are stated gross of management and custody fees, but after trading costs. Investors experienced lower returns than those presented here due to the impact of those fees. This information supplements the SMid-Cap Equity Composite Presentation which is linked above, and which includes net performance data. Performance is stated from inception (04/30/10) through 12/31/16. Please also see General Disclosures at the end of that presentation, which includes a description of the comparison benchmark and the limitations on any comparison to the benchmark.