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Rainier Investment Management, Inc. June 2012 Presented by: Mark H. Dawson, CFA, Principal Senior Portfolio Manager Kurt A. Polk, CFA, Principal Chief Executive Officer

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Page 1: Rainier citywire final_062012

Rainier Investment Management, Inc.

June 2012

Presented by:

Mark H. Dawson, CFA, PrincipalSenior Portfolio Manager

Kurt A. Polk, CFA, PrincipalChief Executive Officer

Page 2: Rainier citywire final_062012

Table of Contents

SECTION 1 Firm Overview

SECTION 2 Team, Philosophy & Process

SECTION 3 U.S. Equity

SECTION 4 International Equity

SECTION 5 Balanced and Fixed Income

SECTION 6 Biographies

SECTION 7 U.S. Equity Appendix

Page 3: Rainier citywire final_062012

Rainier Investment Management

International Competitive Strengths:

• Stewardship

-Independently owned by senior professionals

-Investment management is our only business

• Growth Equity Specialist

-Over 20 years of investment management experience

• Client Focus

-Interests aligned with clients

Firm Assets – $16.4 Billion As of 3/31/2012

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Clients were selected for this list based on the type of business and public familiarity only. The clients listed do not necessarily endorse Rainier Investment Management, Inc.® or the advisery services provided.

Representative Clients

Corporate Financial Institutions/Subadvisory Non-U.S.ABX Air Inc. John Hancock Investment Management Services Hydro One

American Sugar Refining Met Investors Advisory LLC NomuraAssociated Press 12 undisclosed Subadvisory clients 5 undisclosed Non-U.S. clients

Caterpillar Inc.Charles Schwab Foundations/Endowments PublicDHL Express Nashville Area United Methodist City of Edmonton

DTE Energy Company Old Dominion Transit Employees Michigan State Employees Retirement System

Dun & Bradstreet Corporation University of Illinois Foundation Navajo Nation

Entergy Services University of Nebraska Foundation Portland School District #1

Goodfellow Bros. Virginia Birth Related Neurological Program San Diego TransitHormel Foods Corporation 3 undisclosed Non-Profit clients Turlock Irrigation District

Lehigh Hansen 7 undisclosed Public clients

Leupold & Stevens Health CareMcKesson Corporation Baptist Healthcare System Taft-HartleyNordstrom Catholic Health East Cement Masons & Plasterers

Norfolk Southern Children's University Medical Group Inland Empire Electrical Workers

Ocean Spray Cranberries Legacy Health Inlandboatmen's Union of the Pacific

Rio Tinto America MultiCare Health System Northwest Ironworkers

Simpson Investment Company Retirement Plan for Hospital Employees Operating Engineers Inland Empire/Idaho

TD Banknorth N.A. St. Joseph Health System Operating Engineers Locals 302/612

The Home Depot Winthrop University Hospital Oregon Sheet Metal Workers21 undisclosed Corporate clients 7 undisclosed Health Care clients Pacific Coast Benefits Trust

Plumbers & Pipefitters Local 525

UFCW International Pension Plan for Employees64 undisclosed Taft-Hartley clients

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James M. Ridgeway, Principal

PRESIDENT

FINANCIALINSTITUTIONS

GROUP

CONSULTANTRELATIONS

Board of Directors

RAINIER INVESTMENT MANAGEMENT, INC.

Rainier Investment Management, Inc.

INFORMATIONTECHNOLOGY

MARKETING OPERATIONS

COMPLIANCE

LEGAL

FIXED INCOME/HIGH YIELD PORTFOLIO

MANAGEMENT

U.S. EQUITY PORTFOLIO MANAGEMENT

& TRADING

INSTITUTIONALCLIENTSERVICE

INTERNATIONAL PORTFOLIO

MANAGEMENT

James R. Margard, CFA, Principal

CHIEF INVESTMENT OFFICER

Kurt A. Polk, CFA, Principal

CHIEF EXECUTIVE OFFICER

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Greg S. Ise, CFA

SENIOR INTERNATIONAL RESEARCH ANALYST

Matthew Kennedy, CFA, Principal

DIRECTOR OF FIXEDINCOME MANAGEMENT

James R. Margard, CFA, Principal

CHIEF INVESTMENT OFFICER

Board of Directors

RAINIER INVESTMENT MANAGEMENT, INC.®

James Hentges, CFA

FIXED INCOMEPORTFOLIO MANAGER

EQUITY PORTFOLIO MANAGEMENT

Daniel Brewer, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Stacie Cowell, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Andrea Durbin, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Mark Broughton, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Mark Dawson, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Peter Musser, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

TRADING

Justin Kane, Principal

DIRECTOR OF EQUITY TRADING

Tyler Platte, Principal

EQUITY TRADER

Michael Emery, CFA, Principal

SENIOR EQUITYPORTFOLIO MANAGER

Rainier Investment Management, Inc.

Henrik Strabo, Principal

HEAD OF INTERNATIONALINVESTMENTS

FIXED INCOMEPORTFOLIO

MANAGEMENT

INTERNATIONALPORTFOLIO

MANAGEMENT

Derrick Tzau

INTERNATIONAL RESEARCH ANALYST

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Specializing in U.S. Growth Stocks

Large

All Cap Large Cap Large Cap Growth

Medium/Large

Mid Cap

Medium

Small/Mid Cap

Medium/Small

Small

Construction Benchmark

Russell 3000 S&P 500 Russell 1000 Growth

Russell Midcap Russell 2500

Performance Benchmark

Russell 3000 or Growth

S&P 500, Russell 1000 or Growth

Russell 1000 Growth

Russell Midcap or Growth

Russell 2500 or Growth

Represents the approximate investable universe. Current holdings may fall slightly outside stated capitalizations.

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U.S. Equity Management Team

ProfessionalsYears

ExperienceYear Joined

RainierSector Emphasis

James R. Margard, CFA 32 1985 Energy, Financial Services, Industrials, Utilities – Electric/Gas

Peter M. Musser, CFA 34 1994 Industrials, Materials, Energy, Technology

Mark H. Dawson, CFA 27 1996 Financial Services, Health Care, Consumer

Daniel M. Brewer, CFA 25 2000 Consumer, Telecom Services

Mark W. Broughton, CFA 26 2002 Technology, Health Care

Andrea L. Durbin, CFA 20 2002 Financial Services, Utilities – Electric/Gas, Consumer

Stacie L. Cowell, CFA 23 2006 Technology, Consumer, Health Care

Michael D. Emery, CFA 16 2008 Health Care, Technology, Telecom Services

Competitive Strengths:• Individual specialization; shared philosophy and process • Exclusive focus on client portfolios • Team continuity

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Page 9: Rainier citywire final_062012

U.S. Equity Philosophy

Earnings Growth Drives Stock Prices• Sound fundamental analysis is the foundation• Bottom up stock selection by sector specialists

Growth Potential Always Evaluated within the Context of Price• Disciplined analysis of when to buy and sell

We Believe Growth Opportunities Exist in all Sectors• Broad diversification across all sectors of the market• Find opportunities in neglected sectors

We invest in growth companies at prices that make sense.

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U.S. Equity Process

(4) MonitorContinuous assessment of price target and company prospects

• Sell discipline• Price target achieved• Better alternative• Fundamental

deterioration

(1) IdentifyNarrowing of a broad pool of stocks

• Superior growth• Attractive relative valuation• Positive catalysts

(2) AnalyzeIn-depth fundamental research of most attractive candidates

• Scrutiny of company financials• Comparative analysis vs. Peers• Competitive strengths

(3) SelectTeam presentation

• Rationale for inclusion in portfolio

• Portfolio weight and price target determined

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Page 11: Rainier citywire final_062012

Portfolio holdings are subject to change at any time and are not a recommendation to buy/sell a security.This supplemental information complements the All Cap Equity presentation.Source: BNY Mellon Performance & Risk Analytics, LLC and Rainier All Cap Equity representative portfolio.

As of 3/31/2012

• # of stocks owned: 135• Generally limit investment in any single security: 5%• Fully invested at all times

All Cap Equity

Holdings Characteristics

Ten Largest Holdings % of Portfolio% of Russell

3000Apple Inc. Technology 4.7 3.5

Computer TechnologyChevron Corp. Energy 3.2 1.4

Oil: Integrated J.P. Morgan Chase & Co. Financial Services 2.4 1.2

Diversified Financial ServicesPrecision Castparts Corp. Materials & Processing 2.0 0.2

Metal FabricatingKraft Foods Inc. Consumer Staples 1.9 0.4

FoodsQualcomm Inc. Technology 1.7 0.7

Communications TechnologyCostco Wholesale Corp. Consumer Discretionary 1.6 0.3

Diversified RetailThe Coca-Cola Corp. Consumer Staples 1.6 0.9

Beverage: Soft DrinksGoogle Inc. Technology 1.5 1.0

Computer Services, Software & SystemsEMC Corp. Technology 1.5 0.4

Computer Technology

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% of Portfolio

This supplemental information complements the All Cap Equity presentation.Source: BNY Mellon Performance & Risk Analytics, LLC and Rainier All Cap Equity representative account.

As of 3/31/2012

Market CapitalizationAll Cap Equity

0%

10%

20%

30%

40%

50%

Large57.58 B+

Med/Large16.43-57.58 B

Medium5.55-16.43 B

Med/Small2.13-5.55 B

Small<2.13 B

Rainier All Cap Russell 3000

RAINIER

Weighted Average Market Cap $71.8 B $93.2 B $111.6 B

Weighted Median Market Cap $23.7 B $36.0 B $37.2 B

Market Cap Range: Largest $554.4 B $554.4 B $554.4 B

Smallest 0.605 B 0.027 B 0.027 B

Russell 3000 GrowthRussell 3000

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Page 13: Rainier citywire final_062012

0%

5%

10%

15%

20%

25%

Tech Health Care Cons.Disc.

Cons.Staples

Energy Mat. &Process

ProducerDurables

Financial Utilities

Rainier Russell 3000

Rainier vs. Russell 3000® Index

•Limit of +/- 5% versus benchmark in any one sector•General limit of 5% in any one security

Sector allocations are subject to change at any time. This supplemental information complements the All Cap Equity presentation. Source: BNY Mellon Performance & Risk Analytics, LLC and Rainier All Cap Equity representative account.

As of 3/31/2012

All Cap Equity

Sector Representation

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Page 14: Rainier citywire final_062012

This supplemental information complements the All Cap Equity presentation.Sources: BNY Mellon Performance & Risk Analytics, LLC and Rainier All Cap Equity representative account. Forward One Year EPS Forecast and Portfolio P/E based on I/B/E/S Medians.

As of 3/31/2012

1 Year Estimated EPS Growth Rate Price to Estimated Earnings Ratio

RAINIER

Russell 3000® Index

Russell 3000Growth® Index

RAINIER

Russell 3000® Index

Russell 3000 Growth® Index

Growth & Valuation CharacteristicsAll Cap Equity

P/E Ratio / Estimated EPS Growth Rate(1 Year PEG Ratio)

RAINIER

Russell 3000® Index

Russell 3000 Growth® Index

15.3x

13.7x

15.5x

0 5 10 15 20

13.8%

10.2%

18.1%

0% 5% 10% 15% 20% 25% 30%

1.11x

1.34x

0.86x

0 0.5 1 1.5

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*Returns for periods longer than one year are annualized. Inception date 10/15/01.Past performance is not indicative of future results. Please see GIPS Composite disclosures at the end of this presentation.

A list of all firm composites, including annual returns, size and number of accounts, is available upon request.

All Cap EquityComposite Returns - Gross of Fee (%)As of 3/31/2012

Annualized Total Returns

15.16

4.65

21.87

2.09

5.57 6.06

12.87

7.18

24.26

2.184.67 5.19

QUARTER 1 YEAR 3 YEARS* 5 YEARS* 10 YEARS* INCEPTION*

Rainier Russell 3000

Rainier 15.16 -3.08 18.26 26.77 -41.74 17.70 14.64 13.80 12.61 33.02 -23.58

Russell 3000 12.87 1.03 16.93 28.34 -37.31 5.14 15.72 6.12 11.95 31.06 -21.54

YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

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Returns based on Gross of Fee composite returns. Source: eVestment Analytics.Rolling time periods are calculated for 3, 5, or 10 year windows beginning at the inception of the strategy and moving forward quarterly. “Total Periods” refers to the number of rolling windows since inception, and “Positive Excess Performance Periods” refers to the number of periods during which the strategy returned results in excess of the appropriate benchmark.*Inception date 10/15/2001. Quarterly data beginning 1/1/2002.

Excess ReturnsRainier All Capvs. Russell 3000

Rolling Time Periods ending 3/31/12 5 Year 3 Year

Positive Excess Performance Periods / Total Periods 20 / 22 20 / 30

Percentage of time with positive excess returns 91% 67%

Excess ReturnsAll Cap Equity

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Page 17: Rainier citywire final_062012

Why U.S. Equity with Rainier

Experienced

• Portfolio Managers average over 24 years experience with each manager having at least 16 years experience

Consistent & Stable

• Same philosophy and process since inception• Low Portfolio Manager turnover since inception• Identical application across accounts

Client Focused

• Independent ownership• Interests aligned with clients• Accessible and responsive

Results

• Long standing track record

Past performance is not indicative of future results.

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Page 18: Rainier citywire final_062012

International Equity Team

Greg Ise, CFA

11 years of industry experience

Senior International Research Analyst

Henrik Strabo, Principal

27 years of industry experience

HEAD OF INTERNATIONAL INVESTMENTS

Derrick Tzau

4 years of industry experience

International Research Analyst

Justin Kane18 years of industry experience

Tyler Platte16 years of industry experience

Trading

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Page 19: Rainier citywire final_062012

International Small Cap Equity Philosophy

We invest in dynamic non-U.S. growth companies with significant appreciation potential.

• Earnings Growth Drives Stock Prices

• Growth Potential Always Evaluated within the Context of Price

• We Believe Excellent Growth Opportunities Exist Across Sectors and Regions Globally

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Page 20: Rainier citywire final_062012

• Meet frequently, talk constantly

• Formal weekly review of cash holdings

• Well-defined sell discipline

International Small Cap Equity Process

(4) Portfolio Monitoring

Monitor the portfolio to ensure each position can be continuously justified as a best opportunity.

(1) Idea Generation

Identify companies demonstrating positive fundamental change.

(2) Research & Analysis

In-depth fundamental research of candidates that we believe have great long-term growth characteristics.

(3) Security Selection

Construct a conviction weighted portfolio.

• Superior growth• Clear key earnings drivers• Attractive valuation

• Financial health• Competitive position• Priced for growth• Management• Corporate governance

• Add• Trim• Questions • Alternatives

• 80-120 stocks • Balance opportunity

with risk• Focus on a company’s

prospects regardless of sector or geography

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Page 21: Rainier citywire final_062012

– # of stocks owned: 89– General investment limit in any single stock: 5%

International Small Cap Equity

Portfolio holdings are subject to change at any time and are not a recommendation to buy/sell a security. This supplemental information complements the International Equity presentation. Top 10 holdings exclude cash.Source: Factset

As of 3/31/2012

Holdings Characteristics

Ten Largest Holdings% of

PortfolioWirecard AG 2.4

Aberdeen Asset Management PLC 2.0

Techtronic Industries Co. Ltd. 2.0

Gemalto N.V. 1.8

Elekta AB 1.8

Dollarama Inc. 1.7

Net One Systems Co. Ltd. 1.7

Market Vectors Brazil Small Cap ETF 1.7

Eurofins Scientific SE 1.6

PARK24 Co. Ltd. 1.6

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0%

5%

10%

15%

20%

25%

Cons.Disc.

Cons.Staples

Energy Financials HealthCare

Industrials Info.Tech.

Materials TelecomSvcs

Utilities

Rainier MSCI ACWI ex US Small Cap

Rainier vs. MSCI ACWI ex US Small Cap (% of Portfolio)

Sector allocations are subject to change at any time.This supplemental information complements the International Small Cap Equity presentation.Source: FactsetAs of 3/31/2012

Sector RepresentationInternational Small Cap Equity

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0%

5%

10%

15%

20%

25%

30%

35%

40%

Africa/Middle East

Europe(ex. UK)

UK Asia/PacificBasin

(ex. Japan)

Japan Americas Other

Rainier MSCI ACWI ex US Small Cap

Regional allocations are subject to change at any time. “Americas” includes Canada and North, Central and South Americas.This supplemental information complements the International Equity presentation.Source: FactsetAs of 3/31/2012

Regional WeightingsInternational Small Cap Equity

Rainier vs MSCI ACWI ex US Small Cap (% of Portfolio)

% in Developed Markets: 73.2%% in Emerging Markets: 26.8%

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Why International Small Cap with Rainier

Opportunity

• Asset class full of potential

Perspective

• Philosophy and process honed over 27 years by an experienced industry veteran• Nimble investment team

Stewardship

• Client-focused, employee-owned firm• Investment management is our only business

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Page 25: Rainier citywire final_062012

U.S. Fixed Income Team

Fixed Income Professionals

Years Experience

Management Responsibility Specialization

Matthew R. Kennedy, CFA, Principal

18 Director, Fixed Income

Corporate Bonds (Investment Grade, High Yield and Private Placements), MBS, ABS, Agencies and Treasuries

Cash equivalents to 30-year

James H. Hentges, CFA 16Portfolio Manager and Analyst

Corporate Bonds (Investment Grade, High Yield), Credit Derivatives, Structured Credit, Agencies and Treasuries

Cash equivalents to 30-year

Competitive Strengths:• Consistent philosophy and process • Exclusive focus on client portfolios • Physically located with equity Portfolio Managers and Traders to maximize exchange of information• Macro economic analysis focused on factors impacting client portfolios• Combined roles allow for opportunistic and efficient implementation of investment ideas

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Rainier High Yield Philosophy

•Conservative high-quality focus, high-yield strategy- Concentrate on strong BB and B rated issuers - Strategic full-market-cycle philosophy

•Intensive fundamental credit analysis-Identify issuers with:

- Improving trends- Strong liquidity and cash-flow- Access to capital

•Maximize long-term risk adjusted returns through:-Compounding income-Capital preservation-Diversification-Liquidity

Conservative selection of high-quality, high yield bonds, based on fundamental credit analysis.

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High Yield Process Overview

Idea Generation2000+ securities that comprise the High Yield market

-Utilize multiple sources to uncover investment opportunities

Research & Analysis150 securities closely followed

-In depth fundamental credit analysis identifies issuers with attractive valuations

Portfolio Construction& Execution

50-70 best ideasMonitoring & Risk Control

Ensure portfolio is positioned to maximizerisk adjusted returns

Monitoring & Risk Control

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High Yield Portfolio Construction

•Presentation of investment analysis and recommendations to the high-yield team for inclusion

•Construct a diversified portfolio of 50 to 70 issuers

– Appropriate issuer weightings with a maximum 5%

– Emphasize BB & B rated issuers– Maximum 10% CCC rated issuers

•Efficient execution– Access to Wall Street inventories– Full suite of trading platforms

o Negotiatedo MarketAxess, Bloomberg

Data as of 3/31/12Source: Rainier Investment Management

Unrated consists of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac which are not rated by a nationally recognized statistical rating organization. Three rating agencies are used: Moody’s, S&P and Fitch. Typically there are three ratings on every bond. If the three ratings are not identical, Rainier will use the following procedures: 1) If one of the three ratings is different, we will use the dominant rating (the rating that is the same from two rating agencies), 2) If all ratings are different, we will use the middle rating, and 3) If there are only two ratings, we will use the higher rating.

Diversification does not assure a profit or protect against a loss in a declining market. P/26

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*Total returns for periods longer than one year are annualized. Inception date 04/01/2009*.Past performance is not indicative of future results. Please see GIPS Composite disclosures at the end of this presentation.

A list of all firm composites, including annual returns, size and number of accounts, is available upon request.

High YieldComposite Returns - Gross of Fee (%)As of 3/31/2012

Annualized Total ReturnsRAINIER 4.72 6.78 13.96

BofA Merrill Lynch U.S. High Yield Master II 5.15 4.38 15.19

BofA Merrill Lynch U.S. High Yield BB-B Rated 4.42 5.43 14.50

YTD 2011 2010

4.72

8.47

16.65 16.65

5.15 5.63

23.77 23.77

4.426.22

20.08 20.08

QUARTER 1 YEAR 3 YEARS* INCEPTION*

Rainier BofA Merrill Lynch U.S. High Yield Master II BofA Merrill Lynch U.S. High Yield BB-B Rated

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YOUR CONTACTS

Mark H. Dawson, CFA, PrincipalMark Dawson serves as a Senior Portfolio Manager and Equity Research Analyst. He began his investment career in 1985 with Brown Brothers Harriman & Co. (New York), managing equity and balanced portfolios for foreign clients. In 1991 he joined Badgley, Phelps and Bell in Seattle, where he served as a portfolio manager and director of research.

Mark holds the Chartered Financial Analyst designation. He received a Bachelor of Arts degree in History from the University of Washington and a Master of Arts in International Relations from The Fletcher School at Tufts University. He is a member of the CFA Institute.

Kurt A. Polk, CFA, Principal & Chief Executive OfficerKurt Polk, Rainier’s Chief Executive Officer, leads our business strategy efforts which includes client service, marketing and strategic initiatives. Kurt is a member of the Board of Directors and most recently served as Global Head of Distribution. Kurt joined Rainier in 2002 as Director of the institutional client service and consultant relations team and prior that worked in a similar capacity with another Seattle-based investment manager.

Kurt holds a BA in Economics and Business from the Virginia Military Institute and an MBA-Finance from St. Mary’s University in Texas. Kurt holds the Chartered Financial Analyst designation and is a member of the New York Society of Financial Analysts. Kurt serves as a member of the investment board for the VMI Foundation and is a Trustee of the George C. Marshall Foundation.

Your Team

Client Service & SalesPortfolio

ManagementBusiness Administration

& Support

8 Senior U.S. Equity Portfolio Managers

1 International EquityPortfolio Manager

2 International Equity Analysts

2 Fixed Income Portfolio Managers

2 Equity Traders

48 Professionals in Operations and Support of

Portfolio Management and Client Service

11 Professionals serving bothMutual Fund and Separate

Account Clients

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BiographiesBrian M. Bader, PrincipalHead of Financial Institutions GroupBrian Bader is responsible for sales, marketing and client service for Rainier’s financial institutions businesses, including the subadvisory, retirement and financial adviser channels. Brian has 26 years of experience in the investment management industry. Prior to joining Rainier, he held similar positions with U.S. Trust and Deutsche Asset Management.

Brian holds a Bachelor of Science in Economics from the State University of New York at Albany. He is an active speaker at industry conferences.

Mark LeeDirector of Subadvisory ServicesMark Lee is Director of Sub-advisory Services and works out of Rainier’s New York office. Mark gained 13 years of experience selling and promoting a diverse range of domestic, international and global equity and fixed income strategies at Lord Abbett, where he worked as Director of Sub-Advisory Sales & Marketing. Prior to joining Rainier, Mark was a Relationship Manager for Matthews International Capital Management, managing and expanding key retail and institutional business relationships. He has over 16 years of experience marketing to and servicing multiple audiences, such as broker/dealers, retirement platforms and other financial institutions.

Mark earned an A.B. in History with a concentration in International Relations from Cornell University.

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U.S. Equity Portfolio Management Team

Daniel M. Brewer, CFA, PrincipalDaniel Brewer is a Senior Portfolio Manager and Equity Research Analyst. He began his career in 1987 as a financial analyst and securities trader for WCM Investment Management in Orange County, CA. Beginning in 1992, Daniel served as a portfolio manager and equity analyst at Wells Fargo Asset Management. Prior to joining Rainier in 2000, Daniel was a portfolio manager and equity analyst at Laird Norton Trust Co. in Seattle.

Daniel holds the Chartered Financial Analyst designation and earned a Bachelor of Arts in Finance from California State University, Fullerton, with graduate studies at the University of Washington School of Business. Daniel has served as a financial commentator on the radio, appeared on Bloomberg TV and in The Wall Street Transcript, and written numerous investment newsletters. He is a member of the CFA Institute, the Seattle Society of Financial Analysts, and is a past vice president and board member of the Orange County Society of Investment Managers.

Mark W. Broughton, CFA, PrincipalMark Broughton is a Senior Portfolio Manager and Equity Research Analyst. He began his investment career in 1986, working in corporate finance at Drexel, Burnham & Lambert in Boston and Los Angeles. In 1991, Mark joined Provident Investment Counsel in Pasadena, where he served as an equity analyst and associate portfolio manager. Beginning in 1996, Mark was principal, senior portfolio manager and director of research at Badgley, Phelps and Bell in Seattle. Prior to joining Rainier in 2002, Mark was lead portfolio manager of Blackrock Financial Management’s core equity product in Philadelphia.

Mark holds the Chartered Financial Analyst designation. He received a Bachelor of Science degree in Finance and Entrepreneurship and a Master of Business Administration in Finance and International Finance and Economics from the University of Southern California. He is a member of the CFA Institute and the Seattle Society of Financial Analysts.

Stacie L. Cowell, CFA, PrincipalStacie Cowell is a member of the equity management team, serving as a Senior Portfolio Manager and Research Analyst. She began her career as an analyst for Chase Manhattan Bank, New York, NY. Beginning in 1994, Stacie was a senior analyst on the small/mid cap team for Founders Asset Management in Denver, CO. Prior to joining Rainier in 2006, Stacie was senior vice president and lead portfolio manager with Invesco Funds Group, Denver, CO.

Stacie holds the Chartered Financial Analyst designation. She received her Master of Science, Finance from University of Colorado, Boulder, CO, in 1999 and graduated cum laude with a Bachelor of Science, Economics from Colgate University, Hamilton, NY.

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Andrea L. Durbin, CFA, PrincipalAndrea L. Durbin is a Senior Equity Portfolio Manager and Equity Research Analyst. She began her investment career in 1992 with Dain Rauscher in Minneapolis. During her tenure there her experience included research, marketing, investment strategy and trading for various fixed-income products. Prior to joining Rainier in 2002, Andrea was a principal at Badgley, Phelps and Bell in Seattle where she served as Director of Fixed Income overseeing the management and trading of fixed-income and balanced portfolios. In her capacity as Senior Equity Portfolio Manager, Andrea brings a deep background in credit and risk analysis to our equity team, specializing in the financial services sector.

Andrea holds the Chartered Financial Analyst designation. She received her Bachelor of Science degree in economics, with emphasis in both finance and statistics from the University of Minnesota. She is a member of the CFA Institute and the Seattle Society of Financial Analysts.

Michael D. Emery, CFA, PrincipalMichael Emery is a member of the Rainier equity team serving as a Senior Equity Portfolio Manager and Analyst. He began his investment career in 1995 with Roger Engemann & Associates and later in 2001 for Franklin Templeton Investments, Inc. During the early years of his career, Mike’s experience included research and statistical analysis. Prior to joining Rainier in 2008, Mike was the Vice President / Small Cap Equity portfolio manager at Provident Investment Counsel.

Mike holds the Chartered Financial Analyst designation. He received his Bachelor of Arts degree in business administration from the University of Washington and a Master of Business Administration from Cornell University. He is a member of the CFA Institute.

U.S. Equity Portfolio Management Team

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James R. Margard, CFA, PrincipalJames Margard is Rainier Investment Management’s Chief Investment Officer and Director of Equity Management. Prior to joining Rainier in 1985, he served as senior analyst and portfolio manager at Value Line, Inc. (New York), specializing in small-capitalization stocks. His impressive track record and stock recommendations have been highlighted in numerous financial publications.

Jim holds the Chartered Financial Analyst designation. He received a Master of Business Administration in Finance from the University of New Mexico and a Master of Arts from New York University. He is a member of the CFA Institute.

Peter M. Musser, CFA, PrincipalPeter Musser is a key member of the equity management team serving as a Senior Equity Portfolio Manager and Equity Research Analyst. Peter began his investment management career in 1978 and joined Rainier in 1994. Previously, he was a general partner and senior vice president at Cable, Howse & Ragen. His market analysis and insights have been featured by Dow Jones, Pensions & Investments, The Wall Street Transcript, Investor’s Business Daily, Smart Money and The New York Times.

Peter holds the Chartered Financial Analyst designation and received a Bachelor of Arts in Economics from Lawrence University in Wisconsin. He is a member and past president of the Seattle Society of Financial Analysts and a member of the CFA Institute.

U.S. Equity Portfolio Management Team

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International Portfolio Management

Henrik Strabo, Principal Head of International Investments Henrik Strabo is Rainier Investment Management’s Head of International Investments. In this position, Henrik is responsible for building and managing Rainier’s international small cap capabilities. Prior to joining Rainier in 2011, Henrik was Managing Director of Global Emerging Markets for Rogge Capital. His more than 20 years of previous experience also includes International Chief Investment Officer positions at American Century Investments and Clay Finlay. While at American Century, Henrik’s responsibilities included portfolio management duties for their Discovery Fund and International Growth Fund.

Henrik earned a Bachelor of Arts in Business Administration from the University of Washington.

Greg S. Ise, CFASenior International Research Analyst Greg Ise is a Senior International Research Analyst. He started his career working as an analyst for UBS Investment bank in New York. Greg later served as the Senior Financial Analyst at Weber Shandwick Worldwide and as a research analyst at Osmium Partners LLC, a San Francisco-based hedge fund. Prior to joining Rainier, Greg served as the Vice President – Global Consumer Analyst for the Global Select and International Small Cap Growth funds at Allianz Global Investors in San Diego, CA.

Greg holds the Chartered Financial Analyst designation. He has a Master of Business Administration from the University of California at Berkeley and a Bachelor of Science from the University of Kansas.

Derrick TzauInternational Research Analyst Derrick Tzau is an International Research Analyst at Rainier. He started his career in the industry working as corporate financial analyst for Group Health Credit Union. Prior to joining Rainier, Derrick was an equity research associate and assistant portfolio manager for Wentworth, Hauser & Violich, responsible for quantitative screening and equity research in their Global Emerging Market, Small Cap and Micro Cap strategies.

Derrick has successfully passed all levels of CFA program. He has a Master of Science in Finance from Seattle University and a Bachelor of Science from the University of British Columbia.

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U.S. Fixed Income Portfolio Management Team

James H. Hentges, CFAAs of 2009, James is a member of Rainier fixed-income management team and serves as a Portfolio Manager and Analyst. He began his career in 1990 with GE Financial Assurance as an accountant, shifting to investments in 1997. Prior to leaving GE Financial Assurance, he served as a Senior Analyst for high-yield securities in oil service, homebuilding and supermarket industries. From the year 2000, James worked with AIG Investments as a Portfolio Manager and then assumed the Managing Director's position for their collateralized debt obligations portfolios backed by investment grade corporate credits.

James holds the Chartered Financial Analyst designation. He received his Bachelor of Business degree in Business Administration with aconcentration in Finance, from University of Texas, Arlington.

Matthew R. Kennedy, CFA, PrincipalMatthew Kennedy is the Director of Rainier Investment Management Inc.’s fixed-income management team, and serves as a portfolio manager and analyst. He began his investment career in 1995 with GE Financial Assurance in Seattle. During his years at GE Financial Assurance, he served as a senior analyst and made investment recommendations for Investment Grade, High Yield and Private Placement Portfolios. From 1991 through 1994, Matthew was a CPA and auditor with Deloitte & Touche in Seattle.

Matthew holds the Chartered Financial Analyst designation. He received his Bachelor of Arts degree in Business Administration, with specializations in Finance and Accounting, from Washington State University. He is a member of the CFA Institute and the Seattle Society of Financial Analysts.

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Attribute Equity Strategies Large Cap Growth Equity

5 Year Average as of 3/31/12

All Cap Equity: 129Large Cap Equity: 91Mid Cap Equity 112Small/Mid Cap Equity: 128

Large Cap Growth Equity: 73

Range of Number of Stocks

All Cap Equity: 100-175Large Cap Equity: 75-150Mid Cap Equity: 75-150Small/Mid Cap Equity: 100-150

Large Cap Growth Equity: 40-80

Position Limit 5% in any single security 7% in any single security

Sector Deviation +/- 5% each sector of primary benchmark

+/- 10% each sector of Russell 1000®

GrowthMaximum 35% in any sector

U.S. Equity Portfolio Construction

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TechHealth Care

Cons. Disc.

Cons. Staples Energy

Mat. & Process

Producer Durables Financial Utilities

All Cap Equity 19.8% 11.8% 15.3% 6.6% 9.7% 7.6% 10.4% 16.7% 2.1%Russell 3000 17.5% 11.3% 13.6% 8.2% 10.4% 4.6% 11.4% 17.2% 5.8%

Large Cap Growth Equity 27.1% 11.0% 20.5% 6.7% 7.0% 6.8% 10.7% 10.3% 0.0%Russell 1000 Growth 27.6% 10.1% 16.8% 10.0% 10.0% 5.9% 13.2% 5.9% 0.6%

Large Cap Equity 19.8% 11.8% 15.6% 7.0% 9.9% 7.6% 10.6% 15.4% 2.3%Russell 1000 17.8% 11.2% 13.5% 8.7% 10.8% 4.4% 11.2% 16.6% 5.9%

Mid Cap Equity 15.9% 10.6% 16.7% 4.6% 10.1% 7.1% 11.2% 18.2% 5.5%Russell Midcap 11.7% 9.1% 17.1% 6.1% 7.4% 7.4% 12.9% 21.1% 7.3%

Small/Mid Cap Equity 16.1% 10.6% 18.2% 2.4% 7.9% 7.9% 12.3% 19.4% 5.1%Russell 2500 13.0% 10.3% 15.2% 3.2% 5.7% 8.2% 15.1% 23.3% 6.0%

U.S. Equity Sector Weights

Sector allocations are subject to change at any time.Source: BNY Mellon Performance & Risk Analytics, LLC

As of 3/31/2012

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U.S. Equity Characteristics

Data based on I/B/E/S One Year Forecasted EPS MediansSource: BNY Mellon Performance & Risk Analytics, LLC Data as of: 3/31/12EPS Growth is not a measure of future performance.

1 Year EPS P/E Ratio

P/E Ratio1 Year EPS

(PEG)All Cap Equity 18.1 15.5 0.9Russell 3000 10.2 13.7 1.3Russell 3000 Growth 13.8 15.3 1.1

Large Cap Equity 17.5 15.5 0.9S&P 500 10.1 13.4 1.3Russell 1000 10.1 13.6 1.3

Large Cap Growth Equity 21.0 18.1 0.9Russell 1000 Growth 13.8 15.2 1.1

Mid Cap Equity 17.9 15.9 0.9Russell Midcap 9.3 15.3 1.6Russell Midcap Growth 11.7 17.3 1.5

Small/Mid Cap Equity 18.3 15.3 0.8Russell 2500 12.1 15.4 1.3Russell 2500 Growth 14.3 17.2 1.2

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U.S. Equity Performance

Quarter 1 Year3

Years*5

Years*10

Years*15

Years*Since

Inception*Inception

DateAll Cap Equity 15.16 4.65 21.87 2.09 5.57 — 6.06 10/15/01

Russell 3000® Index 12.87 7.18 24.26 2.18 4.67 — 5.19

Large Cap Equity 14.88 4.73 20.61 1.86 4.74 7.00 11.85 1/1/87

S&P 500 Index 12.59 8.54 23.42 2.01 4.12 6.10 9.68

Russell 1000® Index 12.90 7.86 24.03 2.19 4.53 6.43 9.77

Large Cap Growth Equity 16.86 8.29 22.57 3.65 6.10 — 0.31 6/15/00

Russell 1000® Growth Index 14.69 11.02 25.28 5.10 4.28 — -1.03

Mid Cap Equity 16.33 3.92 27.35 4.62 — — 8.58 12/27/05

Russell Midcap™ Index 12.94 3.31 29.13 3.03 — — 5.27

Small/Mid Cap Equity 16.21 4.83 27.00 2.42 8.80 9.83 14.75 1/1/88

Russell 2500™ Index 12.99 1.33 28.42 3.03 7.49 8.94 11.30

*Returns for periods longer than one year are annualized. Past performance is not indicative of future results. Please see GIPS Composite disclosures at the end of this presentation.A list of all firm composites, including annual returns, size and number of accounts, is available upon request.

Composite Returns - Gross of Fee (%)As of 3/31/2012

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Performance Standards DisclosureRainier Investment Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). Rainier Investment Management, Inc.® is an independent registered investment adviser. Prior to 1991, Rainier Investment Management, Inc. was a separate entity within a large financial institution. The firm has been verified by an independent accountant from 1/1/87 to 12/31/11. Additional GIPS® and SEC one-on-one presentation disclosures: 1. To receive a complete list and description of Rainier’s composites and/or a presentation that adheres to the GIPS® standards, contact Rainier Investment

Management, Inc. at (800) 536-4640. 2. Results are based on all fully discretionary accounts under our management, including those accounts no longer with the firm. All accounts are fee paying. 3. Performance results are computed in $U.S. All figures include income, reinvestment of capital gains, brokerage commissions, and exclude custodial fees and

investment management fees. 4. All results are calculated on a time-weighted basis, weighted for the size of the account. 5. Balanced portfolio segments are included in the Large Cap Equity and Intermediate Fixed Income composites through 3/31/02. As of 1/1/03 fixed income portions of

balanced accounts have been carved-out and added to the Intermediate Fixed Income composite. Cash has been allocated under GIPS® guidelines using separate portfolios to account for segment plus cash returns using a target asset allocation percentage. As of 7/1/09, fixed income portions of balanced accounts added to the Intermediate Fixed Income composite are run as separate fixed income plus cash portfolios.

6. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisery fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $10,000,000 investment, (c) portfolio return of 5% a year, and (d) 0.90% annual investment advisery fee would be $92,170 in the first year, and cumulative effects of $499,835 over five years and $1,109,756 over ten years. Actual management fees may vary depending upon, among other things, the applicable management fee schedule and portfolio size. Investment management fees are described in Part II of the advisers' Form ADV and current fee schedules are available upon request.

7. Past performance is not indicative of future results. 8. Latest quarterly returns may be preliminary and awaiting verification. A performance examination has been completed through December 31, 2011.

Small/Mid Cap Equity Total Fund Composite: contains fully discretionary Small/Mid Cap Equity total fund accounts. $4,000 million, 26% of firm assets as of December 31, 2011.

Mid Cap Equity Total Fund Composite: contains fully discretionary Mid Cap Equity total fund accounts. $1,147 million, 7% of firm assets as of December 31, 2011.

Large Cap Equity Total Fund Composite: contains fully discretionary Large Cap Equity total fund accounts. $3,992 million, 26% of firm assets as of December 31, 2011.

Large Cap Growth Equity Total Fund Composite: contains fully discretionary Large Cap Growth Equity total fund accounts. $4,033 million, 26% of firm assets as of December 31, 2011.

All Cap Equity Total Fund Composite: contains fully discretionary All Cap Equity total fund accounts. $577 million, 4% of firm assets as of December 31, 2011. Balanced Composite Total Fund Composite: contains fully discretionary Balanced total fund accounts. $200 million,1% of firm assets as of December 31, 2011. Intermediate Fixed Income Total Fund Composite: contains fully discretionary Intermediate Fixed Income total fund accounts. $411 million, 3% of firm assets as of December 31, 2011. The High Yield Fixed Income Fund Composite: contains fully discretionary High Yield Fixed Income total fund accounts. $32 million, less than 1% of firm assets as of December 31, 2011. Index Disclosure: The Balanced Index is comprised of 60% Standard & Poor's 500 Index, 35% Barclays Capital U.S. Intermediate Government/Credit Bond Index, 5% 91-Day U.S. Treasury Bills, rebalanced monthly. Actual asset allocation of the Balanced Composite may vary from the Balanced Index.