Rainier Small/Mid Cap Overview

Objective

The Small/Mid Cap Equity Strategy seeks to provide investors with maximum long-term capital appreciation. Rainier selects investments which are either included in the Russell 2000^®, 2500^™ or Midcap^® Index or have equity capitalizations within the ranges of these indices at the time of purchase. Highly speculative or illiquid stocks are not candidates for the strategies. To control risk, extreme overweighting or underweighting of the strategies relative to the Russell 2500^™ Index is normally avoided. To thoroughly diversify, the strategies consist of 100 to 150 different stocks, each making up a relatively small portion of the strategies.

Rainier employs a unique and successful Growth at a Reasonable Price (GARP) investment philosophy in the management of its Small/Mid Cap Equity Strategy. The GARP approach provides an opportunity to invest in companies with superior earnings growth whose equities are selling at attractive valuations.

Market Cap Range

Represents the approximate investable universe.
Construction Benchmark: Russell 2500^™ Index

Weighted Average Market Cap as of 6/30/2010

$3.4 Billion

Median Market Cap

$2.4 Billion

Benchmarks

Russell 2500^™ Index, Russell 2500^™ Growth Index

Available Investment Vehicles

	Mutual Fund - Original	Mutual Fund - Institutional	Separate Account
Vehicle Name	Small/Mid Cap Equity Portfolio	Small/Mid Cap Equity Portfolio	Small/Mid Cap Equity
Inception Date	5/10/1994	5/2/2002	1/1/1988
Symbol	RIMSX	RAISX	N/A
Sales Load	N/A	N/A	N/A
12b-1 Fees	0.25%	0.00%	N/A
Fee Schedule	N/A	N/A	Please contact a client service representative
Minimum Investment	$2,500	$100,000	$25,000,000
Minimum through Schwab and Fidelity	$2,500	$100,000	N/A
Custodian and Trustee	N/A	N/A	N/A