as of September 30, 2017 | updated quarterly

Composite/Index QTR YTD 1 Year* 3 Year* 5 Year* 10 Year* Since Inception*
Micro Cap Growth Composite (Gross) 9.46% 20.34% 22.11% 19.43% 20.90% 11.30% 21.79%
Micro Cap Growth Composite (Net) 9.16% 19.30% 20.68% 17.99% 19.45% 10.05% 20.89%
Russell Microcap® Growth Index1 6.95% 15.58% 17.27% 10.27% 12.91% 6.48% **
Russell 2000® Growth Index2 6.22% 16.81% 20.98% 12.17% 14.28% 8.47% 7.06%
Small Cap Growth Composite (Gross) 6.44% 22.63% 20.93% 15.98% 18.27% 9.29% 17.82%
Small Cap Growth Composite (Net) 6.26% 21.80% 19.84% 14.94% 17.22% 8.33% 17.03%
Russell 2000® Growth Index1 6.22% 16.81% 20.98% 12.17% 14.28% 8.47% 8.96%
Small/Mid Cap Growth Composite (Gross) 6.67% 19.88% 15.58% 12.91% 13.86% n/a 14.04%
Small/Mid Cap Growth Composite (Net) 6.52% 19.29% 14.83% 12.14% 13.08% n/a 13.27%
Russell 2500® Growth Index1 5.78% 17.03% 20.07% 11.27% 14.46% n/a 13.80%
International Small Cap Growth Composite (Gross) 9.76% 35.26% 24.21% 13.44% 14.70% 7.51% 18.09%
International Small Cap Growth Composite (Net) 9.48% 34.19% 22.90% 12.24% 13.42% 5.98% 16.97%
MSCI AC World ex USA Small Cap Growth Index1(ND) 6.95% 24.68% 17.11% 8.50% 9.28% 3.17% 8.34%
Emerging Markets Growth Composite (Gross) 11.97% 34.75% 25.49% 7.68% 8.47% 4.48% 13.54%
Emerging Markets Growth Composite (Net) 11.63% 33.47% 23.88% 6.32% 7.01% 2.94% 11.71%
MSCI Emerging Markets Index1 (ND) (Benchmark) 7.89% 27.78% 22.46% 4.90% 3.99% 1.32% *
MSCI Emerging Markets Growth Index2 (ND) 10.19% 36.03% 26.35% 8.12% 6.55% 1.88% *
Frontier Markets Composite (Gross) 1.71% 14.15% 13.72% 3.72% n/a n/a 4.04%
Frontier Markets Composite
(Net)
1.29% 12.65% 11.71% 2.33% n/a n/a 2.67%
MSCI Frontier Markets Index1(ND) 8.03% 24.86% 25.47% -1.36% n/a n/a -1.10%



*Annualized Returns

**The Russell Microcap Growth Index has an Inception Date of July 1, 2000.

Inception dates: Driehaus Micro Cap Growth Composite (1/1/1996), Driehaus Small Cap Growth Composite (1/1/1980), Driehaus Small/Mid Cap Growth Composite (2/1/2012), Driehaus International Small Cap Growth Composite (7/1/2001), Driehaus Emerging Markets Growth Composite (1/1/1997), Driehaus Frontier Markets Composite (9/1/2014)

Sources: Driehaus Capital Management LLC, Russell Investments, Morgan Stanley Capital International

The performance data represents each Strategy’s Composite of accounts managed by Driehaus Capital Management LLC (DCM) (the Composites). These returns are estimated for the period as all underlying accounts have not yet been reconciled. All rates of return include reinvested dividends and other earnings. Net of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and transfer fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts. The performance data shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The performance results for the Composites are shown in comparison to indices. Unlike the Composites, the indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses. While the securities comprising the indices are not identical to those in the Composites, DCM believes this comparison may be useful in evaluating performance. Please see the notes at the end of this presentation for important information about market indices, investment risks and performance calculations.

PERFORMANCE RESULTS
Asset-weighted, net of fee and gross of fee composite returns are presented. Monthly composite returns are calculated as the sum of the monthly returns of each account weighted by the account’s begin­ning monthly value as compared to the Composite total. For periods prior to November 1, 2004, time-weighted account rates of return were calculated on a monthly basis and allowed for the effect of cash additions and withdrawals using the Modified-Dietz method. If a cash contribution or withdrawal exceeded 10% of an account’s value, the account was revalued and the return was calculated for the interim period. Effective November 1, 2004, account rates of return are calculated on a monthly basis by geometrically linking daily returns. Monthly composite returns are geometrically linked to determine annual composite returns.

All rates of return include reinvested dividends and other earnings. Net of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and transfer fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts.

The annualized rate of return is presented as the level annual rate which, if earned for each year in a multiple-year period, would produce the actual cumulative rate of return over that period.

For small cap growth and small/mid cap growth accounts, valuations and returns are computed and stated in U.S. dollars. After March 1, 1990, securities transactions, which include brokerage commissions, are recorded on a trade date basis, and where information is available, income and expense items are recorded on an accrual basis and income and expense items are recorded on an accrual basis. Prior to 1990, settlement date valuation was used and interest and dividends were recorded on a cash basis. Returns are presented on a pretax basis. Leverage is not a part of the Company's investment strategy for these Composites.

For micro cap growth accounts, valuations and returns are computed and stated in U.S. dollars. Securities transactions, which include brokerage commissions, are recorded on a trade date basis and where information is available, income and expense items are recorded on an accrual basis and income and expense items are recorded on an accrual basis. Returns are presented on a pretax basis. Leverage is not a part of the Company's investment strategy for these Composites.

For international small cap growth, frontier markets and emerging markets growth accounts, valuations and returns are computed and stated in U.S. dollars. Since returns are stated in U.S. dollars, exchange rates were used in the conversion. The Company is not aware of any significant inconsistencies between exchange rates used in the Composites and those used in the benchmark indices. Securities transactions, which include brokerage commissions, are recorded on a trade date basis, and where information is available, income and expense items are recorded on an accrual basis. Returns are presented on a pretax basis and are net of any actual foreign taxes withheld on dividends and interest. Leverage is not a part of the Company's' investment strategy for these Composites. Securities are valued in the foreign currency in which they are denominated and then translated into U.S. dollars at the spot rate. Forward contracts are generally purchased to hedge the risk of the currency fluctuation between the trade date and the settlement date of the underlying securities transactions.

Past performance is not indicative of future results. All investments have risks and you could lose money. Other methods may produce different results and the results for individual accounts and for different periods may vary depending on market conditions and the composition of the account. Care should be used when comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods.

Additional information regarding policies for valuing portfolios, calculating and preparing compliant composite presentations are available upon request. A complete listing and description of all composites is also available upon request. Please contact our sales, marketing and relationship management department at 312-932-8621.

TAX EFFECT
The rates of return presented are determined without regard to U.S. tax consequences. Income tax may be withheld on income depending on the tax laws of each country and its treaty, if any, with the U.S. Such withholding taxes are reflected in the performance of accounts.

INDICES
The performance results for the Composites are shown in comparison to indices. While the securities comprising the indices are not identical to those in any account in the Composites, the Company believes this may be useful in evaluating performance. The indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses.

For additional disclosure on the Composites, please click here.

1The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barameter of the microcap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate microcap growth manager’s opportunity set. The index has an inception date of July 2000.

2The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends.

3The Russell 2500® Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.

4The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment.

5The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in global emerging markets. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment.

6The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks.

7The Morgan Stanley Capital International Frontier Markets Index provides broad representation of the equity opportunity set while taking investability requirements into consideration within each market MSCI classifies as a frontier market. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment.

The Russell Indices are a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell® Company.

Important MSCI disclosures