American century investments

Acceleration in Global Equities

Bernard Chua, CFA

Vice President

Client Portfolio Manager

Jamie Downing

Vice President

International

Keith Creveling

Senior Vice President

Senior Portfolio Manager

November 2012

American Century Investments

Founded in 1958

$125 billion in assets

151 investment

professionals

Globally located

– Kansas City

– Mountain View (CA)

– New York

– London

– Hong Kong

– Los Angeles

$7.3 billion in assets for

clients domiciled outside the

U.S.

Data as of 9/30/2012

Focused exclusively on investment management

– All resources are directed to adding value for our clients.

Independent and privately-controlled ownership structure

– Decision making aligns with clients‟ interests.

Fundamentally-driven, risk-adjusted performance

– Alpha is derived through security selection.

Delivering results to our clients has a greater impact

– Through our ownership structure, more than 40% of our profits support the Stowers

Institute for Medical Research.

– This drives a values-based culture that directly benefits our clients.

Foundation for Success

The Stowers Institute

for Medical Research

2 FOR NON-U.S. INSTITUTIONAL USE ONLY

American Century Global Equity Capabilities

Notes We believe that accelerating growth in revenues and earnings results in significant potential for

stock price appreciation.

We focus on inflection points in companies‟ fundamentals because we believe markets are

inefficient at identifying such points.

Our process is designed to uncover stocks that outperform as earnings growth accelerates,

market expectations rise and multiples expand.

Investing With a Time-Tested Growth Philosophy

3

A company’s absolute level of growth

is not as important as . . . . . . its direction of growth.

FOR NON-U.S. INSTITUTIONAL USE ONLY


Notes

Identifying Market Inefficiencies

4

Actual company fundamentals

Wall Street consensus expectations

MARKET INEFFICIENCIES

Gro

wth

Rat

e (%

)

Time

Initiate position

Exit position



Global Growth (MSCI

World) has delivered

positive alpha in 60 out of 60

rolling five-year periods

(100%)

Global Concentrated Growth

has delivered positive alpha

in 29 out of 29 rolling five-

year periods (100%)

A Record of Delivering Consistent Alpha


0%

1%

2%

3%

4%

5%

6%

2007 2008 2009 2011 2012

Ro

llin

g F

ive

-Ye

ar

An

nualize

d A

lph

a

Global Growth (MSCI World) Equity

Global Concentrated Growth Equity

Global Growth (MSCI World) and Global Concentrated Growth Rolling Five-Year Annualized Alpha versus MSCI World IndexFive Years Ending September 30, 2012

Data as of 9/30/2012Source: MSCI, Inc.


Notes

Investment Universe Market capitalization > $3B

Sufficient trading liquidity

Step 1: Idea Generation

Identify companies exhibiting accelerating

growth and improving fundamentals

Fundamental information flow

Quantitative screens

Step 2: Fundamental Analysis

Confirm acceleration is genuine and

sustainable

Portfolio 90-110 holdings

Step 3: Portfolio Construction

Focus portfolio on best ideas

Monitor risk controls and guidelines

GLOBAL GROWTH / CONCENTRATED GROWTH

(MSCI WORLD)

Achieving Repeatability



Initiated position on May 3, 2011

after confirmation of accelerating

sales growth.

Case for sustainability:

– Secular growth in demand for

personal care products in

Asia

– Strategic expansion into

smaller cities in China

– Expansion of product line to

capture market for lower

product price points

– Implementation of plans to

improve margins (e.g. focus

on automation)

Investment Example – Unicharm (Japan)

7

Sales

Growth

Sep

2010

Dec

2010

Mar

2011

Y/Y %Chg 4.2% 3.2% 8.3%

2 Yr %Chg 6.7% 7.3% 11.5

%

2,800

3,000

3,200

3,400

3,600

3,800

4,000

4,200

4,400

4,600

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Pric

e

Weig

ht H

eld

in P

ort

folio

Unicharm Corp.Global Growth Weight vs. Daily Closing Price (Local)Data from 11/9/2010 to 7/31/2012

Weight Price

Source: FactSet

Unicharm is a Japanese manufacturer of household products such as diapers, cleaning wipes and other hygienic

products. The company also produces pet food and supplies.

References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered

constitute our judgment and along with other portfolio data, are subject to change without notice.



The initial catalyst for owning

shares of Grifols was an

improving trend in their pricing

dynamics for blood plasma.

Case for sustainable growth:

– Synergies from merger with

Talacris

– Continued improvement in

pricing for plasma

– Market share gain in the U.S.

as competitors face

production challenges

– New indications for certain

plasma components

Investment Example — Grifols SA (Spain)

8

References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered

constitute our judgment and along with other portfolio data, are subject to change without notice.

Grifols SA is a Spanish company involved in the manufacturing and marketing of blood plasma derivatives, IV

therapy and diagnostic systems.



10

12

14

16

18

20

22

24

26

28

0

1

2

3

4

We

igh

t H

eld

in

Po

rtf

olio

Grifols SAGlobal Concentrated Growth Weight vs. Daily Closing Price (Local)Data from 8/31/2011 to 9/28/2012

Weight Price

Source: FactSetSource: FactSetSource: FactSetSource: FactSetSource: FactSetSource: FactSetSource: FactSetSource: FactSet

Pric

e

Performance


Quarter YTD 1 Year 3 Year 5 Year Inception

Global Concentrated Growth 6.77 18.01 28.19 11.82 -0.88 8.02

MSCI World 6.71 13.01 21.59 7.48 -2.15 4.06

Excess Return 0.06 5.00 6.60 4.34 1.27 3.96

Data as of 9/30/2012. Composite returns are gross of fees. Periods greater than one y ear hav e been annualized.

Inception of composite is 6/1/2005.

Source: MSCI Inc.

-5

0

5

10

15

20

25

30

Quarter YTD 1 Year 3 Year 5 Year Inception

Return (%)


MSCI World


Notes Our growth philosophy

directs us to a different

opportunity set than many

other growth competitors,

allowing us to add value

across diverse market

cycles

We serve as an effective

complement to other global

equity managers, providing

an opportunity to add alpha

while dampening overall

volatility

Complementing Global Value and Core Strategies

10

Correlation of Excess Returns over Last Five Years

Global Growth (MSCI World) versus the five largest global value and core managers by assets*

Manager 1 Manager 2 Manager 3 Manager 4 Manager 5

(Value) (Value) (Value) (Value) (Value)

-0.15 -0.05 0.07 0.29 -0.45

Manager 6 Manager 7 Manager 8 Manager 9 Manager 10

(Core) (Core) (Core) (Core) (Core)

0.00 0.15 -0.01 0.34 0.61


Correlation of ex cess v ersus MSCI World

Source: eVestment Analy tics

*Fiv e largest global v alue and core managers represent nearly 30% of global large and all cap equity institutional assets

as reported to eVestment Analy tics for 6/30/2012.



Notes Ownership by Stowers Institute for Medical Research creates a unique drive and environment

Our „acceleration‟ approach has demonstrated it can add significant value in global markets,

even in turbulent conditions

A stable, disciplined process with a low correlation to value managers aiding client portfolio

construction

Conclusion



Notes Portfolio – Global Growth (MSCI World)

– Performance Attribution

– Portfolio Allocation

Portfolio – Global Concentrated Growth

– Performance

– Performance Attribution

– Portfolio Allocation

Biographies

– Investment Professionals

Performance Disclosures

Appendix



Firm Asset Distribution

Institutional Client Distribution

Investment Management Capabilities

Six Boutiques – One Global Firm

13

48%

35%

1%

16%

Retirement

Subadvisory and Insurance

Endowment and Foundation

Sovereign Wealth Funds


11%

24%

18%

6%

29%

12%

Global & Non-U.S. U.S. GrowthU.S. Value QuantitativeFixed Income Asset Allocation

*Represents total assets managed in asset allocation products; assets managed in underlying slices are also included elsewhere in the figures above.


Global and

Non-U.S.

Equity

U.S. Growth

Equity

U.S. Value

Equity

Quantitative

Equity Fixed Income

Asset

Allocation

Assets under

Management $15.3 billion $34.4 billion $24.8 billion $ 7.9 billion $40.7 billion $16.6 billion*

Investment

Professionals 27 33 22 12 40 6

Average

Industry

Experience

15 yrs 14 yrs 14 yrs 15 yrs 19 yrs 20 yrs

Discipline

Inception 1991 1971 1993 1990 1972 1988

Investment

Capabilities

Large Cap

Small-Mid Cap

Small Cap

Emerging Mkts

Large Cap

Mid Cap

Small Cap

All Cap

Large Cap

Mid Cap

Small Cap

Real Estate

Large Cap

Market Neutral

Short-Extension

Non-U.S.

U.S. Core Fixed

Non-U.S. Core

Global Core

Inflation-Linked

Target Date

Target Risk

Strategic Inflation

Protection

Primary

Location

New York,

NY

Kansas City,

MO

Kansas City,

MO

Mountain View,

CA

Mountain View,

CA

Mountain View,

CA



Collaborative Culture

Single location

Integrated communication

Alignment through

compensation

Singular Focus

Common definition of growth

Dedicated support

Accountability

Experienced Investment Team With a Global Perspective

Average years of experience: 16

Languages/dialects spoken: 20

Mark Kopinski

Chief Investment Officer

Portfolio Managers

Alex Tedder

Rajesh Gandhi, CFA

Non-U.S. Growth

Portfolio Managers

Mark Kopinski

Brian Brady

Non-U.S. Small-Mid Cap

Portfolio Managers

Keith Creveling, CFA

Brent Puff

Global Growth

Portfolio Managers

Mark Kopinski

Trevor Gurwich

Indraneel Das, PhD

Non-U.S. Small Cap

Portfolio Managers

Patricia Ribeiro

Anthony Han, CFA

Emerging Markets

David Choi, CFA

Federico Laffan

Sherwin Soo, CFA

Investment Analysts

Helen O'Donnell Jim Zhao, CFA

Ted Harlan, CFA Hannah Chiang

Joe Kong Sandra Miller, CFA

Alexei Babazadeh, CFA

Investment Analysts

Charlie Kime Vital Magnin, CFA

Indraneel Das, PhD Emily Smith

Pratik Patel

Investment Analysts

Geoffrey Burger, CFA

Quantitative Analyst

Bernard Chua, CFA

Kevin Boreen

Client Portfolio

Managers

Chris Spurlock

Shari Freifield

Jessica Carballal

George Nakos

Non-U.S. Equity Trading



Notes

Overview of Strategy Capabilities

15

Global Growth

(MSCI World)

Global Growth

(MSCI ACWI)

Global

Concentrated

Growth

Inception date January 1, 1999 July 1, 2010 June 1, 2005

Benchmark MSCI World MSCI ACWI MSCI World

Investment universe Large Cap Large Cap Large Cap

Assets $2.1 billion $6.5 billion $12 million

Institutional assets 77% 100% 100%

Expected excess return 2%-3% 2%-3% 3%-4%

Expected tracking error 3%-5% 3%-5% 5%-7%

Emerging market budget 0 – 10% +/- 10% to benchmark No limit




Identify Accelerating Growth and Improving Fundamentals

Fundamental information

flow

– Focus on both financial

and non-financial metrics

– Identify catalyst for

improvement

Quantitative screens

– Produce additional alpha

ideas

– Provide objective

information

Generating Ideas From Multiple Sources

16

Step 1

Step 2

Step 3

Identify accelerating growth

and improving fundamentals

Fundamental Information Flow

Company and industry news

Meetings with company management

Industry/sector conferences

Earnings announcements

Third-party research

Daily research review

Team interactions

Quantitative Screens

Screen for fundamentals,

capitalization and liquidity

Provide a disciplinary backstop

to process

Flag new opportunities

Idea Generation



Investment Thesis

Present to Portfolio Management Team

CONFIRMATION OF SUSTAINABLE ACCELERATION

Assess

Financials

Review historical financial statements and company reports

Verify

Potential

Meet with company management

Compare financials within sector

Draw from third-party research

Evaluate

Growth Drivers

Assess quality of earnings

Substantiate financial strength

Quantify Growth

Trends

Use forecast model

Verify forward-looking growth trends

Step 1

Step 2

Step 3

Adding Value Through Fundamental Analysis

17

In-depth security analysis of our holdings and candidates drives more than 80% of our

excess returns.

Identify Accelerating Growth and Improving Fundamentals



Building Client Portfolios

18

Step 1

Step 2

Step 3

Portfolio Holdings

Continuous monitoring of portfolio and follow list

Analyst recommendations

based on:

Stage in growth cycle

Conviction in the sustainability of growth

Earnings expectations vs. consensus

Valuation considerations

Macroeconomic factors

Investment Thesis

Present to Portfolio Management Team

Buy decisions are determined by:

Strength of conviction – “best ideas”

Client investment policies

Sell decisions are determined by:

Compromised investment thesis

Valuation considerations

Macroeconomic factors

Potential stronger candidates



Annual Performance

19

2007 2008 2009 2010 2011

Global Concentrated Growth 23.67 -45.14 35.01 13.19 -2.65

MSCI World 9.04 -40.71 29.99 11.76 -5.54

Excess Return 14.63 -4.43 5.02 1.43 2.89

Composite returns are gross of fees.

Source: MSCI Inc.

-50

-40

-30

-20

-10

0

10

20

30

40

2007 2008 2009 2010 2011

Return (%)


MSCI World



Performance Attribution – One Year


ONE YEAR ENDING 9/30/2012 1-Year

Return (%)

Portfolio: GLOBAL CONCENTRATED GROWTH Portfolio 28.19

Benchmark: MSCI World Benchmark 21.59

Excess Return 6.59

Data from 9/30/2011 to 9/30/2012. Portfolio performance is gross of fees.

Source: FactSet

-2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0

INDUSTRIALS

CONSUMER STAPLES

TELECOMMUNICATION SERVICES

CONSUMER DISCRETIONARY

MATERIALS

FINANCIALS

UTILITIES

ENERGY

HEALTH CARE

INFORMATION TECHNOLOGY


Performance Attribution – One Year


ONE YEAR ENDING 9/30/2012 1-Year

Return (%)

Portfolio: GLOBAL CONCENTRATED GROWTH Portfolio 28.19

Benchmark: MSCI World Benchmark 21.59Excess Return 6.59

Data from 9/30/2011 to 9/28/2012. Portfolio performance is gross of fees.

Source: FactSet

-1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

CHINA

FRANCE

AUSTRALIA

RUSSIA

GERMANY

PORTUGAL

KOREA

INDONESIA

SWEDEN

HONG KONG

BELGIUM

NORWAY

SINGAPORE

IRELAND

NEW ZEALAND

BRAZIL

AUSTRIA

NETHERLANDS

UNITED KINGDOM

GREECE

ISRAEL

FINLAND

POLAND

SWITZERLAND

CANADA

DENMARK

ITALY

SPAIN

JAPAN

UNITED STATES


Notes

Sector Allocation


Portfolio: GLOBAL CONCENTRATED GROWTH

Benchmark: MSCI World

Information Technology 25.77 12.62

Consumer Discretionary 14.23 10.66

Industrials 12.63 10.64

Financials 21.00 19.19

Health Care 10.57 10.68

Energy 8.86 10.84

Utilities 0.00 3.55

Telecommunication Services 0.00 4.11

Materials 2.51 6.85

Consumer Staples 4.43 10.87


Source: FactSet

Relative Weight (%) SectorPortfolio Benchmark

Weight (%) Weight (%)

13.15

3.57

1.99

1.81

-0.11

-1.98

-3.55

-4.11

-4.34

-6.44

-10 -5 0 5 10 15


Diversifying Across Sectors

23




Source: FactSet

0

5

10

15

20

25

Sep-08 Sep-09 Sep-10 Sep-11 Sep-12

Weig

ht (%

)

Sector Weights: Consumer Discretionary

0

2

4

6

8

10

12

14

Sep-08 Sep-09 Sep-10 Sep-11 Sep-12W

eig

ht (%

)

Sector Weights: Consumer Staples

0

5

10

15

20


Weig

ht (%

)

Sector Weights: Energy

0

5

10

15

20

25


Weig

ht (%

)

Sector Weights: Health Care

0

5

10

15

20

25

30


Weig

ht (%

)

Sector Weights: Information Technology

0

2

4

6

8

10

12


Weig

ht (%

)

Sector Weights: Telecommunication Services

0

5

10

15

20

25

30


Weig

ht (%

)

Sector Weights: Financials

0

5

10

15

20


Weig

ht (%

)

Sector Weights: Industrials

0

2

4

6

8

10

12

14


Weig

ht (%

)

Sector Weights: Materials



Notes

Regional Weights




North America 74.34 59.07

Emerging Markets 10.12 0.00

Europe 13.86 26.70

Asia 1.68 14.23


Source: FactSet

Relative Weight (%) RegionWeight (%)

Portfolio Benchmark

Weight (%)

-12.55

-12.84

10.12

15.27

-18.0 -12.0 -6.0 0.0 6.0 12.0 18.0

1

2

3

4


Notes

Diversifying Across Regions

25




Source: FactSet

0

10

20

30

40

50

60

70

80

90

100


We

igh

t (%

)

Regional Weights: Asia

0

10

20

30

40

50

60

70

80

90

100


We

igh

t (%

)

Regional Weights: Emerging Markets

0

10

20

30

40

50

60

70

80

90

100


We

igh

t (%

)

Regional Weights: Europe

0

10

20

30

40

50

60

70

80

90

100


We

igh

t (%

)

Regional Weights: North America



Notes

Top 10 Holdings



Portfolio

Weight (%)

Apple, Inc. 7.01

Google, Inc. 4.49

Equinix, Inc. 4.15

American Tower Corp. 3.76

Priceline.com, Inc. 3.63

Precision Castparts Corp. 3.50

Union Pacific Corp. 3.48

Saipem SpA 3.44

Danaher Corp. 3.37

Grifols SA 3.31



Portfolio Benchmark Overweight

Weight (%) Weight (%) (%)

Apple, Inc. 7.01 2.49 4.52

Equinix, Inc. 4.15 0.04 4.11

Google, Inc. 4.49 0.78 3.71

American Tower Corp. 3.76 0.11 3.65

Priceline.com, Inc. 3.63 0.12 3.51

Precision Castparts Corp. 3.50 0.09 3.41

Saipem SpA 3.44 0.05 3.39

Grifols SA 3.31 0.02 3.29

Baidu, Inc. 3.28 0.00 3.28

Union Pacific Corp. 3.48 0.23 3.25


Source: FactSet

Holdings are subject to change w ithout notice.

Top 10 Weights

Top 10 Overweights


Notes

Portfolio Characteristics


GLOBAL CONCENTRATED GROWTH

GlobalConcentrated MSCI

Growth World

Weighted Average Market Capitalization $94.9 B $84.3 B

Median Market Capitalization $38.3 B $8.2 B

P/E Ratio, Forecasted 1-Year 19.2x 13.2x

EPS Growth, Forecasted 1-Year 19.0% 12.3%

ROE, Historical 1-Year 19.7% 19.3%

Dividend Yield 0.8% 2.7%

Number of Holdings 37 1623

Turnover 1-Year 37% N/A


Source: FactSet


Biographies

28

Global and Non-U.S. Equity

Team Members Education

Began Investment

Career*

Began

At ACI

Former

Affiliations

Mark S. Kopinski

Chief Investment Officer

MA, University of Illinois

BA, Monmouth College

1983 1991 Federated Investors

Salomon Brothers Asia

Sanyo Securities

Alex Tedder


MBA, University of Freiburg, Switzerland

BA, Winchester College, UK

1990 2006 Deutsche Asset Management

Schroder Investment Management

Keith Creveling, CFA


MBA, Stern School of Business,

New York University

BA, Drexel University

1994 1999 Fiduciary Trust Company

Brown Brothers Harriman

Brian Brady


MBA, Columbia University

BS, Georgetown University

1988 1994 Chase Manhattan

Trevor Gurwich

Portfolio Manager


BA, University of Pennsylvania

1992 1998 Arthur Andersen

Patricia Ribeiro

Portfolio Manager

BS, Rutgers University 1984 2006 Medley Global Advisors

Black Arrow Capital Management

Citigroup Asset Management

JP Morgan Investment Management

Rajesh A. Gandhi, CFA

Portfolio Manager

BBA, University of Wisconsin 1993 2002 Deutsche Asset Management

Credit Suisse Asset Management

FactSet Research Systems

*Includes professional experience in investment-related occupations, such as accounting, financial communications, or professional occupations relating to their industry or

market area.



Biographies

29



Began Investment

Career*

Began

At ACI

Former

Affiliations

Brent Puff

Portfolio Manager

MBA, Kellogg School of Management,

Northwestern University

BA, Denison University

1992 2001 Peregrine Investment Holdings

Anthony Han, CFA

Portfolio Manager

MBA, Salem State College

BS, University of Adelaide

1991 2005 Federated Investors

Evergreen Asset Management

The Pioneer Group

MetLife Financial Services

Indraneel Das, PhD

Portfolio Manager


PhD, Rice University

BA, Hamilton College

1997 2007 United Technologies

Level 3 Communications

ExxonMobil

IBM

Geoffrey A. Burger, CFA

Portfolio Manager

Senior Quantitative Analyst

MA, Pennsylvania State University

BS, University of Missouri-Columbia

1996 2004 Commerce Trust Company

Hammond Associates

Bernard Chua, CFA


MA, University of California-Santa Barbara

BA, Ateneo De Manila University

1986 2006 Deutsche Bank Securities

UBS Global Asset Management

American Express Company

Kevin Boreen


MPA, Harvard University

BS, United States Naval Academy

1998 2012 AllianceBernstein

The Boeing Company

McKinsey & Company, Inc.

Price Waterhouse, Strategic Consulting

Group

Sandra Miller, CFA

Senior Investment Analyst

MBA, The Wharton School,

University of Pennsylvania

BS, Arizona State University

1997 2011 Axiom International Investors

RH Capital & Associates

John W. Bristol & Co., Inc.

Stock Val, Inc.


market area.



Biographies

30



Began Investment

Career*

Began

At ACI

Former

Affiliations

Helen O‟Donnell


BA, Fordham University 1986 2000 Mitchell Hutchins Asset Management

PaineWebber

Kidder Peabody

Smith Barney

Jim Zhao, CFA


MBA, Carnegie Mellon

MS, Clarkson University

BS, Clarkson University

2000 2009 Oppenheimer Capital

Federated Investors

Morgan Stanley

Pratik Patel


BS, New York University 1998 2009 Mackay Shields

Fiduciary Trust Company International

David Choi, CFA


BS, Boston College 1997 2010 Federated Investors

Deutsche Bank

Smith Barney

Charles Kime


BA, McGill University 1997 2005 Deutsche Bank Securities

Nomura Securities International

Ted Harlan, CFA



BA, Miami University

1998 2007 Griffin Securities

J. Giordano Securities

Federico Laffan


MS, London Business School

BA, University of Texas

1990 2011 Ranger International

Axiom International Investors

American Century Investments (2001-2008)

Credit Suisse/Pincus Asset Mgmt


market area.



Biographies

31



Began Investment

Career*

Began

At ACI

Former

Affiliations

Vital Magnin, CFA


MiS, Ecole Superieure de Commerce, Paris

BS, Externat Sainte-Marie, Lyon

1999 2008 Reach Capital Management

Credit Agricole

Emily Smith

Investment Analyst

MBA, Stern School of Business

New York University

BS, University of Maryland

2003 2009 Sands Capital Management

Cambridge Associates

Joe Kong

Investment Analyst

MBA, Columbia Business School

BS, Cornell University

2001 2009 Accenture

Hannah Chiang

Investment Analyst

MS, University of Colorado-Denver

BS, University of Colorado-Denver

1998 1999

Alexei Babazadeh, CFA

Investment Analyst

MBA, Columbia Business School

BS, University of California, Berkeley

2004 2010 Duff & Phelps

Standard & Poor's

Sherwin Soo, CFA

Investment Analyst

MBA, MIT Sloan School of Management

BS, University of Pennsylvania

1995 2011 Neuberger Berman

William D. Witter

HSBC Asset Management

Salomon Brothers


market area.



Composite Performance and Fee Schedule

December 31, 2011

32

Global Concentrated Growth EquityBenchmark: MSCI World Index

Year

Gross Total

Return (%)

Net Total

Return (%)

Benchmark

Return (%)

Composite

Annualized

3-Yr Standard

Deviation (%)

Benchmark

Annualized

3-Yr Standard

Deviation (%)

Number of

Portfolios

Non-Fee

Paying

Portfolios (%)

Composite

Dispersion (%)

Composite

Assets

(in 000s)

Total Firm

Assets

(in 000s)

2005 20.71* 20.71* 11.21* N/A** N/A** Five or Fewer 100.00 N/A $2,514 $100,634,174

2006 22.44 22.44 20.07 N/A** N/A** Five or Fewer 100.00 N/A $3,079 $102,859,418

2007 23.67 23.67 9.04 N/A** N/A** Five or Fewer 100.00 N/A $3,807 $102,528,580

2008 -45.14 -45.32 -40.71 21.54 18.00 Five or Fewer 2.40 N/A $86,586 $70,216,875

2009 35.01 34.36 29.99 23.02 22.12 Five or Fewer 1.90 N/A $147,238 $86,002,779

2010 13.19 12.66 11.76 24.94 24.33 Five or Fewer 1.42 N/A $155,430 $103,557,347

2011 -2.65 -3.09 -5.54 19.88 20.09 Five or Fewer 0.00 N/A $98,913 $109,483,940

*Return is for the period June 1, 2005, inception of composite, through December 31, 2005.

Separate Account

First $25 million: 75 bps

Next $25 million: 65 bps

Next $50 million: 60 bps

Over $100 million: 55 bps

The following fees represent composite performance based on an institutional separate account.

Effective December 1, 2010, the benchmark was changed from the MSCI World Free Index to the MSCI World Index.

**The 3-year standard deviation is not presented because 36 monthly composite and benchmark returns were not available.



Performance Disclosures December 31, 2011

33

Global Concentrated Growth Equity

For purposes of compliance with the Global Investment Performance Standards (“GIPS® standards”), the Firm is

defined as American Century Investment Management, Inc. (“ACIM”).

American Century Investment Management, Inc. claims compliance with the Global Investment Performance

Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. ACIM has

been independently verified for the periods January 1, 1992 to December 31, 2010.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the

GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and

present performance in compliance with the GIPS standards. The Global Concentrated Growth Equity composite

has been examined for the periods June 1, 2005 to December 31, 2010. The verification and performance

examination reports are available upon request.

Global Concentrated Growth Equity composite includes all portfolios managed using a concentrated growth

investment strategy primarily targeting large U.S. companies and large non-U.S. companies in developed

countries.

Performance results are expressed and calculated in U.S. dollars. The return may increase or decrease as a result

of currency fluctuations.

Consultants and investors supplied with these performance results are advised to use this data in accordance with

guidelines issued by the United States Securities and Exchange Commission. Past performance may not be

indicative of future returns. The value of any investment may rise or fall over time. Principal is not guaranteed and

investors may receive less than the full amount of principal invested at the time of redemption if asset values have

declined.

The performance results for this composite are net of foreign income tax withholding and include the effect of

foreign currency where applicable. The foreign income tax withholding rate varies by country and is recorded at the

tax rate specified by the country’s tax treaty. The composite is not a sub sector of a larger portfolio.

The performance results for the MSCI World Index are net of foreign income tax withholding. The assumed tax

rate varies form 0% to 35%, using the Mon perspective of a Luxembourg holding company. Effective December 1,

2010, the benchmark for this composite was changed from the MSCI World Free Index to the MSCI World Index.

Since 2004 these indices have been identically constructed. This change merely updates the fund’s benchmark to

the more commonly used index. The MSCI World Index is a free float-adjusted market capitalization weighted

index that is designed to measure the equity market performance of developed markets. Benchmark return

information is provided for comparative and referential purposes only. Benchmark information is provided by third

party sources, and is considered to be accurate.

The Composite’s dispersion of annual returns is measured by the asset-weighted standard deviation of individual

portfolio annual returns. Only portfolios that have been managed within the Composite for the full year are

included in the asset-weighted standard deviation calculation. Dispersion is not calculated for composites that

have five or fewer portfolios for the full calendar year.

The Firm utilizes a time-weighted total rate of return methodology to calculate performance. All portfolios are

valued daily based on principal market values plus accrued income. The market value of an account is the sum of

a portfolio’s total assets, including accrued interest and dividends, cash and cash equivalents, short-term

instruments, and securities valued at current market prices. Security transactions are recognized based on trade-

date accounting. Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date.

Portfolio returns are calculated monthly. For the Firm’s mutual fund accounts, portfolio returns are calculated

monthly using an account’s beginning and ending month-end unitized value and distributions of income and

capital gains, if applicable. For the Firm’s non-mutual fund accounts, portfolio returns are calculated daily using

the change in an account’s market value after taking into account cash flows on the account. All cash flows are

assumed to have been invested at the start of the day they are processed. Daily returns are geometrically linked

to determine the monthly return. Gross-of-fee returns include all trading costs and are calculated before

management fees, administrative fees, custody fees and distribution and service fees, as applicable. Net-of-fee

returns are calculated after all trading costs, actual management fees, custody fees, distribution and services

fees, as applicable. Management fees are based on the pro-rated annual management fee schedule net of

reimbursements. The composite returns are calculated monthly by weighting each account’s monthly return by its

beginning market value as a percent of the composite’s total beginning market value. Quarterly and annual

composite returns are calculated by geometrically linking the monthly composite returns. Policies for valuing

portfolios, calculating performance and preparing compliant presentations are available upon request.

The Firm established a $2 million minimum portfolio size for inclusion in the composite.

New portfolios are generally included in the composite rate of return calculations at the beginning of the month

immediately following the date they were funded. If a portfolio’s funding occurs after the 21st day of a month, the

portfolio is included in performance reporting as of the first day of the second full month after opening. Portfolios

that change investment strategies are transferred between composites in the first full monthly reporting period the

portfolios are managed under the new style. Terminated portfolios are included in the Composite rate of return

calculations through the completion of their last full month under management.

There has been no material change in personnel responsible for investment management. Leverage is not utilized

in this composite. Futures (and currency forwards and futures, where applicable or appropriate) are occasionally

used to manage portfolio risk. Other derivative instruments may be used, as allowed, as part of the investment

strategy.

The creation date for this composite is June 2005.

A complete list of the Firm’s composite descriptions is available upon request.

©2012 American Century Proprietary Holdings, Inc. All rights reserved.



Investors in the United Kingdom: This promotion has been approved with limitations, in accordance with Section 21 of the Financial Services and Markets Act, by American Century Investment Management (UK) Limited, which is

authorised and regulated by the Financial Services Authority. This promotion is directed at persons having professional experience of participating in unregulated schemes and units to which the communication relates are available only to

such persons. Persons who do not have professional experience in participating in unregulated schemes should not rely on it.

American Century Investment Management (UK), Ltd., Global Distributor

American Century Investment Management (UK) Limited is registered in England. Registered number: 06520426.

Registered office: 30 Haymarket, London SW1Y 4EX

Investors in Denmark: American Century Investment Management, Inc. is not registered under the Danish Financial Business Act.

Investors in Finland: This presentation has been prepared for private information purposes of interested investors only. It may not be used for and shall not be deemed a public offering of securities. This product cannot be offered or sold in

Finland by means of any other document to any persons other than investors that qualify as "Professional Investors" as defined by the Finnish Mutual Funds Act (Sijoitursrahastolaki, 48/1999), as amended.

Investors in Australia: American Century Investment Management, Inc. is exempt from the requirement to hold an Australian financial services licence under the Corporations Act in respect of the financial services they will provide and it is

regulated by the SEC under US laws, which differ from Australian laws.

Investors in Norway: American Century Investment Management, Inc. is not registered with the Norwegian FSA.

Investors in the Netherlands: American Century Investment Management, Inc. has received an exemption from registration from the Dutch Authority for the Financial Markets to provide investment advice.

Investors in Switzerland: This information is not intended for public distribution and is offered only on a “non public offering basis” in Switzerland pursuant to SESTA/SESTO and/or CISA/CISO.

Investors in Germany: American Century Investment Management, Inc. is not authorised by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)).

Investors in New Zealand: The investment advisory services referred to in this document are, and will be, only provided in New Zealand to persons who are not members of the public for the purposes of Part 4 of the New Zealand Securities

Markets Act 1988 and who are (or who become) wholesale clients of American Century Investments for the purposes of the New Zealand Financial Advisers Act 2008. If you do not satisfy this criteria, you should return or destroy this

document without reading it.

Investors in Iceland: The shares shall not, whether directly or indirectly, be offered, sold, transferred or delivered in Iceland to any individual or legal entity other than institutional investors within the meaning of Item No. 9 in Article 2,

Paragraph 1, of the Icelandic Act No. 108/2007 on securities transactions (as amended from time to time), cf. Article 13 of Regulation No. 792/2003 on undertakings for collective investment in transferable securities (UCITS) and other funds

for collective investment. The fund has not been and will not be registered with the Icelandic Financial Supervisory Authority. This presentation has been issued to you for your personal use only and exclusively for the purposes of a private

offering. Accordingly, this presentation may not be used for any other purpose nor passed on to any other person in Iceland.

This promotion is not intended for public distribution and may only be distributed on a non-public offering basis.

Important Notes for Non-U.S. Investors



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