Russell
2000
Growth

Q1
Q2
Q3
Q4

Granahan Investment Management, Inc. ("GIM") has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Granahan Investment Management, Inc. has been verified for the periods up to and including 12/31/2007 by Ashland Partners. A copy of the verification report is available upon request. GIM is an independent, SEC- registered investment firm that oversees small and mid-cap equity portfolios for large institutions and wealthy individuals. The Small Cap Core Growth product utilizes fundamental, bottom-up research and analysis to invest in companies in the small cap sector of the market. Composite consists of time-weighted total returns for all tax-exempt accounts managed by GIM in the Small Cap Core Growth style. The benchmark for the Small Cap Core Growth product is the Russell 2000 Growth. The composite, created in May 2000, is calculated by asset-weighting the performance of each account on a monthly basis. Accounts are included beginning with the first full month under management and terminated accounts are included in the composite. Performance calculations, expressed in U.S. dollars, produce a total return including cash and the reinvestment of dividends and interest. Standard Deviation is calculated using equal-weighted total returns for accounts in the composite the entire year. Leverage is not utilized. Additional information regarding policies for calculating and reporting returns is available upon request. Returns are net of investment management fees. The fee for accounts managed in the Small Cap Core Growth style is payable quarterly in arrears and is calculated by applying the following ANNUAL percentages to the average value of the assets in an account on the last day of each month in the quarter: First $15 million 1.00%, next $35 million 0.80%, next $50 million 0.60%, above $100 million 0.73%. Market value is based on trade date and security pricing is supplied by Telemet. A complete list and description of all of the firm's composites is available upon request. Past performance is no guarantee of future results.