Company Press Release

Chautauqua Capital Management Names A. Douglas Rao Partner And Co-Portfolio Manager

BOULDER, Colo., Aug. 14, 2012 -- Chautauqua Capital Management, a long only investment management firm, announced today that veteran portfolio manager A. Douglas Rao has joined the firm as Partner and Co-Portfolio Manager.

Mr. Rao will co-manage the Chautauqua International Growth Equity strategy and the Chautauqua Global Growth Equity strategy with Brian Beitner, CFA, Founder and Managing Partner of Chautauqua Capital Management.

"We are delighted to have Doug join Chautauqua," said Mr. Beitner.  "Our investing philosophies align seamlessly and he shares Chautauqua's vision for building a focused, employee-owned boutique investment firm that puts clients first."

Prior to joining Chautauqua, Mr. Rao was Portfolio Manager of the Marsico Flexible Capital Fund, which earned a 5-star rating by Morningstar, Inc. and was ranked in the 1st percentile for performance over the last 3 and 5 years by Lipper, Inc. As sole manager of the fund, Mr. Rao incorporated a "go-anywhere" strategy, investing on a global basis and across the capital structure.

Mr. Rao began his career at TCW Group, where he worked closely with Mr. Beitner, who had hired him for the Los Angeles based firm. Four members of the Chautauqua investment team share a common heritage – each member worked with Mr. Beitner while at TCW Group.

"We look forward to working with Doug again," said Mr. Beitner. "He understands and embraces our investing strategy, which is focused on building and actively managing concentrated, conviction-weighted portfolios of advantaged companies."

The Chautauqua International Growth Equity strategy has outperformed 95% percent of its peer group since inception (from January 1, 2006) through June 30, 2012, according to the eVestment Alliance Global Database. The Chautauqua Global Growth Equity strategy has outperformed 88% percent of its peer group since inception (from January 1, 2007) through June 30, 2012, according to eVestment.

About Chautauqua Capital Management

Based in Boulder, CO, Chautauqua Capital Management is a boutique, long-only investment management firm, offering high-quality, growth-oriented international and global equity portfolios to foundations, corporate and public sector retirement plans, endowments, family offices and sub-advisory platforms. The Chautauqua investment team possesses a wealth of experience and a diversity of skills. These qualities, combined with a time-proven and advantage-oriented approach, have enabled the firm to generate superior long-term investment returns. For more information on Chautauqua Capital Management please visit www.chautauquacapital.com or call 303-541-1545.