Ronald A. Sauer

RONALD A. SAUER, President and Lead Portfolio Manager has been active in
small-cap investing since 1980. Formerly the President and Director of
Research for Black & Company, Inc., a leading Northwest brokerage firm,
Mr. Sauer has spent his career evaluating companies and selecting high
quality stocks for investment. Earlier in his career as an analyst, and
now as Mazama’s lead portfolio manager, Mr. Sauer has developed a highly
disciplined and successful investment process. His proprietary
Price/Performance Model is now ten years old and has become a critical
component of Mazama’s investment approach.