Past performance is no guarantee of future results. Favorable risk/reward ranks are not indicative of positive absolute performance. eVestment Alliance software was used by Calamos to create the exhibits. A fee was paid by the firm for use of the software. Rankings based on gross of fees, annualized returns (calculated quarterly). Returns include reinvestment of dividends and other earnings. Number of managers in each of their respective eVestment Alliance categories: Growth Composite – U.S. All Cap Growth Equity Universe, 20 managers; International Growth Composite, EAFE Equity Universe, 331 managers; Global Growth Composite - Global Equity Universe, 482 managers. The benchmarks for the strategies are: Growth strategy—Russell 3000 Growth Index; International Growth strategy—MSCI EAFE Growth Index; and Global Growth strategy—MSCI World Index. Data calculated on January 21, 2011.

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