Recent Developments

• In January 2004, ownership of Century was transferred from the firm's Founder to its senior investment professionals. Century's three stockholders are Lanny Thorndike, Managing Partner and CIO of the Public Securities Group (PSG); Davis Fulkerson, Managing Partner of the Private Equity Group; and Kevin Callahan, Director of Research and PSG co-portfolio manager. All three stockholders signed non-compete agreements at the time they became stockholders. Century remains a 100% employee-owned independent registered investment advisor.
• In January, David Borah joined Century as Equity Analyst covering Health Care. He has over ten years of industry experience including Pilgrim Baxter & Associates and Wellington Management Company. David has a B.A. from Brown University and an MBA from The Johnson School of Management at Cornell University. He is a member of the Boston Security Analysts Society and is a Chartered Financial Analyst.
• Also in January, Century installed Century installed Advent's Axys as Century's new portfolio accounting system. Subsequently, Century has installed the Moxy trading allocation system and the OASYS & OMGEO order confirmation systems that communicate electronically with brokers, the Depository Trust Company (DTC) and master trustees and custodians. The building of composites in Axys is our first step to moving to AIMR performance presentation standards in 2005. 
• In September, Steven Alfano was appointed Chief Compliance Officer. Steve has been with Century for over 15 years and has over 20 years of industry experience. He recently coordinated a review of Century's policies and procedures by an independent consultant and, going forward, he will be responsible for administering all compliance policies for the Firm, including the Code of Ethics. 
• In October, Maureen Kane joined Century as General Counsel. Maureen has over 15 years of legal experience including Scudder Investments, State Street Bank and Trust, and Fidelity Investments. Maureen is a graduate of Williams College and Boston College Law School and is a member of the Massachusetts Bar. 
• In October, C.J. Young joined Century as Equity Analyst with primary responsibilities for Consumer Discretionary. He has over 7 years of industry experience including Frontier Capital Management and Schroders & Co. He received his Bachelors degree from Harvard University and his MBA from The J.L. Kellogg Graduate School of Management at Northwestern University. Over the past four years, C.J. has been active in serving as a hockey athlete advisor to the U.S Olympic Committee. 
• At the end of October 2004, Century Capital had over $400 million in Small Cap Growth assets under management, which included over 20 separately managed portfolios and the Century Small Cap Select Fund. Total firm assets were in excess of $1.1 billion including separate accounts, mutual funds and private equity partnerships.