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DSM Capital Partners was founded by Daniel Strickberger and Stephen Memishian in February 2001. The firm is located in Westchester County, New York. DSM Capital Partners is an SEC registered investment advisor offering separate managed accounts, as well as certain pooled investment vehicles, to both individual and institutional investors.

DSM Capital Partners is a bottom-up, idea driven, growth stock firm, with an intermediate to long-term investment horizon. We provide clients with individual managed accounts normally consisting of twenty-five to thirty-five stocks of growth companies with market capitalizations primarily in excess of $2 billion.

We invest in growing businesses with attractive returns, solid business fundamentals, and intelligent management. Normally these businesses will have projected revenue and earnings growth of at least 10% annually and will frequently have higher returns on equity and assets than the average S&P 500 business. In addition and at least as importantly, the financial returns of the businesses are typically stable or rising, driven by improving business fundamentals. We may hold cash in accounts when we find the valuation of growth stocks to be unattractive. We may also invest this cash in U.S. government securities of various maturities depending on our view of the direction of interest rates.

Stock Selection Process
Research and stock selection process must be fast, flexible and opportunistic, as investment environment itself is characterized by rapid change and frequent surprise. We screen several databases of thousands of companies to identify investment candidates

Valuation Portfolio Management
DSM Capital Partners is a long-term oriented investor. Our valuation model is driven by our projected 3 year high and low earnings estimates, to which we apply a higher and lower P/E respectively, thereby generating a 3-year-out high and low price target.

Tax Considerations
As long-term oriented investors, we target long-term capital gains. But also realize short-term gains if a holding meets or exceeds the price target created by our valuation system in a shorter than expected time. Flexibility is important to our approach.

Communicating With Clients
• Open and effective communication with our clients is very important. Given sufficient interest, we will offer a twice-annual telephone conference call for all clients during which individual clients can ask questions of our entire investment team.

Account Reporting
Clients can track the progress of their accounts through a variety of mailed and web-available reports. We expect over time to provide interested clients with a complete set of electronic reports.

Managed Account Structure
DSM Capital offers clients separately managed accounts. This means that, through our advisory agreement, a client is giving us discretion to make buy and sell decisions on behalf of a specific, segregated account at a custodian such as Bear Stearns.

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