Managed Account Structure

DSM Capital offers clients separately managed accounts.

Communicating with Clients

We recognize that open and effective communication with our clients is very important. With that in mind, we offer the following:

• On-line account status through our Website, www.dsmcapital.com.
• Twice-quarterly letter to our clients which reviews performance, transactions and provides our investment outlook.
• At the client’s request, portfolio review meetings or conference calls at a mutually agreed upon frequency and location.

Account Reporting

Clients can track the progress of their accounts through a variety of mailed and web-available reports as follows:

DSM Reports Quarterly Report - includes: portfolio holdings, net of fee performance, activity summary, income/dividends and capital gains reports for taxable accounts. Twice Quarterly Letter - reviews recent performance and describes our investment outlook.

For Accounts Custodied at Bear Stearns Monthly Custody Statement - this report includes all transactions for the month, end-of-month holdings by tax lot, as well as dividend and interest income during the month. Trade Confirmations - mailed on the business day following trade date.

DSM Website Through this website, clients whose accounts are custodied at Bear Stearns can access a number of reports regarding their accounts.

Custody

Clients may generally custody their DSM account at a custodian of their choice. Alternatively, DSM Capital has selected JPMorgan to provide custody to some of DSM clients. Details of this arrangement are available upon request.