INVESTMENT PHILOSOPHY We are growth investors. We underscore process and discipline in our stock selection process. Our goals are to (a) make investments in companies whose revenues and earnings are growing faster than the market or economy as a whole, and (b) pay reasonable prices for what we are buying. We begin with a top-down analysis of economic, demographic, political and social trends to identify significant ongoing or emerging themes. Then we concentrate on the sectors of the market most likely to benefit from these themes. Within each sector we look for companies that have unique competitive advantages. Companies with growing revenues and earnings that meet our criteria for sound management and reasonable accounting practices become candidates for selection. We believe that realistic asset allocation is critical to the success of the relationships we build with our clients.