The central tenet of MDP's investment philosophy is a strong working relationship with management. We believe that partnering with MDP provides the following benefits to a management team:

Experience. The breadth of our investing experience makes us a uniquely knowledgeable and capable partner. We have made more than 200 investments across a broad range of industries and economic cycles. We also have expertise in the specific issues confronting such industries as basic industries, communications, consumer, financial services, health care and by virtue of our many years of experience in these industries and the investment teams we dedicate to these areas.

Opportunity. Management is our partner in creating value. As such, our portfolio company managers typically have a significant direct equity ownership in their companies as well as substantial upside in the form of stock options or other equity securities. In combination, this ownership structure allows management to act as highly motivated owner-managers and provides management the opportunity for substantial wealth creation.

Flexibility. Management teams at MDP portfolio companies have the freedom to operate their businesses to best achieve their planned performance objectives. A single MDP team works closely with a portfolio company's management team throughout the investment's life. The team stays informed about the portfolio company's business and industry so that it can serve as valuable counsel to management without interfering with management's operation of the company.

Capital. We manage an approximate $14 billion pool of capital earmarked for making new and follow-on investments in portfolio companies when attractive opportunities arise. In addition, our involvement in numerous private and public equity and debt financings enables us to be a source of advice for management teams who consider raising capital in the financial markets. Our goal is to ensure that capital is readily available to our portfolio management teams for profitable investment in their respective businesses.

Support. In our capacities as lead investors and directors, we serve as a source of advice for decisions on new financings, acquisitions and divestitures, and long-term strategic planning - areas where our many years of investment experience have given us special insights. We make available to managers of our portfolio companies the extensive network of professional relationships and contacts that we have developed over the past two decades. We also have considerable experience implementing complicated financial and tax structures that can unlock significant value in an enterprise.

Patience. Our investment horizon is generally five to seven years, although this varies depending upon the specific circumstances of each portfolio company. Our experience has taught us the importance that patience plays in promoting a good partnership with management and in achieving long-term financial rewards for management and MDP.