SBIC Management Assessment Questionnaire & License Application; Exhibits to SBIC License App./Mgmt. Assessement Questionnaire

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Overview

Instructions
Table 4.1
Table 4.2 (a)
Table 4.2 (b)
Table 4.2 (c)
Table 4.2 (d)
Table 4.2 (e)
Table 4.3
Table 4.3 (a)
Table 4.4 (a)
Table 4.4 (b)
Table 4.4 (c)
Table 4.4 (d)
Table 4.4 (e)
File Name Help

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Sheet 1: Instructions

Exhibit 4: Synthesized Fund Workbook Instructions
V1.1.b - May 24, 2006
General Instructions:
You will have one Excel workbook (file) for each Complete fund you are presenting.
Save the name of this file as "F4-" + 10 character (or less) acronym that identifies your applicant name + "; Syn" + year of first investment + "; " + the first and last name initials for each principal for which this workbook pertains separated by commas + "; " +date when this report was prepared in YYYYMMDD format.
For assistance in creating the correct file name, click on the link to the right.		File Name Help
Example:
Applicant Name: Southern Ventures Fund
Principal Name: John Browning, Mary Jones
Year of First Investment: 1995
Date Report Prepared: September 30, 2003
File Name for Workbook: F4-SouthernVF; Syn1995; JB,MJ; 20030930
Follow the step by step instructions below, referring to Exhibit F for detailed instructions on each table.
Click on tables to go to associated worksheets.
Instruction	Worksheet
1. Enter General Information on Investment Group	Table F4.1
2. Enter Portfolio Information
a. Enter List of Portfolio Companies	Table F4.2 ( a )
b. Enter Portfolio Financing Information	Table F4.2 ( b )
c. Enter Portfolio Company Realized Events	Table F4.2 ( c )
d. Current Status and Unrealized Portfolio Company Information	Table F4.2 ( d )
e. Describe Your Involvement with Company	Table F4.2 ( e )
3. Enter Fund Cashflow Information	Table F4.3
4. Review Fund Statistics
a. Review Portfolio Summary	Table F4.4 ( a )
b. Review Financing Statistics	Table F4.4 ( b )
c. Review Investment Performance Statistics	Table F4.4 ( c )
d. Review Graphics	Table F4.4 ( d )
e. Review Fund Statistics	Table F4.4 ( e)

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Sheet 2: Table 4.1

i

Next Step

Table F4.1 General Fund Information

1. SBIC Applicant:

Enter your SBIC applicant name.

2. Principal:

Enter the SBIC applicant principal (s) for which this set of investments applies.

3. Investment Group Name

SYN1899

4. Starting Date for Investment Group (MM/DD/YYYY format)

Enter the first date (in mm/dd/yyyy format) that an investment was made for this investment group. If you do not have the exact date, provide best estimate.

12

1899

5. Last Date of Investment Period (No new investments should be taken down after this date.)

12/30/1904

6. Number of Portfolio Companies

Enter the Number of Investments you will have in this group.

7. Is there any unrealized value left in the investments made in this group?

Select "Yes" or "No". 1

Note: If you would like to include unrealized value in the investments as part of your IRR calculation, enter "Y". If you enter "Y", you

must continue to maintain some level of management fees, similar to those proposed in your business plan.

8. If there is no unrealized value left in the investments (previous answer is "N"), when (mm/yyyy) was the last exit or write-off?

Enter the year (in mm/yyyy format) of your last exit or write-off.

1899

Note: Management expenses should continue until the month/year identified above, unless your business plan proposes otherwise.

9. Enter the date of the last exit OR the "as of" date for which the fund information will be reported, if the fund is ongoing.

If the fund is terminated, enter its termination date in MM/YYYY format. If the fund is ongoing, enter the "as of date" for which this fund information you are reporting applies in MM/YYYY format.

1899

10. Very short narrative on investment strategy of investment group, including lifecycle stages of investments and industry sectors

Provide a short narrative on your investment strategy.

11. Footnotes

Any footnotes related to the track record specified above must be detailed in this text box. See instructions for the notation convention required to identify the tab and cell referenced.

Next Step

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Sheet 3: Table 4.2 (a)

i	#N/A							Next Step
	Table F4.2 (a) Portfolio Company Data
	SBIC Applicant/Principal: ;
	Number of Portfolio Companies:
		List each portfolio company only once, regardless of the number of rounds of financing.
			Please provide information on the company at the time of initial investment. Company Information at Initial Investment
		Enter the Name of the Company. Company Name	Enter the age of the company in years at the time of initial investment. Age of Company (Yrs)	Select the stage of the company. Stage of Company	Identify the state in which the company's primary offices reside. State of Company's Primary Offices	Select the primary industry in which the company operates. Primary Industry	Describe the specific products and services of the company in more detail. Description of Products/Services	Describe your role as an investor in this company, such as "angel", "board director", "venture capitalist", etc... Your Investor Role
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Sheet 4: Table 4.2 (b)

i	#N/A										Next Step
	Table F4.2 (b) Portfolio Company Financing Rounds
	SBIC Applicant/Principal: ;
		Create a separate line for each round of financing. For example, if you had 3 rounds of financing, you will have 3 lines for a single portfolio company.
		You must use the same company names as those in Table F4.2.							Total Financing	$-
		Enter the name of the company. You must use the same names as entered in Table 2.2 (a) of this workbook. Company Name	Enter the financing round/series for the company, (e.g., A, B,C). Round/ Series	Insert the month and year of the investment round in MM/YYYY format. Month/Year of Investment	Enter the Pre-Money Company valuation. Pre-Money Company Valuation ($)	Enter the total size of the round for the company in $. Size of Round ($)	Enter the names of firms that you co-invested with on this round. If you co-invested with angel investors, enter "Angel". Co-investors	Enter "Y" if this was a loan only; otherwise, enter "N". Loan?	Enter the type of security used in this round of financing. Note: If you used both debt and equity in the same round, enter them as separate line items with the same round number. Type of Security	Enter the amount of money associated with this round and security. Amount ($)	Enter the total ownership on a fully diluted basis you had at the end of this round. (Note: This total ownership should include any previous investments.) Total % Ownership After Round

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Sheet 5: Table 4.2 (c)

i		#N/A									Next Step
	Table F4.2 (c) Portfolio Company Realized Events
	SBIC Applicant/Principal: /
		Create a separate line for each realized event. For example, if you sold your shares in a company in 2 traunches, you will have two lines for that company.
		Enter a separate line item for each exit/liquidation. If you had 3 separate liquidations (at separate times) of a company, then you will have 3 line items. You must use the same company names as those in Table F4.2.
							Totals	$-	$-	$-	$-
		Enter the name of the company. You must use the same names as entered in Table 2.2 of this workbook. Company Name	Enter the month and year of exit or partial exit in MM/YYYY format. Month/ Year of Exit	Enter the total company valuation in $ at the time of exit. Total Company Valuation at Exit	Select the type of Exit: Sale Merger/Acquisition IPO Recap MBO (including ESOPs) Distress Type of Exit	Enter one of the following numeric class codes that describes your exit. If you received more than one class of proceeds, separate each code by a comma. 1. Interest, Dividends, Royalties 2. Cash Liquidating Event 3. Securities Still Held by Fund 4. Securities Sold by Fund 5. Distribution in Kind - Legal or Liquidity 6. Distribution in Kind - Liquidity Restrictions on Sale 7. Write-off Class	Describe the nature of the proceeds your fund received from the exit of the company. If you received securities from another company in connection with this exit, identify the name of that company. Nature of Proceeds	Enter the cost basis (what you paid) for the exit proceeds in dollars. Cost Basis of Exit Proceeds ($)	Enter cash proceeds in dollars. Cash Proceeds ($)	Enter non-cash proceeds in terms of their dollar value. Value of Non-cash Proceeds ($)	Total Proceeds
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Sheet 6: Table 4.2 (d)

i	#N/A									Next Step										Next Step
	Table F4.2 (d) Current Status and Unrealized Portfolio Company Information
	SBIC Applicant/Principal: ;
	Number of Portfolio Companies:
		Enter data for each of the companies you listed in Table 4.2 (a)
			Status of Company		Enter the current valuation information regarding each company in which you have a holding. Current Valuation Information						Enter information regarding what you anticipate the company's next round of financing. Next Round Information						Enter information regarding the projected exit of the company. Projected Exit Information
								Total	$-		Total	$-		$-				Total	$-
		Company names from Table 2.2 Company Name	Enter "Y" if investment is open and then skip next column. Enter "N" if investment is closed (either entirely exited or written off) and enter the date the investment was closed in the next column. If closed, no further information on company (except date closed) is required. Investment Open (Y/N)	Enter the month and year in MM/YYYY format when this investment was either totally exited, or written off the books. If the investment is still open, leave blank. Date Investment Closed (MM/YYYY)	Enter the percent of the company you own on a fully diluted basis. Percentage Ownership (%)	Enter in mm/yyyy format the date that the valuation for this company was last changed. Date Valuation Was Last Changed (MM/YYYY)	Enter the date in MM/YYYY format of the last valuation review date. Last Valuation Date (MM/YYYY)	In a few words, enter the basis, e.g., cost, disc. from public price, CF+ [multiple used], e.g. CF+4X, P/E [multiple used of pre-tax earnings, excluding one-time or extraordinary events], e.g. P/E6X, B.V., poor performance, etc., SNI for “round with Significant number of New Investors”, sale or merger, IPO, bankruptcy/liquidation. If you are taking a discount from the nominal value, for example, from market price or investment by a strategic investor, give the discount percentage, e.g., SNI -50%. If the basis for the valuation is “SNI”, enter the date of the referenced round, e.g., “SNI 01/02” or “SNI –50%, 01/02”. Basis for Valuation	Enter the current valuation of your holdings in the company in dollars. Current Value of Holdings ($)	In dollars enter the current valuation for the entire company. Current Company Value ($)	If you expect there to be another financing within the next 18 months, enter whether it will probably be: (U) Up, (F) Flat, (D) Down, or (N) None, if none is contemplated. Next Round Code	Enter the projected total round size in $ for the next round. Total Round Size ($)	Enter the probability of having a closing that meets the targeted financial needs (indicated round size) in terms of a percentage. Example: If you think they have a 75% chance, you would enter 75%. Likelihood of Meeting Financing Needs (%)	Enter the amount in dollars you anticipate as your part of the next round. Your Amount ($)	Enter the total percentage ownership you anticipate holding after the next round. Anticipated Total Ownership After Round (%)	Enter the projected company pre-money valuation in dollars. Projected Company Pre-Money Valuation ($)	Enter the year (YYYY format) in which you estimate the highest probability that you would be able to exit, based on the company’s attainment or its goals and on current or projected market conditions . Projected Exit Year	Select the most likely type of exit from the following: Sale Merger/Acquisition IPO Recap MBO (including ESOPs) Distress Projected Type of Exit	Enter the most likely cash realization expected in the exit year. (This should be a most probable estimate, not a wish list amount.) Forecasted Exit Proceeds ($)	Enter the probability of this investment meeting your forecasted time and proceeds estimates. Example: If you think the forecast has a 75% chance, you would enter 75%. Likelihood of Meeting Forecast (%)
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Sheet 7: Table 4.2 (e)

i	#N/A												Next Step
	Table F4.2 (e) Company Involvement
	SBIC Applicant/Principal:		;										;
	Number of Investments:
			These questions help identify what role you played prior to the actual investment. Enter an "X" in each category that you played a significant role. Leave blank those categories for which you did not play a significant role. Pre-Investment Role										These questions help identify what role you played after your fund may the investment. Enter an "X" in each category that you played a significant role. Leave blank those categories for which you did not play a significant role. Post-Investment Active Involvement in Company
		Count	0	0	0	0	0	0	0	0	0		0	0	0	0	0	0
		Company names from Table 2.2 (a) Company Name	Enter "X" if you were the sole lead investor (both syndicate and within your firm). Under discussion, provide supporting details. Otherwise, leave blank. Deal Lead	Enter "X" if you were the co-lead with either another firm or within your firm. Otherwise, leave blank. Deal Co-Lead	Enter "X" if you sourced the deal within your firm. Under discussion, provide supporting details. Otherwise, leave blank. Deal Source	Enter "X" if you were the primary person within your firm to perform the financial analysis for this investment. Under discussion, provide supporting details. Otherwise, leave blank. Financial Analysis	Enter "X" if you were the primary person within your firm to perform the market research for this investment. Under discussion, provide supporting details. Otherwise, leave blank. Market Research	Enter "X" if you were the primary person within your firm to perform the due diligence for this investment. Under discussion, provide supporting details. Otherwise, leave blank. Lead Due Diligence	Enter "X" if you were part of the Investment Committee for this investment. Under discussion, provide supporting details. Otherwise, leave blank. Investment Committee	Enter "X" if you were the primary person within your firm to negotiate this investment. Under discussion, provide supporting details. Otherwise, leave blank. Negotiation	Enter "X" if you were the primary person within your firm to help with the closing materials for this investment. Under discussion, provide supporting details. Otherwise, leave blank. Closing	Provide supporting details to your pre-investing activities that you marked and any other information you feel is critical. Discussion of Pre-Investment Role	Enter "X" if you replaced the Top Ranking Officer in the company. Otherwise leave blank. Top Ranking Officer Replaced	Insert and "X" if you were on the board of directors for this company. Otherwise, leave blank. Board of Directors	Enter an "X" if you were on a committee. Indicate in the Discussion area what committees you were on. If you were not on any committees, leave blank. Committees	Enter "X" if you played a significant role in this company's exit. Under the discussion area, describe your role. If you played no role in the exit or the company has not yet exited, then leave this blank. Exit Process	Enter "X" if you actively participated in any workouts or restructurings of the company. Otherwise, leave blank. Workouts, etc..	Enter "X" if you either temporarily or on an extended basis stepped in as an officer of the company. Under the discussion area, describe that role and the length of time. Otherwise, leave blank. Officer of the company	Provide supporting details to your post-investing activities that you marked and any other information you feel is critical. Discussion of Post-Investment Role
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	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-
	N/A	-

---

Sheet 8: Table 4.3

i									Go to Explanations Worksheet			Next Step
Table 4.3 Synthesized Fund - Cash Flow Adjustments Worksheet
	for :
WORKSHEET INSTRUCTIONS
																																	1.25	Factor Used to Estimate Amount Needed During 1st 5 Years for Expenses
	This worksheet contains the fund cashflows and related financial statements, based on those investments entered in the Investments Worksheet. Using those investments, an estimate of the needed																																	First year adds additional 50% plus organizational set up fees to provide enough capital for management fees for next year
	take-downs, distributions, carried interest, and management fees were calculated. You may adjust these cashflows in two different methods: 1) By changing the "Calculation Variables" or 2) By "overriding" the
	values, under "Override Cashflow Values". However, you must keep positive cash balances for at least one year of management fees. This can be accomplished by increasing take-down of capital, decreasing																																2.5%	Interest on Cash
	distributions, or decreasing management fees. However, if you materially change management fees, they must reflect what is in your business plan. Provide on the Explanations worksheet, rationale for
	changes in any variables or changes to the management fee or carried interest cashflows. You do NOT need to explain changes to take down and distribution cashflow overrides, as long as you maintain a cash
	balance equal to half a year of management fees AND your total Take Downs EXCEED Total Financings plus first five years of Management Fee Expenses.
FUND STATISTICS WITH CURRENT INPUTS
			IRR	Err:523		VY	1899			Last Year in Investment Group:	1899
			Distributions to Paid In Capital	#DIV/0!		Fund Age	0			Number of Investments:	0
			Residual Value to Paid In Capital	#DIV/0!		Year Paid Back	0
Next Step			Total Value to Paid In Capital	#DIV/0!		Years Until Payback	Not yet
					Investment Period
				Total	1899
INVESTMENT SUMMARY INFORMATION
	Investment Financings			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Balance Sheet Cost of Investments				$-
	Total Cash/Non-Cash Proceeds			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Cost Basis Associated With Proceeds			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Realized Gains (Losses)			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
METHOD 1 - ADJUSTMENT TO CALCULATION VARIABLES
	Management Fee Rate			2.50%	The maximum SBIC management fee rate is 2.5% which is applied to committed capital plus an assumed two tiers of SBA capital during the investment
					period (five years) and to cost of assets thereafter. If you are proposing a different rate, you should change it to your proposed rate.
	Carried Interest Rate			20%	Identify the carried interest used in your business plan.
	Organizational/Setup Fees			$-	While this may be amortized over time, the cash outlay normally occurs in the first year.
CALCULATED TAKE DOWNS, DISTRIBUTIONS, CARRIED INTEREST, AND MGT FEE CASHFLOWS
	Take Downs			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Total Distributions (before carried interest)			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Carried Interest			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Total Distributions after carried interest			$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
	Management Fee Expenses			$-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
METHOD 2 - ADJUSTMENT TO CASHFLOW VALUES
		Minimum Takedowns		$-
OVERRIDE CASHFLOW VALUES			Override? (Y or N)
	Take Downs		N	$-
	Total Distributions (before carried interest)		N	$-
	Carried Interest		N	$-
	Management Fee Expenses		N	$-
Resulting Distributions Minus Carried Interest				$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
ENDING YEAR CASH BALANCE					$-										$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-	$-
				*Cash Problem Indicators->
				Number of Cashflow Problems:	0
*	Red cells indicate too low cash balances. Cash balances need to maintain at least one year of management fees (based on that year). Either less distributions need to be taken or more take downs are needed. Please fix via cashflow overrides.
FINANCIALS
DISTRIBUTION CALCULATIONS
FUND STATISTICS CALCULATIONS

---

Sheet 9: Table 4.3 (a)

Table 4.3 Synthesized Fund - Cash Flow Adjustments Worksheet Explanations

Return to Cashflow Adjustments Worksheet

Next Step

for :

---

Sheet 10: Table 4.4 (a)

i

IRR Guess

-90%

Next Step

Table F4.4 (a) Portfolio Summary

SBIC Applicant/Principal: ;

Number of Investments:

Portfolio Company Overview

Gains (Loss)

Performance Metrics based on Current Values

Company

Select the stage of the company. Stage of Company

Select the industry in which the company operates. Industry

Total Financing Costs

Percent of Cost

Total Cash & Non-Cash Proceeds

Cost Basis of Proceeds

Residual Value

Residual Cost

Realized

Unrealized

Total

Realized Gains

Realized Losses

IRR

Residual Value to Residual Cost

Distributions to Total Cost

Residual Value to Total Cost

Total Value to Cost Multiple

Year of Initial Investment

Last Year Exited

Projected/ Actual year to Exit

Years to Exit

TOTALS

$-

0%

$-

$-

$-

$-

$-

$-

$-

Gross Pool

Err:523

#DIV/0!

0.00

0.00

0.00

0

0

0

0.00

Average

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Cpt Wgt Avg

0.0%

0.00

0.00

0.00

0.00

Median

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

---

Sheet 11: Table 4.4 (b)

i									Next Step
		Table F4.4 (b) Portfolio Financing Statistics
		SBIC Applicant/Principal: ;
		Gross Financing/Investment Statistics (Before Expenses)
			Number of Portfolio Companies			0
			Number of Financings			#VALUE!
			Total Cost of Investments			$-
		Distribution of Individual Financings by Dollar Size
			From	To	Total Financing Dollars	% of Financing Dollars	Number of Financings	% of Financings
		1	$-	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		2	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		3	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		4	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
				Total	#VALUE!	#VALUE!	#VALUE!	#VALUE!
			Median Financing Size	#VALUE!	Maximum	#VALUE!	Smallest	$-
		Distribution of Company Financings by Dollar Size
			From	To	Total Financing Dollars	% of Financing Dollars	Number of Companies	% of Companies
		1	$-	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		2	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		3	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!	#VALUE!
		4	#VALUE!	$-	#VALUE!	#VALUE!	#VALUE!	#VALUE!
				Total	#VALUE!	#VALUE!	#VALUE!	#VALUE!
			Median Company Financing Size	#VALUE!	Maximum	$-	Smallest	$-
		Distribution of Exit Mechanisms Utilized
			Exit Mechanism	Total Financing Dollars (Cost)	% of Financing Dollars	Number of Exit Events	% of Exits	Total Proceeds	% of Proceeds
		1	IPO	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		2	Write-off	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		3	Sale	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		4	Recap	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		5	Loan Repayment	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		6	Merger/Acquisition	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		7	Distress	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
		8	MBO (including ESOPs)	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
			Total	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!
			Total
		Distribution of Company Financings by Stage/Life Cycle
			Stage	Total Financing Dollars	% of Financing Dollars	Number of Companies	% of Companies	Proceeds ($)	% of Proceeds	Residual Values ($)	Residual Cost ($)	Multiple of Cost	Basis of Cost of Proceeds	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)											Realized Gains	Realized Losses
		1	Expansion	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Expansion	$-	$-
		2	Early	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Early	$-	$-
		3	Seed	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Seed	$-	$-
		4	Later	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Later	$-	$-
		5	Change of Control	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Change of Control	$-	$-
		6	Turn Around	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Turn Around	$-	$-
			Total	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-
		By Industry
			Industry	Total Financing Dollars	% of Financing Dollars	Number of Companies	% of Companies	Proceeds ($)	% of Proceeds	Residual Values ($)	Residual Cost ($)	Multiple of Cost	Basis of Cost of Proceeds	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)											Realized Gains	Realized Losses
		1	Biotechnology	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Biotechnology	$-	$-
		2	Medical/Health	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Medical/Health	$-	$-
		3	Computer Hardware	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Computer Hardware	$-	$-
		4	Financial Services	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Financial Services	$-	$-
		5	Semi-conductors/Other Electr.	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Semi-conductors/Other Electr.	$-	$-
		6	Communications and Media	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Communications and Media	$-	$-
		7	Business Services	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Business Services	$-	$-
		8	Agriculture/Forestry/Fishing	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Agriculture/Forestry/Fishing	$-	$-
		9	Manufacturing	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Manufacturing	$-	$-
		10	Computer Software	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Computer Software	$-	$-
		11	Consumer Related	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Consumer Related	$-	$-
		12	Transportation	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Transportation	$-	$-
		13	Industrial/Energy	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Industrial/Energy	$-	$-
		14	Internet Specific	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Internet Specific	$-	$-
		15	Computer Other	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Computer Other	$-	$-
		16	Construction	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Construction	$-	$-
		17	Utilities	$-	#DIV/0!	0		$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Utilities	$-	$-
		18	Other	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Other	$-	$-
				$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-
		By Geographic Region
			Region	Total Financing Dollars	% of Financing Dollars	Number of Companies	% of Companies	Proceeds ($)	% of Proceeds	Residual Values ($)	Residual Cost ($)	Multiple of Cost	Basis of Cost of Proceeds	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)											Realized Gains	Realized Losses
		1	Southwest	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Southwest	$-	$-
		2	Northeast	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Northeast	$-	$-
		3	Mid-Atlantic	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Mid-Atlantic	$-	$-
		4	Southeast	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Southeast	$-	$-
		5	Northwest	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Northwest	$-	$-
		6	MidCentral	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										MidCentral	$-	$-
		7	Other/Non-US	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-										Other/Non-US	$-	$-
				$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-
		By Financial Status
			Financial Status	Total Financing Dollars	% of Financing Dollars	Number of Companies	% of Companies	Proceeds ($)	% of Proceeds	Residual Values ($)	Residual Cost ($)	Multiple of Cost	Basis of Cost of Proceeds	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)											Realized Gains	Realized Losses
		1	Above	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-											$-	$-
		2	Loss	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-											$-	$-
		3	Total Loss	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-											$-	$-
		4	Flat	$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-											$-	$-
				$-	#DIV/0!	0	#DIV/0!	$-	#DIV/0!	$-	$-	-	$-	$-	$-	$-

---

Sheet 12: Table 4.4 (c)

i												Next Step
		Table F4.4 (c) Portfolio Company Performance Statistics
		SBIC Applicant/Principal: ;
		Gross Financing/Investment Statistics (Before Expenses)
		Total Cost of Investments			$-	Gross IRR (Includes Residual Value)			Err:523
		Total Distributions/Proceeds from Investments			$-
		Total Residual Value of Investments			$-	Distributions to Total Cost/Financing			0.00
		Distributions + Residual Value - Cost			$-	Residual Value to Total Cost			0.00
						Total Value to Total Cost			0.00
		Cost Basis for Investment Proceeds			$-
		Total Realized Gains (Losses)			$-	Residual Value to Residual Cost			#DIV/0!
		By Stage/Life Cycle
								Averages
			Stage	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)		IRR	Distributions to Total Costs	Residual Value to Total Cost	Total Value to Total Cost	Residual Value to Residual Costs	Years to Exit
		1	Seed	$-	$-	$-		0.0%	-	-	-	-	-
		2	Early	$-	$-	$-		0.0%	-	-	-	-	-
		3	Expansion	$-	$-	$-		0.0%	-	-	-	-	-
		4	Later	$-	$-	$-		0.0%	-	-	-	-	-
		5	Change of Control	$-	$-	$-		0.0%	-	-	-	-	-
		6	Turn Around	$-	$-	$-		0.0%	-	-	-	-	-
			Total	$-	$-	$-
		By Industry
								Averages
			Industry	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)		IRR	Distributions to Total Costs	Residual Value to Total Cost	Total Value to Total Cost	Residual Value to Residual Costs	Years to Exit
		1	Communications and Media	$-	$-	$-		0.0%	-	-	-	-	-
		2	Internet Specific	$-	$-	$-		0.0%	-	-	-	-	-
		3	Computer Hardware	$-	$-	$-		0.0%	-	-	-	-	-
		4	Computer Software	$-	$-	$-		0.0%	-	-	-	-	-
		5	Computer Other	$-	$-	$-		0.0%	-	-	-	-	-
		6	Semi-conductors/Other Electr.	$-	$-	$-		0.0%	-	-	-	-	-
		7	Biotechnology	$-	$-	$-		0.0%	-	-	-	-	-
		8	Medical/Health	$-	$-	$-		0.0%	-	-	-	-	-
		9	Consumer Related	$-	$-	$-		0.0%	-	-	-	-	-
		10	Industrial/Energy	$-	$-	$-		0.0%	-	-	-	-	-
		11	Transportation	$-	$-	$-		0.0%	-	-	-	-	-
		12	Financial Services	$-	$-	$-		0.0%	-	-	-	-	-
		13	Business Services	$-	$-	$-		0.0%	-	-	-	-	-
		14	Manufacturing	$-	$-	$-		0.0%	-	-	-	-	-
		15	Agriculture/Forestry/Fishing	$-	$-	$-		0.0%	-	-	-	-	-
		16	Construction	$-	$-	$-		0.0%	-	-	-	-	-
		17	Utilities	$-	$-	$-		0.0%	-	-	-	-	-
		18	Other	$-	$-	$-		0.0%	-	-	-	-	-
				$-	$-	$-
		By Geographic Region
								Averages
			Region	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)		IRR	Distributions to Total Costs	Residual Value to Total Cost	Total Value to Total Cost	Residual Value to Residual Costs	Years to Exit
		1	Northeast	$-	$-	$-		0.0%	-	-	-	-	-
		2	Northwest	$-	$-	$-		0.0%	-	-	-	-	-
		3	Mid-Atlantic	$-	$-	$-		0.0%	-	-	-	-	-
		4	Southeast	$-	$-	$-		0.0%	-	-	-	-	-
		5	Southwest	$-	$-	$-		0.0%	-	-	-	-	-
		6	MidCentral	$-	$-	$-		0.0%	-	-	-	-	-
		7	Other/Non-US	$-	$-	$-		0.0%	-	-	-	-	-
				$-	$-	$-
		By Financial Status
								Averages
			Financial Status	Realized Gains (Losses)	Unrealized Gains (Losses)	Total Gains (Losses)		IRR	Distributions to Total Costs	Residual Value to Total Cost	Total Value to Total Cost	Residual Value to Residual Costs	Years to Exit
		1	Above	$-	$-	$-		0.0%	-	-	-	-	-
		2	Flat	$-	$-	$-		0.0%	-	-	-	-	-
		3	Loss	$-	$-	$-		0.0%	-	-	-	-	-
		4	Total Loss	$-	$-	$-		0.0%	-	-	-	-	-
				$-	$-	$-

---

Sheet 13: Table 4.4 (d)

i

Next Step

Table F4.4 (d) Graphics

SBIC Applicant/Principal: ;

PORTFOLIO INVESTMENTS BY FINANCIAL STATUS

Total Number of Investments

0

Total Financing Costs to Date

$-

PORTFOLIO COMPANIES BY REGION

Total Number of Investments

0

Total Financing Costs to Date

$-

PORTFOLIO INVESTMENTS BY COMPANY

Total Financing Costs to Date

$-

Total Proceeds

$-

Total Realized Gains (Losses)

$-

Legend of top 14 companies by cost.

PORTFOLIO INVESTMENTS BY INDUSTRY

Total Financing Costs to Date

$-

Total Proceeds

$-

Total Realized Gains (Losses)

$-

PORTFOLIO INVESTMENTS BY STAGE

---

Sheet 14: Table 4.4 (e)

i

Table F4.4(e) - Overall Fund Statistics

As of Date:

12/1899

SBIC Applicant/Principal: ;

Number of Investments:

0

FUND SUMMARY STATISTICS

Net Financing/Investment Statistics (After Management Expenses)

Total Takedowns (Paid-In Capital)

$-

Total Distributions (After Carry)

$-

Total Residual Value

$-

Distributions + Residual - Take-downs

$-

Venture Comparison

Net IRR (Includes Residual Value)

Err:523

#N/A

Distributions to Paid In Capital

#DIV/0!

#N/A

Residual Value to Paid in Capital

#DIV/0!

Total Value to Paid in Capital

#DIV/0!

Vintage Year of Fund

Age of Fund (Through Close of Investment Group or Today)

0

Years to Payback

Not yet

Total Management Fees and Carry

Management Fees

$-

Carried Interest

$-

Residual Value Carry

$-

Total

$-

Principal's Activity

Pre-Investment

Post-Investment

Deal Lead

Top Ranking Officer Replaced

Deal Co-Lead

Board of Directors

Deal Source

Committees

Financial Analysis

Exit Process

Market Research

Workouts, etc..

Lead Due Diligence

Officer of the company

Investment Committee

Negotiation

Closing

---

Sheet 15: File Name Help

File Name Help

Return to Instructions

Select type of Exhibit

3

F2

Complete

Complete

Exhibit F2 - Complete.xls

If you were with a venture fund for the entire fund's life or if fund is still ongoing.

F3

Partial

Partial

Exhibit F3 - Partial.xls

If you were with a venture fund for only part of the fund's timeframe.

10 character name acronym identifying your applicant name

New Ven II

F4

Synthesized

Syn

Exhibit F4 - Synthesized.xls

Groups of separate investments not done within a single venture fund. Investments must be at least $250,000 by total company financing OR a minimum of $100,000 with a board seat.

F5

Other

Other

Exhibit F5 - Other.xls

All other investments.

First Year of Investment for this Fund or Group

1994

First and last name initials for each principal for which the workbook applies (separated by commas)

DJ

Date when this report was prepared

9/30/2003

Resulting File Name:

F4-New Ven II; Syn1994; DJ; 20030930.xls

F4-New Ven II; Syn1994; DJ; 20030930.xls