Private Eq Uity Valuation

PRIVATE EQUITY VALUATION EQUITY PRIVATE

Independent advice for the institutional investor

The Ohio Bureau of Workers’ Compensation

FINAL REPORT December 28, 2005

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CONTENTS

1 Executive Summary

2 Exhibit One - Summary of Investments

3 Exhibits Two through Eleven - Portfolio Characteristics

4 Meeting Notes

5 Fund Information

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EXECUTIVE SUMMARY

The Ohio Bureau of Workers’ Compensation (the Bureau) has asked Ennis Knupp + Associates to review the valuations of the 68 private equity partnerships managed by 54 private equity managers. This report provides you with our findings and conclusions. There are four sections in the remainder of this report. Section Two (Exhibit One) lists all investments in the private equity portfolio. Section Three provides different characteristics of the portfolio, as shown below. Section Four provides notes on our conference calls with the managers. Section Five provides portfolio holdings of the partnerships and rationales for the valuations.

Contents Description Exhibit One An alphabetical listing of the Bureau’s Private Equity partnerships showing the Market Value of the Bureau’s holdings on March 31, 2005. Exhibit Two A listing of the Bureau’s Private Equity partnerships ranked from largest to smallest according to March 31, 2005 Market Value. Exhibit Three A listing of the Bureau’s Private Equity partnerships ranked from largest to smallest according to the Bureau’s percentage ownership of the partnership. Exhibit Four A listing of the Bureau’s Private Equity partnerships grouped by the state domicile of the general partnership office. Exhibit Five A An alphabetical listing of the Bureau’s Private Equity partnerships showing the Bureau’s original capital commitment, the amount of capital that has been called, and the amount that remains to be called. In addition the amount of capital returned by each fund to BWC is shown, allowing calculations of profitability. Exhibit Five B This is identical to Exhibit Five A except that BWC’s Private Equity partnerships are sorted by percentage increase in value. Exhibit Six An estimate of the dollar amount of capital calls the Bureau is likely to face in coming calendar quarters. Exhibit Seven A listing of the Bureau’s Private Equity partnerships grouped by vintage year. Exhibit Eight An alphabetical listing of the Bureau’s Private Equity partnerships showing the Market Value of the Bureau’s holdings on March 31, 2005 and on June 30, 2005. Exhibit Nine A listing of the Bureau’s Private Equity partnerships grouped by vintage year showing the internal rate of return of the partnership from inception to March 31, 2005. Exhibit Ten A listing of the Bureau’s Private Equity partnerships grouped by strategy. Exhibit Eleven This exhibit compares the actual market value of each of the Bureau’s Private Equity partnerships to the hypothetical value computed by multiplying the Bureau’s percentage ownership times the total partners capital of the partnership. Meeting Notes A series of printouts, one for each of the general partners with whom the Bureau has invested, that captures the substance of the telephone interviews that Ennis Knupp + Associates conducted with each general partner. Fund Information A series of printouts, one for each of the Bureau’s Private Equity partnerships, that captures the verbal rationale the general partner provided to Ennis Knupp + Associates for the valuation of individual portfolio companies.

Ennis Knupp + Associates 1.1 EXECUTIVE SUMMARY

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Ennis Knupp + Associates 1.2 EXHIBIT ONE – SUMMARY OF INVESTMENTS

Exhibit One contains an alphabetical list of the Bureau’s Private Equity partnerships. The rightmost column shows the Market Value of the Bureau’s holdings in each partnership on March 31, 2005.

The general partner of each partnership was asked to submit a Valuation Certification, attesting to the value of the Bureau’s holdings in the partnership. The Valuation Certification is a written document designed by Ennis Knupp + Associates and approved by the Bureau, in which the partnership manager was asked to fill in the blanks in the sentence:

We certify that the Ohio Bureau of Workers’ Compensation (Bureau) is invested in [name of partnership] . The Bureau’s proportion of the partnership assets as of March 31, 2005 was [percentage] , and the market value of such assets as of that date was [dollar amount].

Managers of 62 of the Bureau’s 68 partnerships responded to the Bureau’s request with a properly formatted Value Certification. These values have been reproduced in the rightmost column of Exhibit One in black ink. Managers of 6 partnerships provided market values of the Bureau’s holdings in their own format. These numbers are shown in red ink in Exhibit One.

Ennis Knupp + Associates has examined additional information submitted by the managers to determine the accuracy of the market values shown in the rightmost column of Exhibit One. This examination included the partnership’s recent financial statements, both audited and not audited, and listings of individual portfolio companies and their values submitted by the fund managers. In addition, Ennis Knupp + Associates conducted telephone interviews with 50 of the 54 general partnership firms in Exhibit One to clarify and to authenticate the partner’s valuation methodologies.1

On the basis of this examination, and of our conversations with the general partners, Ennis Knupp + Associates believes the values shown in Exhibit One fairly and accurately reflect the fair market value of the Bureau’s investment holdings in these partnerships on the date of the valuation.

1 See our introduction in Section Five for an explanation of the firms with whom no telephone interview was conducted.

Ennis Knupp + Associates 2.1 EXHIBIT ONE – SUMMARY OF INVESTMENTS

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Ennis Knupp + Associates 2.2 EXHIBIT ONE – SUMMARY OF INVESTMENTS

Exhibit One Ohio Bureau of Workers' Compensation Private Equity Funds Market Value of Bureau's Holdings - March 31, 2005 Number Firm Name Fund Name City Original Date Funded Market Value of Bureau's Holdings 1 ABRY Partners ABRY Mezzanine Partners, LP Boston Mar-02 $ 2,920,448 2 ABS Capital Partners ABS Capital Partners IV, LP Baltimore May-01$ 11,217,539 3 ABS Capital Partners ABS Capital Partners V, LP Baltimore No capital called as of 3/31/05 0 4 Adams Street Partners Adams Street V, LP Chicago Aug-03$ 2,657,871 5 Adena Ventures Adena Ventures, LP Athens May-02$ 275,000 6 Apex Venture Partners Apex Investment Fund V, LP Chicago Mar-03$ 5,165,214 7 Ascend Venture Group Ascend Ventures II, LP New York City Dec-04$ 403,626 8 Ascend Venture Group Ascend Ventures, LP New York City Feb-02$ 3,504,926 9 Athenian Venture Partners Athenian Venture Partners II, LP Athens Nov-01$ 5,920,575 10 Athenian Venture Partners Athenian Venture Partners III, LP Athens Dec-04$ 833 11 Athenian Venture Partners AVP Ohio Technology I, LP Athens Jun-03$ 2,130,232 12 Athenian Venture Partners AVP Technology II, LP Athens Aug-03$ 1,575,437 13 Axxon Capital Advisors Axxon Capital, LP Boston Feb-01 0 14 Babson Capital Management, LLC Tower Square Capital Partners, LP Boston Jun-03$ 6,446,782 15 Behrman Capital Behrman Capital III, LP New York City Feb-01$ 10,593,781 16 Blue Chip Venture Company Blue Chip IV, LP Cincinnati Dec-00$ 10,505,063 17 Blue Point Capital Partners Blue Point Capital Partners, LP Cleveland Sep-01$ 7,310,725 18 Brantley Partners Brantley Partners IV, LP Beachwood Feb-01$ 15,379,038 19 Buerk, Dale & Victor Northwest Opportunity Fund, LP Seattle Aug-02$ 5,991,518 20 Carlyle Group Carlyle Partners III, LP Washington D.C Dec-00 $ 13,436,280 21 Carlyle Group Carlyle Partners IV, LP Washington D.C No capital called as of 3/31/05 0 22 Carlyle Group Carlyle Venture Partners II, LP Washington D.C Apr-01 $ 10,681,083 23 Castle Harlan Inc. Castle Harlan Partners IV, LP New York City May-02$ 4,220,301 24 Charter Life Sciences Charter Life Sciences, LP Palo Alto Jul-04$ 199,708 25 Draper Triangle Ventures Draper Triangle Ventures II, LP Pittsburgh Oct-04$ 229,958 26 Early Stage Partners Early Stage Partners, LP Cleveland Jul-02$ 4,472,840 27 EDF Ventures EDF Ventures III, LP Ann-Arbor Jul-04$ 1,042,855 28 Edgewater Funds Edgewater Growth Capital Partners, LP Cleveland Mar-02$ 7,066,078 29 Edgewater Funds Edgewater Growth Capital Partners II, LP Cleveland No capital called as of 3/31/05 0 30 Edison Venture Fund Edison Venture Fund V, LP Lawrenceville May-02$ 6,817,201 31 Fort Washington Capital Partners Fort Washington Private Equity Investors III, LP Cincinnati Jun-01$ 8,895,364 32 Fort Washington Capital Partners Fort Washington Private Equity Investors IV, LP Cincinnati No capital called as of 3/31/05 0 33 Freeman Spogli & Co. FS Equity Partners V, LP Los Angeles Dec-03$ 2,566,096 34 Fremont Partners Fremont Partners III, LP San Francisco Jan-02$ 3,239,537 35 Halpern, Denney & Co. Halpern Denny Fund III, LP Boston Dec-00$ 11,474,001 36 Harbourvest Partners HarbourVest Partners VII - Buyout Partnership Fund, LP Boston Mar-03$ 1,370,655 37 Harbourvest Partners HarbourVest Partners VII - Venture Partnership Fund, LP Boston Mar-03$ 1,862,560 38 INVESCO Private Capital Chancellor V, LP New York City Dec-01$ 7,189,090 39 INVESCO Private Capital INVESCO US Buyout & Expansion Capital Fund III, LP New York City Dec-01$ 3,751,445 40 INVESCO Private Capital INVESCO Venture Partnership Fund III, LP New York City Jun-01$ 4,454,024 41 Kirtland Capital Corporation Kirtland Capital Partners IV, LP Beachwood May-03$ 528,936 42 Levine Leichtman Capital Partners Levine Leichtman Capital Partners III, LP Beverly Hills Oct-02$ 1,940,000 43 Lexington Partners Lexington Capital Partners V, LP New York City Feb-02$ 13,195,434 44 MCM Capital Partners MCM Capital Partners II, LP Cleveland Jun-04$ 492,460 45 Meritage Private Equity Funds Meritage Private Equity II, LP Denver Aug-01$ 5,224,733 46 Meritech Capital Partners Meritech Capital Partners II, LP Palo Alto Dec-00$ 5,129,294 47 MK Capital Management MK Capital, LP Northbrook Oct-03$ 1,713,288 48 MWV Pinnacle Management Co. MWV Pinnacle Capital Fund, LP Cleveland Jun-03$ 338,912 49 Peppertree Partners The Peppertree Fund, LP Cleveland Dec-00$ 4,232,119 50 Perseus-Soros Management Company Perseus-Soros Biopharmaceutical Fund, LP Washington D.C Jun-02 $ 2,952,774 51 Pharos Capital Group Pharos Capital Partners, LP Dallas Feb-01$ 4,257,452 52 Primus Venture Partners Primus Capital Fund V, LP Cleveland Dec-00$ 8,894,466 53 Prospector Equity Capital Prospector Equity Capital, LP Park City Nov-02$ 5,683,112 54 Quad C Advisors Quad-C Partners VI, LP Charlottesville Jul-01$ 13,704,132 55 Reservoir Venture Partners Reservoir Venture Partners, LP Columbus Oct-03$ 1,115,562 56 River Cities Capital Funds River Cities Capital Fund III, LP Cincinnati Jun-02$ 1,455,684 57 Rosemont Investment Partners Rosemont Partners I, LP West Conshohocken Nov-00$ 2,880,699 58 Rosemont Investment Partners Rosemont Partners II, LP West Conshohocken Mar-05$ 270,793 59 Sema4 Inc. Midwest Economic Opportunity Fund, LP Methuen Mar-04$ 1,157,069 60 Seneca Partners Seneca Health Partners, LP I Birmingham Nov-04 $ 257,038 61 Smith Whiley & Company SW Pelham Fund II, L.P. Hartford Sep-03$ 8,124,149 62 Smith Whiley & Company SW Pelham Fund, L.P. Hartford Oct-98$ 25,917,441 63 Sterling Partners Sterling Capital Partners, LP Baltimore Jun-03 $ 9,642,109 64 TCW/Crescent Mezzanine TCW/Crescent Mezzanine Partners III, LP Los Angeles Jul-01$ 8,185,524 65 Technology Venture Partners Technology Venture Partners, L.P. Minneapolis Jun-04$ 2,992,145 66 Thayer Capital Partners Thayer Equity Investors V, L.P. Washington D.C Jan-03$ 8,456,729 67 Triathlon Medical Ventures Triathlon Medical Ventures Fund, LP Cincinnati Jun-04 $ 478,703 68 Wind Point Partners Wind Point Partners V, LP Southfield Aug-02$ 5,900,370

Notes: TOTAL:$ 330,088,812 The original date funded is the date of the first capital call. Managers noted In black have provided a Valuation Certification. Managers noted in red have not provided a Valuation Certification.

Ennis Knupp + Associates 2.3 EXHIBIT ONE – SUMMARY OF INVESTMENTS

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Ennis Knupp + Associates 2.4 EXHIBITS TWO THROUGH ELEVEN

Exhibit Two Ohio Bureau of Workers' Compensation Private Equity Funds Funds Ranked From High to Low Market Value - March 31, 2005 Market Value of Number Fund Name State Original Date Funded Bureau's Holdings 1 SW Pelham Fund, L.P. Connecticut Oct-98$ 25,917,441 2 Brantley Partners IV, LP Ohio Feb-01$ 15,379,038 3 Quad-C Partners VI, LP Virginia Jul-01$ 13,704,132 4 Carlyle Partners III, LP District of Columbia Dec-00$ 13,436,280 5 Lexington Capital Partners V, LP New York Feb-02$ 13,195,434 6 Halpern Denny Fund III, LP Massachusetts Dec-00$ 11,474,001 7 ABS Capital Partners IV, LP Maryland May-01$ 11,217,539 8 Carlyle Venture Partners II, LP District of Columbia Apr-01$ 10,681,083 9 Behrman Capital III, LP New York Feb-01$ 10,593,781 10 Blue Chip IV, LP Ohio Dec-00$ 10,505,063 11 Sterling Capital Partners, LP Maryland Jun-03$ 9,642,109 12 Fort Washington Private Equity Investors III, LP Ohio Jun-01$ 8,895,364 13 Primus Capital Fund V, LP Ohio Dec-00$ 8,894,466 14 Thayer Equity Investors V, L.P. District of Columbia Jan-03$ 8,456,729 15 TCW/Crescent Mezzanine Partners III, LP California Jul-01$ 8,185,524 16 SW Pelham Fund II, L.P. Connecticut Sep-03$ 8,124,149 17 Blue Point Capital Partners, LP Ohio Sep-01$ 7,310,725 18 Chancellor V, LP New York Dec-01$ 7,189,090 19 Edgewater Growth Capital Partners, LP Ohio Mar-02$ 7,066,078 20 Edison Venture Fund V, LP New Jersey May-02$ 6,817,201 21 Tower Square Capital Partners, LP Massachusetts Jun-03$ 6,446,782 22 Northwest Opportunity Fund, LP Washington Aug-02$ 5,991,518 23 Athenian Venture Partners II, LP Ohio Nov-01$ 5,920,575 24 Wind Point Partners V, LP Michigan Aug-02$ 5,900,370 25 Prospector Equity Capital, LP Utah Nov-02$ 5,683,112 26 Meritage Private Equity II, LP Colorado Aug-01$ 5,224,733 27 Apex Investment Fund V, LP Illinois Mar-03$ 5,165,214 28 Meritech Capital Partners II, LP California Dec-00$ 5,129,294 29 Early Stage Partners, LP Ohio Jul-02$ 4,472,840 30 INVESCO Venture Partnership Fund III, LP New York Jun-01$ 4,454,024 31 Pharos Capital Partners, LP Texas Feb-01$ 4,257,452 32 The Peppertree Fund, LP Ohio Dec-00$ 4,232,119 33 Castle Harlan Partners IV, LP New York May-02$ 4,220,301 34 INVESCO US Buyout & Expansion Capital Fund III, LP New York Dec-01$ 3,751,445 35 Ascend Ventures, LP New York Feb-02$ 3,504,926 36 Fremont Partners III, LP California Jan-02$ 3,239,537 37 Technology Venture Partners, L.P. Minnesota Jun-04$ 2,992,145 38 Perseus-Soros Biopharmaceutical Fund, LP District of Columbia Jun-02$ 2,952,774 39 ABRY Mezzanine Partners, LP Massachusetts Mar-02$ 2,920,448 40 Rosemont Partners I, LP Pennsylvania Nov-00$ 2,880,699 41 Adams Street V, LP Illinois Aug-03$ 2,657,871 42 FS Equity Partners V, LP California Dec-03$ 2,566,096 43 AVP Ohio Technology I, LP Ohio Jun-03$ 2,130,232 44 Levine Leichtman Capital Partners III, LP California Oct-02$ 1,940,000 45 HarbourVest Partners VII - Venture Partnership Fund, LP Massachusetts Mar-03$ 1,862,560 46 MK Capital, LP Illinois Oct-03$ 1,713,288 47 AVP Technology II, LP Ohio Aug-03$ 1,575,437 48 River Cities Capital Fund III, LP Ohio Jun-02$ 1,455,684 49 HarbourVest Partners VII - Buyout Partnership Fund, LP Massachusetts Mar-03$ 1,370,655 50 Midwest Economic Opportunity Fund, LP Massachusetts Mar-04$ 1,157,069 51 Reservoir Venture Partners, LP Ohio Oct-03$ 1,115,562 52 EDF Ventures III, LP Michigan Jul-04$ 1,042,855 53 Kirtland Capital Partners IV, LP Ohio May-03$ 528,936 54 MCM Capital Partners II, LP Ohio Jun-04$ 492,460 55 Triathlon Medical Ventures Fund, LP Ohio Jun-04$ 478,703 56 Ascend Ventures II, LP New York Dec-04$ 403,626 58 MWV Pinnacle Capital Fund, LP Ohio Jun-03$ 338,912 57 Adena Ventures, LP Ohio May-02$ 275,000 59 Rosemont Partners II, LP Pennsylvania Mar-05$ 270,793 60 Seneca Health Partners, LP I Michigan Nov-04$ 257,038 61 Draper Triangle Ventures II, LP Pennsylvania Oct-04$ 229,958 62 Charter Life Sciences, LP California Jul-04$ 199,708 63 Athenian Venture Partners III, LP Ohio Dec-04$ 833 64 Axxon Capital, LP Massachusetts Feb-01 0 65 ABS Capital Partners V, LP Maryland No capital called as of 3/31/05 0 66 Carlyle Partners IV, LP District of Columbia No capital called as of 3/31/05 0 67 Edgewater Growth Capital Partners II, LP Ohio No capital called as of 3/31/05 0 68 Fort Washington Private Equity Investors IV, LP Ohio No capital called as of 3/31/05 0

TOTAL:$ 330,088,812

Ennis Knupp + Associates 3.1 EXHIBITS TWO THROUGH ELEVEN

Exhibit Three Ohio Bureau of Workers' Compensation Private Equity Funds Bureau's Percentage Ownership - March 31, 2005 Market Value BWC of Bureau's Fund Name State Commitment Holdings BWC's % Ownership AVP Ohio Technology I, LP Ohio 10,000,000 $ 2,130,232 99.99% AVP Technology II, LP Ohio 2,200,000 $ 1,575,437 99.95% Northwest Opportunity Fund, LP Washington 20,000,000 $ 5,991,518 96.71% Athenian Venture Partners III, LP Ohio 25,000,000 $ 833 83.33% Prospector Equity Capital, LP Utah 15,000,000 $ 5,683,112 55.50% MK Capital, LP Illinois 10,000,000 $ 1,713,288 50.50% Athenian Venture Partners II, LP Ohio 17,500,000 $ 5,920,575 37.39% EDF Ventures III, LP Michigan 10,000,000 $ 1,042,855 27.13% Ascend Ventures II, LP New York 7,500,000 $ 403,626 21.21% Technology Venture Partners, L.P. Minnesota 16,000,000 $ 2,992,145 21.20% Early Stage Partners, LP Ohio 9,000,000 $ 4,472,840 20.48% SW Pelham Fund, L.P. Connecticut 20,000,000 $ 25,917,441 19.80% Edison Venture Fund V, LP New Jersey 15,000,000 $ 6,817,201 18.66% Midwest Economic Opportunity Fund, LP Massachusetts 5,000,000 $ 1,157,069 16.11% Seneca Health Partners, LP I Michigan 1,500,000 $ 257,038 15.10% Triathlon Medical Ventures Fund, LP Ohio 5,000,000 $ 478,703 13.92% Rosemont Partners I, LP Pennsylvania 5,000,000 $ 2,880,699 13.24% Draper Triangle Ventures II, LP Pennsylvania 5,000,000 $ 229,958 12.44% Brantley Partners IV, LP Ohio 15,000,000 $ 15,379,038 12.14% The Peppertree Fund, LP Ohio 10,000,000 $ 4,232,119 12.03% Meritage Private Equity II, LP Colorado 15,000,000 $ 5,224,733 11.00% MCM Capital Partners II, LP Ohio 5,000,000 $ 492,460 10.70% Fort Washington Private Equity Investors III, LP Ohio 15,000,000 $ 8,895,364 10.59% Blue Chip IV, LP Ohio 20,000,000 $ 10,505,063 10.53% Reservoir Venture Partners, LP Ohio 5,000,000 $ 1,115,562 10.00% Ascend Ventures, LP New York 5,000,000 $ 3,504,926 9.89% River Cities Capital Fund III, LP Ohio 5,000,000 $ 1,455,684 9.51% INVESCO US Buyout & Expansion Capital Fund III, LP New York 8,000,000 $ 3,751,445 8.99% Charter Life Sciences, LP California 5,000,000 $ 199,708 8.60% MWV Pinnacle Capital Fund, LP Ohio 2,000,000 $ 338,912 8.60% Chancellor V, LP New York 20,000,000 $ 7,189,090 8.56% INVESCO Venture Partnership Fund III, LP New York 12,000,000 $ 4,454,024 8.34% Edgewater Growth Capital Partners II, LP Ohio 25,000,000 0 8.30% Rosemont Partners II, LP Pennsylvania 10,000,000 $ 270,793 7.69% Primus Capital Fund V, LP Ohio 20,000,000 $ 8,894,466 7.25% Thayer Equity Investors V, L.P. District of Columbia 15,000,000 $ 8,456,729 6.88% Edgewater Growth Capital Partners, LP Ohio 10,000,000 $ 7,066,078 6.33% Halpern Denny Fund III, LP Massachusetts 20,000,000 $ 11,474,001 5.63% Adams Street V, LP Illinois 8,000,000 $ 2,657,871 4.87% Sterling Capital Partners, LP Maryland 15,000,000 $ 9,642,109 4.61% Apex Investment Fund V, LP Illinois 10,000,000 $ 5,165,214 4.58% Adena Ventures, LP Ohio 500,000 $ 275,000 4.00% Carlyle Venture Partners II, LP District of Columbia 25,000,000 $ 10,681,083 4.00% Tower Square Capital Partners, LP Massachusetts 10,000,000 $ 6,446,782 3.83% ABS Capital Partners IV, LP Maryland 15,000,000 $ 11,217,539 3.34% Blue Point Capital Partners, LP Ohio 10,000,000 $ 7,310,725 3.21% Pharos Capital Partners, LP Texas 5,000,000 $ 4,257,452 3.16% Kirtland Capital Partners IV, LP Ohio 5,000,000 $ 528,936 3.02% Levine Leichtman Capital Partners III, LP California 15,000,000 $ 1,940,000 3.00% Quad-C Partners VI, LP Virginia 15,000,000 $ 13,704,132 2.29% Wind Point Partners V, LP Michigan 10,000,000 $ 5,900,370 2.10% Behrman Capital III, LP New York 20,000,000 $ 10,593,781 1.73% Fremont Partners III, LP California 15,000,000 $ 3,239,537 1.71% TCW/Crescent Mezzanine Partners III, LP California 15,000,000 $ 8,185,524 1.53% FS Equity Partners V, LP California 15,000,000 $ 2,566,096 1.52% Meritech Capital Partners II, LP California 11,250,000 $ 5,129,294 1.52% Castle Harlan Partners IV, LP New York 15,000,000 $ 4,220,301 1.47% Perseus-Soros Biopharmaceutical Fund, LP District of Columbia 5,000,000 $ 2,952,774 1.08% Lexington Capital Partners V, LP New York 20,000,000 $ 13,195,434 1.00% ABRY Mezzanine Partners, LP Massachusetts 5,000,000 $ 2,920,448 0.98% HarbourVest Partners VII - Venture Partnership Fund, LP Massachusetts 15,000,000 $ 1,862,560 0.74% HarbourVest Partners VII - Buyout Partnership Fund, LP Massachusetts 10,000,000 $ 1,370,655 0.50% Carlyle Partners III, LP District of Columbia 15,000,000 $ 13,436,280 0.41% Axxon Capital, LP Massachusetts 3,000,000 0 0.00% SW Pelham Fund II, L.P. Connecticut 10,000,000 $ 8,124,149 11.6%/16.7%/10.2% ABS Capital Partners V, LP Maryland 20,000,000 0 No capital called as of 3/31/05 Carlyle Partners IV, LP District of Columbia 20,000,000 0 No capital called as of 3/31/06 Fort Washington Private Equity Investors IV, LP Ohio 15,000,000 0 No capital called as of 3/31/07

Ennis Knupp + Associates 3.2 EXHIBITS TWO THROUGH ELEVEN

Exhibit Four Ohio Bureau of Workers' Compensation Private Equity Funds Bureau's Commitments by Domicile of Managers - March 31, 2005 State BWC Total Partners' Market Value of State Market Commitment Fund Name State Commitment Capital Bureau's Holdings Value Total Total Charter Life Sciences, LP California 5,000,000 2,319,840 $ 199,708 Fremont Partners III, LP California 15,000,000 190,944,445 $ 3,239,537 FS Equity Partners V, LP California 15,000,000 178,802,898 $ 2,566,096 Levine Leichtman Capital Partners III, LP California 15,000,000 74,059,822 $ 1,940,000 Meritech Capital Partners II, LP California 11,250,000 336,722,603 $ 5,129,294 TCW/Crescent Mezzanine Partners III, LP California 15,000,000 521,143,000 $ 8,185,524 $ 21,260,159 $ 76,250,000 Meritage Private Equity II, LP Colorado 15,000,000 47,492,833 $ 5,224,733 $ 5,224,733 $ 15,000,000 SW Pelham Fund II, L.P. Connecticut 10,000,000 66,749,489 $ 8,124,149 SW Pelham Fund, L.P. Connecticut 20,000,000 131,856,327 $ 25,917,441 $ 34,041,591 $ 30,000,000 Carlyle Partners III, LP District of Columbia 15,000,000 267,181,768 $ 13,436,280 Carlyle Partners IV, LP District of Columbia 20,000,000 0 0 Carlyle Venture Partners II, LP District of Columbia 25,000,000 3,304,115,862 $ 10,681,083 Perseus-Soros Biopharmaceutical Fund, LP District of Columbia 5,000,000 273,258,423 $ 2,952,774 Thayer Equity Investors V, L.P. District of Columbia 15,000,000 122,827,164 $ 8,456,729 $ 35,526,866 $ 80,000,000 Adams Street V, LP Illinois 8,000,000 54,037,975 $ 2,657,871 Apex Investment Fund V, LP Illinois 10,000,000 112,734,026 $ 5,165,214 MK Capital, LP Illinois 10,000,000 3,211,240 $ 1,713,288 $ 9,536,373 $ 28,000,000 ABS Capital Partners IV, LP Maryland 15,000,000 336,008,339 $ 11,217,539 ABS Capital Partners V, LP Maryland 20,000,000 0 0 Sterling Capital Partners, LP Maryland 15,000,000 209,009,116 $ 9,642,109 $ 20,859,648 $ 50,000,000 ABRY Mezzanine Partners, LP Massachusetts 5,000,000 298,004,898 $ 2,920,448 Axxon Capital, LP Massachusetts 3,000,000 6,147,203 0 Halpern Denny Fund III, LP Massachusetts 20,000,000 203,821,253 $ 11,474,001 HarbourVest Partners VII - Buyout Partnership Fund, LP Massachusetts 10,000,000 281,080,261 $ 1,370,655 HarbourVest Partners VII - Venture Partnership Fund, LP Massachusetts 15,000,000 254,287,382 $ 1,862,560 Midwest Economic Opportunity Fund, LP Massachusetts 5,000,000 6,911,217 $ 1,157,069 Tower Square Capital Partners, LP Massachusetts 10,000,000 168,203,055 $ 6,446,782 $ 25,231,515 $ 68,000,000 EDF Ventures III, LP Michigan 10,000,000 3,028,959 $ 1,042,855 Seneca Health Partners, LP I Michigan 1,500,000 1,700,609 $ 257,038 Wind Point Partners V, LP Michigan 10,000,000 276,014,472 $ 5,900,370 $ 7,200,263 $ 21,500,000 Technology Venture Partners, L.P. Minnesota 16,000,000 18,180,934 $ 2,992,145 $ 2,992,145 $ 16,000,000 Edison Venture Fund V, LP New Jersey 15,000,000 36,519,279 $ 6,817,201 $ 6,817,201 $ 15,000,000 Ascend Ventures II, LP New York 7,500,000 1,900,414 $ 403,626 Ascend Ventures, LP New York 5,000,000 35,434,121 $ 3,504,926 Behrman Capital III, LP New York 20,000,000 611,817,533 $ 10,593,781 Castle Harlan Partners IV, LP New York 15,000,000 291,013,987 $ 4,220,301 Chancellor V, LP New York 20,000,000 83,982,926 $ 7,189,090 INVESCO US Buyout & Expansion Capital Fund III, LP New York 8,000,000 39,890,134 $ 3,751,445 INVESCO Venture Partnership Fund III, LP New York 12,000,000 49,207,699 $ 4,454,024 Lexington Capital Partners V, LP New York 20,000,000 1,317,463,750 $ 13,195,434 $ 47,312,627 $ 107,500,000 Adena Ventures, LP Ohio 500,000 2,648,146 $ 275,000 Athenian Venture Partners II, LP Ohio 17,500,000 13,000,533 $ 5,920,575 Athenian Venture Partners III, LP Ohio 25,000,000 1,000 $ 833 AVP Ohio Technology I, LP Ohio 10,000,000 2,130,200 $ 2,130,232 AVP Technology II, LP Ohio 2,200,000 1,576,166 $ 1,575,437 Blue Chip IV, LP Ohio 20,000,000 80,716,604 $ 10,505,063 Blue Point Capital Partners, LP Ohio 10,000,000 227,356,665 $ 7,310,725 Brantley Partners IV, LP Ohio 15,000,000 126,704,821 $ 15,379,038 Early Stage Partners, LP Ohio 9,000,000 21,883,685 $ 4,472,840 Edgewater Growth Capital Partners II, LP Ohio 25,000,000 0 0 Edgewater Growth Capital Partners, LP Ohio 10,000,000 112,297,504 $ 7,066,078 Fort Washington Private Equity Investors III, LP Ohio 15,000,000 83,963,199 $ 8,895,364 Fort Washington Private Equity Investors IV, LP Ohio 15,000,000 6,255,149 0 Kirtland Capital Partners IV, LP Ohio 5,000,000 17,530,739 $ 528,936 MCM Capital Partners II, LP Ohio 5,000,000 4,519,587 $ 492,460 MWV Pinnacle Capital Fund, LP Ohio 2,000,000 3,939,854 $ 338,912 Primus Capital Fund V, LP Ohio 20,000,000 165,276,912 $ 8,894,466 Reservoir Venture Partners, LP Ohio 5,000,000 10,760,824 $ 1,115,562 River Cities Capital Fund III, LP Ohio 5,000,000 15,434,266 $ 1,455,684 The Peppertree Fund, LP Ohio 10,000,000 35,295,961 $ 4,232,119 Triathlon Medical Ventures Fund, LP Ohio 5,000,000 3,438,961 $ 478,703 $ 81,068,027 $ 231,200,000 Draper Triangle Ventures II, LP Pennsylvania 5,000,000 1,848,937 $ 229,958 Rosemont Partners I, LP Pennsylvania 5,000,000 21,763,279 $ 2,880,699 Rosemont Partners II, LP Pennsylvania 10,000,000 3,520,168 $ 270,793 $ 3,381,450 $ 20,000,000 Pharos Capital Partners, LP Texas 5,000,000 134,834,983 $ 4,257,452 $ 4,257,452 Prospector Equity Capital, LP Utah 15,000,000 10,411,026 $ 5,683,112 $ 5,683,112 Quad-C Partners VI, LP Virginia 15,000,000 626,083,697 $ 13,704,132 $ 13,704,132 Northwest Opportunity Fund, LP Washington 20,000,000 6,195,167 $ 5,991,518 $ 5,991,518 $ 55,000,000

$ 330,088,812 $ 813,450,000

Ennis Knupp + Associates 3.3 EXHIBITS TWO THROUGH ELEVEN

Exhibit Five - A Ohio Bureau of Workers' Compensation Private Equity Funds Committed Capital vs. Called Capital Percentage BWC Unfunded Capital Returned Market Value of Total Capital Value - Dollar Gain / Increase / Fund Name BWC Commitment Commitment BWC Capital Called to BWC Bureau's Holdings BWC Loss Decrease ABRY Mezzanine Partners, LP 5,000,000 608,479 4,391,521 1,535,087 $ 2,920,448 $ 4,455,535 $ 64,014 1.46% ABS Capital Partners IV, LP 15,000,000 3,547,650 11,452,350 3,201,074 $ 11,217,539 $ 14,418,613 $ 2,966,263 25.90% ABS Capital Partners V, LP 20,000,000 20,000,000 0 - 0$ - $ - Adams Street V, LP 8,000,000 4,960,000 3,040,000 - $ 2,657,871 $ 2,657,871 $ (382,129) -12.57% Adena Ventures, LP 500,000 225,000 275,000 - $ 275,000 $ 275,000 $ - 0.00% Apex Investment Fund V, LP 10,000,000 4,600,000 5,400,000 - $ 5,165,214 $ 5,165,214 $ (234,786) -4.35% Ascend Ventures II, LP 7,500,000 6,966,159 533,841 - $ 403,626 $ 403,626 $ (130,215) -24.39% Ascend Ventures, LP 5,000,000 155,592 4,844,408 977,182 $ 3,504,926 $ 4,482,108 $ (362,300) -7.48% Athenian Venture Partners II, LP 17,500,000 3,012,761 14,487,239 6,280,197 $ 5,920,575 $ 12,200,772 $ (2,286,467) -15.78% Athenian Venture Partners III, LP 25,000,000 24,999,167 833 - $ 833 $ 833 $ - 0.00% AVP Ohio Technology I, LP 10,000,000 7,203,000 2,797,000 - $ 2,130,232 $ 2,130,232 $ (666,768) -23.84% AVP Technology II, LP 2,200,000 0 2,200,000 - $ 1,575,437 $ 1,575,437 $ (624,563) -28.39% Axxon Capital, LP 3,000,000 1,283,333 1,716,667 - 0$ - $ (1,716,667) -100.00% Behrman Capital III, LP 20,000,000 6,779,510 13,220,490 930,545 $ 10,593,781 $ 11,524,326 $ (1,696,164) -12.83% Blue Chip IV, LP 20,000,000 6,400,000 13,600,000 805,264 $ 10,505,063 $ 11,310,327 $ (2,289,673) -16.84% Blue Point Capital Partners, LP 10,000,000 3,000,763 6,999,237 1,846,288 $ 7,310,725 $ 9,157,013 $ 2,157,776 30.83% Brantley Partners IV, LP 15,000,000 3,000,000 12,000,000 1,666,075 $ 15,379,038 $ 17,045,113 $ 5,045,113 42.04% Carlyle Partners III, LP 15,000,000 684,036 14,315,964 7,932,506 $ 13,436,280 $ 21,368,786 $ 7,052,822 49.27% Carlyle Partners IV, LP 20,000,000 20,000,000 0 - 0$ - $ - Carlyle Venture Partners II, LP 25,000,000 2,938,671 22,061,329 9,705,231 $ 10,681,083 $ 20,386,314 $ (1,675,015) -7.59% Castle Harlan Partners IV, LP 15,000,000 7,238,195 7,761,805 3,458,221 $ 4,220,301 $ 7,678,522 $ (83,283) -1.07% Chancellor V, LP 20,000,000 5,647,219 14,352,781 3,571,358 $ 7,189,090 $ 10,760,448 $ (3,592,333) -25.03% Charter Life Sciences, LP 5,000,000 4,650,000 350,000 - $ 199,708 $ 199,708 $ (150,292) -42.94% Draper Triangle Ventures II, LP 5,000,000 4,701,256 298,744 - $ 229,958 $ 229,958 $ (68,786) -23.03% Early Stage Partners, LP 9,000,000 3,490,394 5,509,606 - $ 4,472,840 $ 4,472,840 $ (1,036,766) -18.82% EDF Ventures III, LP 10,000,000 8,820,589 1,179,411 - $ 1,042,855 $ 1,042,855 $ (136,556) -11.58% Edgewater Growth Capital Partners II, LP 25,000,000 25,000,000 0 - 0$ - $ - Edgewater Growth Capital Partners, LP 10,000,000 2,500,000 7,500,000 2,466,949 $ 7,066,078 $ 9,533,027 $ 2,033,027 27.11% Edison Venture Fund V, LP 15,000,000 6,300,000 8,700,000 - $ 6,817,201 $ 6,817,201 $ (1,882,799) -21.64% Fort Washington Private Equity Investors III, LP 15,000,000 3,905,033 11,094,967 1,735,342 $ 8,895,364 $ 10,630,706 $ (464,261) -4.18% Fort Washington Private Equity Investors IV, LP 15,000,000 15,000,000 0 - 0$ - $ - Fremont Partners III, LP 15,000,000 8,975,667 6,024,333 4,952,397 $ 3,239,537 $ 8,191,934 $ 2,167,601 35.98% FS Equity Partners V, LP 15,000,000 11,586,520 3,413,480 323,507 $ 2,566,096 $ 2,889,603 $ (523,877) -15.35% Halpern Denny Fund III, LP 20,000,000 2,400,000 17,600,000 5,469,125 $ 11,474,001 $ 16,943,126 $ (656,874) -3.73% HarbourVest Partners VII - Buyout Partnership Fund, LP 10,000,000 8,650,000 1,350,000 183,150 $ 1,370,655 $ 1,553,805 $ 203,805 15.10% HarbourVest Partners VII - Venture Partnership Fund, LP 15,000,000 13,275,000 1,725,000 - $ 1,862,560 $ 1,862,560 $ 137,560 7.97% INVESCO US Buyout & Expansion Capital Fund III, LP 8,000,000 5,213,144 2,786,856 269,696 $ 3,751,445 $ 4,021,141 $ 1,234,285 44.29% INVESCO Venture Partnership Fund III, LP 12,000,000 6,681,128 5,318,872 - $ 4,454,024 $ 4,454,024 $ (864,848) -16.26% Kirtland Capital Partners IV, LP 5,000,000 3,998,813 1,001,187 218,180 $ 528,936 $ 747,116 $ (254,071) -25.38% Levine Leichtman Capital Partners III, LP 15,000,000 6,787,298 8,212,702 6,049,503 $ 1,940,000 $ 7,989,503 $ (223,199) -2.72% Lexington Capital Partners V, LP 20,000,000 6,936,556 13,063,444 4,066,485 $ 13,195,434 $ 17,261,919 $ 4,198,475 32.14% MCM Capital Partners II, LP 5,000,000 4,420,562 579,438 - $ 492,460 $ 492,460 $ (86,978) -15.01% Meritage Private Equity II, LP 15,000,000 7,500,000 7,500,000 795,165 $ 5,224,733 $ 6,019,898 $ (1,480,102) -19.73% Meritech Capital Partners II, LP 11,250,000 4,181,250 7,068,750 1,022,554 $ 5,129,294 $ 6,151,848 $ (916,902) -12.97% Midwest Economic Opportunity Fund, LP* 5,000,000 203,397 4,796,603 - $ 1,157,069 $ 1,157,069 $ (3,639,534) -75.88% MK Capital, LP 10,000,000 8,000,000 2,000,000 - $ 1,713,288 $ 1,713,288 $ (286,712) -14.34% MWV Pinnacle Capital Fund, LP 2,000,000 1,300,000 700,000 - $ 338,912 $ 338,912 $ (361,088) -51.58% Northwest Opportunity Fund, LP 20,000,000 12,000,000 8,000,000 21,845 $ 5,991,518 $ 6,013,363 $ (1,986,637) -24.83% Perseus-Soros Biopharmaceutical Fund, LP 5,000,000 1,570,434 3,429,566 1,162,213 $ 2,952,774 $ 4,114,987 $ 685,421 19.99% Pharos Capital Partners, LP 5,000,000 475,000 4,525,000 653,204 $ 4,257,452 $ 4,910,656 $ 385,656 8.52% Primus Capital Fund V, LP 20,000,000 7,170,000 12,830,000 - $ 8,894,466 $ 8,894,466 $ (3,935,534) -30.67% Prospector Equity Capital, LP 15,000,000 8,342,145 6,657,855 - $ 5,683,112 $ 5,683,112 $ (974,743) -14.64% Quad-C Partners VI, LP 15,000,000 6,769,491 8,230,509 1,850,486 $ 13,704,132 $ 15,554,618 $ 7,324,109 88.99% Reservoir Venture Partners, LP 5,000,000 3,563,587 1,436,413 - $ 1,115,562 $ 1,115,562 $ (320,851) -22.34% River Cities Capital Fund III, LP 5,000,000 2,625,000 2,375,000 700,000 $ 1,455,684 $ 2,155,684 $ (219,316) -9.23% Rosemont Partners I, LP 5,000,000 896,831 4,103,169 1,137,028 $ 2,880,699 $ 4,017,727 $ (85,442) -2.08% Rosemont Partners II, LP 10,000,000 9,498,355 501,645 - $ 270,793 $ 270,793 $ (230,852) -46.02% Seneca Health Partners, LP I 1,500,000 1,200,000 300,000 - $ 257,038 $ 257,038 $ (42,962) -14.32% Sterling Capital Partners, LP 15,000,000 5,658,552 9,341,448 979,277 $ 9,642,109 $ 10,621,386 $ 1,279,938 13.70% SW Pelham Fund II, L.P. 10,000,000 2,476,653 7,523,347 194,599 $ 8,124,149 $ 8,318,748 $ 795,401 10.57% SW Pelham Fund, L.P. 20,000,000 (1,033,657) 21,033,657 6,212,077 $ 25,917,441 $ 32,129,519 $ 11,095,862 52.75% TCW/Crescent Mezzanine Partners III, LP 15,000,000 2,889,911 12,110,089 10,251,928 $ 8,185,524 $ 18,437,452 $ 6,327,363 52.25% Technology Venture Partners, L.P. 16,000,000 12,525,000 3,475,000 - $ 2,992,145 $ 2,992,145 $ (482,855) -13.90% Thayer Equity Investors V, L.P. 15,000,000 5,979,235 9,020,765 1,068 $ 8,456,729 $ 8,457,797 $ (562,968) -6.24% The Peppertree Fund, LP 10,000,000 4,086,326 5,913,674 1,871,000 $ 4,232,119 $ 6,103,119 $ 189,445 3.20% Tower Square Capital Partners, LP 10,000,000 2,245,885 7,754,115 1,923,869 $ 6,446,782 $ 8,370,651 $ 616,536 7.95% Triathlon Medical Ventures Fund, LP 5,000,000 4,095,455 904,545 - $ 478,703 $ 478,703 $ (425,842) -47.08% Wind Point Partners V, LP 10,000,000 3,300,188 6,699,812 1,257,832 $ 5,900,370 $ 7,158,202 $ 458,390 6.84%

TOTALS: 813,450,000 404,060,532 409,389,468 97,677,507 $ 330,088,812 $ 427,766,318 $ 18,376,850 4.49%

**Total contributions as of 3/31/05 are $4,796,603. The Fund experienced a change of General Partners where the current General Partner provided the timing and the amount of capital contributions totaling $546,603 since the switch.

Ennis Knupp + Associates 3.4 EXHIBITS TWO THROUGH ELEVEN

Exhibit Five - B Ohio Bureau of Workers' Compensation Private Equity Funds Committed Capital vs. Called Capital Percentage BWC Unfunded Capital Returned Market Value of Total Capital Value - Dollar Gain / Increase / Fund Name BWC Commitment Commitment BWC Capital Called to BWC Bureau's Holdings BWC Loss Decrease Quad-C Partners VI, LP 15,000,000 6,769,491 8,230,509 1,850,486 $ 13,704,132 $ 15,554,618 $ 7,324,109 88.99% SW Pelham Fund, L.P. 20,000,000 (1,033,657) 21,033,657 6,212,077 $ 25,917,441 $ 32,129,519 $ 11,095,862 52.75% TCW/Crescent Mezzanine Partners III, LP 15,000,000 2,889,911 12,110,089 10,251,928 $ 8,185,524 $ 18,437,452 $ 6,327,363 52.25% Carlyle Partners III, LP 15,000,000 684,036 14,315,964 7,932,506 $ 13,436,280 $ 21,368,786 $ 7,052,822 49.27% INVESCO US Buyout & Expansion Capital Fund III, LP 8,000,000 5,213,144 2,786,856 269,696 $ 3,751,445 $ 4,021,141 $ 1,234,285 44.29% Brantley Partners IV, LP 15,000,000 3,000,000 12,000,000 1,666,075 $ 15,379,038 $ 17,045,113 $ 5,045,113 42.04% Fremont Partners III, LP 15,000,000 8,975,667 6,024,333 4,952,397 $ 3,239,537 $ 8,191,934 $ 2,167,601 35.98% Lexington Capital Partners V, LP 20,000,000 6,936,556 13,063,444 4,066,485 $ 13,195,434 $ 17,261,919 $ 4,198,475 32.14% Blue Point Capital Partners, LP 10,000,000 3,000,763 6,999,237 1,846,288 $ 7,310,725 $ 9,157,013 $ 2,157,776 30.83% Edgewater Growth Capital Partners, LP 10,000,000 2,500,000 7,500,000 2,466,949 $ 7,066,078 $ 9,533,027 $ 2,033,027 27.11% ABS Capital Partners IV, LP 15,000,000 3,547,650 11,452,350 3,201,074 $ 11,217,539 $ 14,418,613 $ 2,966,263 25.90% Perseus-Soros Biopharmaceutical Fund, LP 5,000,000 1,570,434 3,429,566 1,162,213 $ 2,952,774 $ 4,114,987 $ 685,421 19.99% HarbourVest Partners VII - Buyout Partnership Fund, LP 10,000,000 8,650,000 1,350,000 183,150 $ 1,370,655 $ 1,553,805 $ 203,805 15.10% Sterling Capital Partners, LP 15,000,000 5,658,552 9,341,448 979,277 $ 9,642,109 $ 10,621,386 $ 1,279,938 13.70% SW Pelham Fund II, L.P. 10,000,000 2,476,653 7,523,347 194,599 $ 8,124,149 $ 8,318,748 $ 795,401 10.57% Pharos Capital Partners, LP 5,000,000 475,000 4,525,000 653,204 $ 4,257,452 $ 4,910,656 $ 385,656 8.52% HarbourVest Partners VII - Venture Partnership Fund, LP 15,000,000 13,275,000 1,725,000 - $ 1,862,560 $ 1,862,560 $ 137,560 7.97% Tower Square Capital Partners, LP 10,000,000 2,245,885 7,754,115 1,923,869 $ 6,446,782 $ 8,370,651 $ 616,536 7.95% Wind Point Partners V, LP 10,000,000 3,300,188 6,699,812 1,257,832 $ 5,900,370 $ 7,158,202 $ 458,390 6.84% The Peppertree Fund, LP 10,000,000 4,086,326 5,913,674 1,871,000 $ 4,232,119 $ 6,103,119 $ 189,445 3.20% ABRY Mezzanine Partners, LP 5,000,000 608,479 4,391,521 1,535,087 $ 2,920,448 $ 4,455,535 $ 64,014 1.46% Adena Ventures, LP 500,000 225,000 275,000 - $ 275,000 $ 275,000 $ - 0.00% Athenian Venture Partners III, LP 25,000,000 24,999,167 833 - $ 833 $ 833 $ - 0.00% Castle Harlan Partners IV, LP 15,000,000 7,238,195 7,761,805 3,458,221 $ 4,220,301 $ 7,678,522 $ (83,283) -1.07% Rosemont Partners I, LP 5,000,000 896,831 4,103,169 1,137,028 $ 2,880,699 $ 4,017,727 $ (85,442) -2.08% Levine Leichtman Capital Partners III, LP 15,000,000 6,787,298 8,212,702 6,049,503 $ 1,940,000 $ 7,989,503 $ (223,199) -2.72% Halpern Denny Fund III, LP 20,000,000 2,400,000 17,600,000 5,469,125 $ 11,474,001 $ 16,943,126 $ (656,874) -3.73% Fort Washington Private Equity Investors III, LP 15,000,000 3,905,033 11,094,967 1,735,342 $ 8,895,364 $ 10,630,706 $ (464,261) -4.18% Apex Investment Fund V, LP 10,000,000 4,600,000 5,400,000 - $ 5,165,214 $ 5,165,214 $ (234,786) -4.35% Thayer Equity Investors V, L.P. 15,000,000 5,979,235 9,020,765 1,068 $ 8,456,729 $ 8,457,797 $ (562,968) -6.24% Ascend Ventures, LP 5,000,000 155,592 4,844,408 977,182 $ 3,504,926 $ 4,482,108 $ (362,300) -7.48% Carlyle Venture Partners II, LP 25,000,000 2,938,671 22,061,329 9,705,231 $ 10,681,083 $ 20,386,314 $ (1,675,015) -7.59% River Cities Capital Fund III, LP 5,000,000 2,625,000 2,375,000 700,000 $ 1,455,684 $ 2,155,684 $ (219,316) -9.23% EDF Ventures III, LP 10,000,000 8,820,589 1,179,411 - $ 1,042,855 $ 1,042,855 $ (136,556) -11.58% Adams Street V, LP 8,000,000 4,960,000 3,040,000 - $ 2,657,871 $ 2,657,871 $ (382,129) -12.57% Behrman Capital III, LP 20,000,000 6,779,510 13,220,490 930,545 $ 10,593,781 $ 11,524,326 $ (1,696,164) -12.83% Meritech Capital Partners II, LP 11,250,000 4,181,250 7,068,750 1,022,554 $ 5,129,294 $ 6,151,848 $ (916,902) -12.97% Technology Venture Partners, L.P. 16,000,000 12,525,000 3,475,000 - $ 2,992,145 $ 2,992,145 $ (482,855) -13.90% Seneca Health Partners, LP I 1,500,000 1,200,000 300,000 - $ 257,038 $ 257,038 $ (42,962) -14.32% MK Capital, LP 10,000,000 8,000,000 2,000,000 - $ 1,713,288 $ 1,713,288 $ (286,712) -14.34% Prospector Equity Capital, LP 15,000,000 8,342,145 6,657,855 - $ 5,683,112 $ 5,683,112 $ (974,743) -14.64% MCM Capital Partners II, LP 5,000,000 4,420,562 579,438 - $ 492,460 $ 492,460 $ (86,978) -15.01% FS Equity Partners V, LP 15,000,000 11,586,520 3,413,480 323,507 $ 2,566,096 $ 2,889,603 $ (523,877) -15.35% Athenian Venture Partners II, LP 17,500,000 3,012,761 14,487,239 6,280,197 $ 5,920,575 $ 12,200,772 $ (2,286,467) -15.78% INVESCO Venture Partnership Fund III, LP 12,000,000 6,681,128 5,318,872 - $ 4,454,024 $ 4,454,024 $ (864,848) -16.26% Blue Chip IV, LP 20,000,000 6,400,000 13,600,000 805,264 $ 10,505,063 $ 11,310,327 $ (2,289,673) -16.84% Early Stage Partners, LP 9,000,000 3,490,394 5,509,606 - $ 4,472,840 $ 4,472,840 $ (1,036,766) -18.82% Meritage Private Equity II, LP 15,000,000 7,500,000 7,500,000 795,165 $ 5,224,733 $ 6,019,898 $ (1,480,102) -19.73% Edison Venture Fund V, LP 15,000,000 6,300,000 8,700,000 - $ 6,817,201 $ 6,817,201 $ (1,882,799) -21.64% Reservoir Venture Partners, LP 5,000,000 3,563,587 1,436,413 - $ 1,115,562 $ 1,115,562 $ (320,851) -22.34% Draper Triangle Ventures II, LP 5,000,000 4,701,256 298,744 - $ 229,958 $ 229,958 $ (68,786) -23.03% AVP Ohio Technology I, LP 10,000,000 7,203,000 2,797,000 - $ 2,130,232 $ 2,130,232 $ (666,768) -23.84% Ascend Ventures II, LP 7,500,000 6,966,159 533,841 - $ 403,626 $ 403,626 $ (130,215) -24.39% Northwest Opportunity Fund, LP 20,000,000 12,000,000 8,000,000 21,845 $ 5,991,518 $ 6,013,363 $ (1,986,637) -24.83% Chancellor V, LP 20,000,000 5,647,219 14,352,781 3,571,358 $ 7,189,090 $ 10,760,448 $ (3,592,333) -25.03% Kirtland Capital Partners IV, LP 5,000,000 3,998,813 1,001,187 218,180 $ 528,936 $ 747,116 $ (254,071) -25.38% AVP Technology II, LP 2,200,000 0 2,200,000 - $ 1,575,437 $ 1,575,437 $ (624,563) -28.39% Primus Capital Fund V, LP 20,000,000 7,170,000 12,830,000 - $ 8,894,466 $ 8,894,466 $ (3,935,534) -30.67% Charter Life Sciences, LP 5,000,000 4,650,000 350,000 - $ 199,708 $ 199,708 $ (150,292) -42.94% Rosemont Partners II, LP 10,000,000 9,498,355 501,645 - $ 270,793 $ 270,793 $ (230,852) -46.02% Triathlon Medical Ventures Fund, LP 5,000,000 4,095,455 904,545 - $ 478,703 $ 478,703 $ (425,842) -47.08% MWV Pinnacle Capital Fund, LP 2,000,000 1,300,000 700,000 - $ 338,912 $ 338,912 $ (361,088) -51.58% Midwest Economic Opportunity Fund, LP* 5,000,000 203,397 4,796,603 - $ 1,157,069 $ 1,157,069 $ (3,639,534) -75.88% Axxon Capital, LP 3,000,000 1,283,333 1,716,667 - 0$ - $ (1,716,667) -100.00% ABS Capital Partners V, LP 20,000,000 20,000,000 0 - 0$ - $ - Carlyle Partners IV, LP 20,000,000 20,000,000 0 - 0$ - $ - Edgewater Growth Capital Partners II, LP 25,000,000 25,000,000 0 - 0$ - $ - Fort Washington Private Equity Investors IV, LP 15,000,000 15,000,000 0 - 0$ - $ -

TOTALS: 813,450,000 404,060,532 409,389,468 97,677,507 $ 330,088,812 $ 427,766,318 $ 18,376,850 4.49%

Ennis Knupp + Associates 3.5 EXHIBITS TWO THROUGH ELEVEN

Exhibit Six Ohio Bureau of Workers' Compensation Private Equity Funds Estimated Capital Call Schedule Assumed Life (years) 5.2 BWC Estimated BWC BWC Capital Unfunded Days Dollars Per Fund Name Original Date Funded Commitment Called Commitment Gone Days Left $$ Per Day Quarter SW Pelham Fund, L.P. Oct-98 20,000,000 21,033,657 (1,033,657) 2,360 0$ - Rosemont Partners I, LP Nov-00 5,000,000 4,103,169 896,831 1,590 308$ 2,912 $ 38,809,043 The Peppertree Fund, LP Dec-00 10,000,000 5,913,674 4,086,326 1,574 324$ 12,612 Meritech Capital Partners II, LP Dec-00 11,250,000 7,068,750 4,181,250 1,571 327$ 12,787 Blue Chip IV, LP Dec-00 20,000,000 13,600,000 6,400,000 1,567 331$ 19,335 Carlyle Partners III, LP Dec-00 15,000,000 14,315,964 684,036 1,560 338$ 2,024 Halpern Denny Fund III, LP Dec-00 20,000,000 17,600,000 2,400,000 1,555 343$ 6,997 Primus Capital Fund V, LP Dec-00 20,000,000 12,830,000 7,170,000 1,553 345$ 20,783 Axxon Capital, LP Feb-01 3,000,000 1,716,667 1,283,333 1,519 379$ 3,386 Brantley Partners IV, LP Feb-01 15,000,000 12,000,000 3,000,000 1,515 383$ 7,833 Behrman Capital III, LP Feb-01 20,000,000 13,220,490 6,779,510 1,500 398$ 17,034 Pharos Capital Partners, LP Feb-01 5,000,000 4,525,000 475,000 1,492 406$ 1,170 Carlyle Venture Partners II, LP Apr-01 25,000,000 22,061,329 2,938,671 1,437 461$ 6,375 ABS Capital Partners IV, LP May-01 15,000,000 11,452,350 3,547,650 1,421 477$ 7,437 Fort Washington Private Equity Investors III, LP Jun-01 15,000,000 11,094,967 3,905,033 1,399 499$ 7,826 INVESCO Venture Partnership Fund III, LP Jun-01 12,000,000 5,318,872 6,681,128 1,378 520$ 12,848 Quad-C Partners VI, LP Jul-01 15,000,000 8,230,509 6,769,491 1,369 529$ 12,797 TCW/Crescent Mezzanine Partners III, LP Jul-01 15,000,000 12,110,089 2,889,911 1,369 529 Meritage Private Equity II, LP Aug-01 15,000,000 7,500,000 7,500,000 1,332 566$ 13,251 Blue Point Capital Partners, LP Sep-01 10,000,000 6,999,237 3,000,763 1,306 592$ 5,069 Athenian Venture Partners II, LP Nov-01 17,500,000 14,487,239 3,012,761 1,246 652$ 4,621 INVESCO US Buyout & Expansion Capital Fund III, LP Dec-01 8,000,000 2,786,856 5,213,144 1,207 691$ 7,544 Chancellor V, LP Dec-01 20,000,000 14,352,781 5,647,219 1,191 707$ 7,988 Fremont Partners III, LP Jan-02 15,000,000 6,024,333 8,975,667 1,158 740$ 12,129 Ascend Ventures, LP Feb-02 5,000,000 4,844,408 155,592 1,144 754$ 206 Lexington Capital Partners V, LP Feb-02 20,000,000 13,063,444 6,936,556 1,127 771$ 8,997 Edgewater Growth Capital Partners, LP Mar-02 10,000,000 7,500,000 2,500,000 1,126 772$ 3,238 ABRY Mezzanine Partners, LP Mar-02 5,000,000 4,391,521 608,479 1,112 786$ 774 Adena Ventures, LP May-02 500,000 275,000 225,000 1,063 835$ 269 Edison Venture Fund V, LP May-02 15,000,000 8,700,000 6,300,000 1,054 844$ 7,464 Castle Harlan Partners IV, LP May-02 15,000,000 7,761,805 7,238,195 1,050 848$ 8,536 Perseus-Soros Biopharmaceutical Fund, LP Jun-02 5,000,000 3,429,566 1,570,434 1,034 864$ 1,818 River Cities Capital Fund III, LP Jun-02 5,000,000 2,375,000 2,625,000 1,015 883$ 2,973 Early Stage Partners, LP Jul-02 9,000,000 5,509,606 3,490,394 983 915$ 3,815 Wind Point Partners V, LP Aug-02 10,000,000 6,699,812 3,300,188 959 939$ 3,515 Northwest Opportunity Fund, LP Aug-02 20,000,000 8,000,000 12,000,000 951 947$ 12,672 Levine Leichtman Capital Partners III, LP Oct-02 15,000,000 8,212,702 6,787,298 888 1,010$ 6,720 Prospector Equity Capital, LP Nov-02 15,000,000 6,657,855 8,342,145 874 1,024$ 8,147 Thayer Equity Investors V, L.P. Jan-03 15,000,000 9,020,765 5,979,235 812 1,086$ 5,506 Apex Investment Fund V, LP Mar-03 10,000,000 5,400,000 4,600,000 757 1,141$ 4,032 HarbourVest Partners VII - Buyout Partnership Fund, L Mar-03 10,000,000 1,350,000 8,650,000 745 1,153$ 7,502 HarbourVest Partners VII - Venture Partnership Fund, Mar-03 15,000,000 1,725,000 13,275,000 731 1,167$ 11,375 Kirtland Capital Partners IV, LP May-03 5,000,000 1,001,187 3,998,813 681 1,217$ 3,286 AVP Ohio Technology I, LP Jun-03 10,000,000 2,797,000 7,203,000 667 1,231$ 5,851 MWV Pinnacle Capital Fund, LP Jun-03 2,000,000 700,000 1,300,000 646 1,252$ 1,038 Sterling Capital Partners, LP Jun-03 15,000,000 9,341,448 5,658,552 669 1,229$ 4,604 Tower Square Capital Partners, LP Jun-03 10,000,000 7,754,115 2,245,885 643 1,255$ 1,790 AVP T echnology II, LP Aug-03 2,200,000 2,200,000 0 608 1,290$ - Adams Street V, LP Aug-03 8,000,000 3,040,000 4,960,000 601 1,297$ 3,824 SW Pelham Fund II, L.P. Sep-03 10,000,000 7,523,347 2,476,653 573 1,325$ 1,869 MK Capital, LP Oct-03 10,000,000 2,000,000 8,000,000 545 1,353$ 5,913 Reservoir Venture Partners, LP Oct-03 5,000,000 1,436,413 3,563,587 538 1,360$ 2,620 FS Equity Partners V, LP Dec-03 15,000,000 3,413,480 11,586,520 479 1,419$ 8,165 Midwest Economic Opportunity Fund, LP* Mar-04 5,000,000 4,796,603 203,397 379 1,519$ 134 Technology Venture Partners, L.P. Jun-04 16,000,000 3,475,000 12,525,000 303 1,595$ 7,853 MCM Capital Partners II, LP Jun-04 5,000,000 579,438 4,420,562 289 1,609$ 2,747 Triathlon Medical Ventures Fund, LP Jun-04 5,000,000 904,545 4,095,455 287 1,611$ 2,542 Charter Life Sciences, LP Jul-04 5,000,000 350,000 4,650,000 244 1,654$ 2,811 EDF Ventures III, LP Jul-04 10,000,000 1,179,411 8,820,589 244 1,654$ 5,333 Draper Triangle Ventures II, LP Oct-04 5,000,000 298,744 4,701,256 169 1,729$ 2,719 Seneca Health Partners, LP I Nov-04 1,500,000 300,000 1,200,000 150 1,748$ 686 Athenian Venture Partners III, LP Dec-04 25,000,000 833 24,999,167 120 1,778$ 14,060 Ascend Ventures II, LP Dec-04 7,500,000 533,841 6,966,159 100 1,798$ 3,874 Rosemont Partners II, LP Mar-05 10,000,000 501,645 9,498,355 8 1,890$ 5,026 Edgewater Growth Capital Partners II, LP No capital called as of 3/31/05 25,000,000 0 25,000,000 0 1,898$ 13,172 ABS Capital Partners V, LP No capital called as of 3/31/05 20,000,000 0 20,000,000 0 1,898$ 10,537 Carlyle Partners IV, LP No capital called as of 3/31/05 20,000,000 0 20,000,000 0 1,898$ 10,537 Fort Washington Private Equity Investors IV, LP No capital called as of 3/31/05 15,000,000 0 15,000,000 0 1,898$ 7,903

TOTALS: 813,450,000 409,389,468 404,060,532 431,212

Ennis Knupp + Associates 3.6 EXHIBITS TWO THROUGH ELEVEN

Exhibit Seven Ohio Bureau of Workers' Compensation Private Equity Funds Funds by Vintage Year BWC BWC Fund Name Original Date Funded Commitment Fund Name Original Date Funded Commitment Vintage Year 1998 Vintage Year 2003 SW Pelham Fund, L.P. Oct-98 20,000,000 Adams Street V, LP Aug-03 8,000,000 Vintage Year 1999 AVP Ohio Technology I, LP Jun-03 10,000,000 Brantley Partners IV, LP Feb-01 15,000,000 AVP Technology II, LP Aug-03 2,200,000 Vintage Year 2000 FS Equity Partners V, LP Dec-03 15,000,000 ABS Capital Partners IV, LP May-01 15,000,000 Kirtland Capital Partners IV, LP May-03 5,000,000 Athenian Venture Partners II, LP Nov-01 17,500,000 Levine Leichtman Capital Partners III, LP Oct-02 15,000,000 Behrman Capital III, LP Feb-01 20,000,000 MK Capital, LP Oct-03 10,000,000 Blue Chip IV, LP Dec-00 20,000,000 MWV Pinnacle Capital Fund, LP Jun-03 2,000,000 Blue Point Capital Partners, LP Sep-01 10,000,000 Reservoir Venture Partners, LP Oct-03 5,000,000 Carlyle Partners III, LP Dec-00 15,000,000 Sterling Capital Partners, LP Jun-03 15,000,000 Chancellor V, LP Dec-01 20,000,000 SW Pelham Fund II, L.P. Sep-03 10,000,000 Fremont Partners III, LP Jan-02 15,000,000 Thayer Equity Investors V, L.P. Jan-03 15,000,000 Halpern Denny Fund III, LP Dec-00 20,000,000 Vintage Year 2004 Meritech Capital Partners II, LP Dec-00 11,250,000 Ascend Ventures II, LP Dec-04 7,500,000 Perseus-Soros Biopharmaceutical Fund, LP Jun-02 5,000,000 Athenian Venture Partners III, LP Dec-04 25,000,000 Pharos Capital Partners, LP Feb-01 5,000,000 Carlyle Partners IV, LP No capital called as of 3/31/05 20,000,000 Primus Capital Fund V, LP Dec-00 20,000,000 Charter Life Sciences, LP Jul-04 5,000,000 Rosemont Partners I, LP Nov-00 5,000,000 Draper Triangle Ventures II, LP Oct-04 5,000,000 Technology Venture Partners, L.P. Jun-04 16,000,000 EDF Ventures III, LP Jul-04 10,000,000 Vintage Year 2001 MCM Capital Partners II, LP Jun-04 5,000,000 ABRY Mezzanine Partners, LP Mar-02 5,000,000 Rosemont Partners II, LP Mar-05 10,000,000 Ascend Ventures, LP Feb-02 5,000,000 Seneca Health Partners, LP I Nov-04 1,500,000 Axxon Capital, LP Feb-01 3,000,000 Triathlon Medical Ventures Fund, LP Jun-04 5,000,000 Carlyle Venture Partners II, LP Apr-01 25,000,000 Vintage Year 2005 Edgewater Growth Capital Partners, LP Mar-02 10,000,000 Edgewater Growth Capital Partners II, LP No capital called as of 3/31/05 25,000,000 Meritage Private Equity II, LP Aug-01 15,000,000 ABS Capital Partners V, LP No capital called as of 3/31/05 20,000,000 Quad-C Partners VI, LP Jul-01 15,000,000 Mixed Vintage Years TCW/Crescent Mezzanine Partners III, LP Jul-01 15,000,000 The Peppertree Fund, LP (2000-2001) Dec-00 10,000,000 Vintage Year 2002 Fort Washington Private Equity Investors III, LP (2000-2003) Jun-01 15,000,000 Adena Ventures, LP May-02 500,000 INVESCO Venture Partnership Fund III, LP (2000-2004) Jun-01 12,000,000 Apex Investment Fund V, LP Mar-03 10,000,000 INVESCO US Buyout & Expansion Capital Fund III, LP (2001-2003) Dec-01 8,000,000 Castle Harlan Partners IV, LP May-02 15,000,000 Lexington Capital Partners V, LP (2002)* Feb-02 20,000,000 Early Stage Partners, LP Jul-02 9,000,000 Fort Washington Private Equity Investors IV, LP (2003-2005) No capital called as of 3/31/05 15,000,000 Edison Venture Fund V, LP May-02 15,000,000 HarbourVest Partners VII - Buyout Partnership Fund, LP (2003-2005) Mar-03 10,000,000 Northwest Opportunity Fund, LP Aug-02 20,000,000 HarbourVest Partners VII - Venture Partnership Fund, LP (2003-2005) Mar-03 15,000,000 Prospector Equity Capital, LP Nov-02 15,000,000 Others River Cities Capital Fund III, LP Jun-02 5,000,000 Midwest Economic Opportunity Fund, LP Not Provided** 5,000,000 Tower Square Capital Partners, LP Jun-03 10,000,000 Wind Point Partners V, LP Aug-02 10,000,000

Totals by Vintage Year $20,000,000 1998 $15,000,000 1999 $214,750,000 2000 $93,000,000 2001 $109,500,000 2002 $112,200,000 2003 $94,000,000 2004 $45,000,000 2005 $105,000,000 Mixed Vintage Years $5,000,000 Others

$813,450,000

*This is a secondary fund, resulting in a very wide range of vintage years depending on the pool of secondary investments. 2002 is the inception year of the Fund. **The Fund experienced a change of General Partners where the current GP is not confident in the accuracy of the prior GP's information.

Ennis Knupp + Associates 3.7 EXHIBITS TWO THROUGH ELEVEN

Exhibit Eight Ohio Bureau of Workers' Compensation Private Equity Funds Market Value of Bureau's Holdings March 31, 2005 and June 30, 2005 Market Value of Market Value of Bureau's Holdings Bureau's Holdings Fund Names 03/31/05 06/30/05 Change ABRY Mezzanine Partners, LP $2,920,448 $3,020,025 $99,577 ABS Capital Partners IV, LP $11,217,539 $13,097,792 $1,880,253 ABS Capital Partners V, LP $0 Did Not Respond Adams Street V, LP $2,657,871 Did Not Respond Adena Ventures, LP $275,000 Did Not Respond Apex Investment Fund V, LP $5,165,214 Did Not Respond Ascend Ventures II, LP $403,626 $1,212,779 $809,153 Ascend Ventures, LP $3,504,926 $3,421,271 ($83,655) Athenian Venture Partners II, LP $5,920,575 Did Not Respond Athenian Venture Partners III, LP $833 Did Not Respond AVP Ohio Technology I, LP $2,130,232 Did Not Respond AVP Technology II, LP $1,575,437 Did Not Respond Axxon Capital, LP $0 Did Not Respond Behrman Capital III, LP $10,593,781 Did Not Respond Blue Chip IV, LP $10,505,063 $8,988,348 ($1,516,715) Blue Point Capital Partners, LP $7,310,725 Did Not Respond Brantley Partners IV, LP $15,379,038 $15,382,695 $3,657 Carlyle Partners III, LP $13,436,280 Did Not Respond Carlyle Partners IV, LP $0 Did Not Respond Carlyle Venture Partners II, LP $10,681,083 Did Not Respond Castle Harlan Partners IV, LP $4,220,301 Did Not Respond Chancellor V, LP $7,189,090 $7,829,963 $640,873 Charter Life Sciences, LP $199,708 Did Not Respond Draper Triangle Ventures II, LP $229,958 $363,311 $133,353 Early Stage Partners, LP $4,472,840 Did Not Respond EDF Ventures III, LP $1,042,855 $991,703 ($51,152) Edgewater Growth Capital Partners, LP $7,066,078 Did Not Respond Edgewater Growth Capital Partners II, LP $0 Did Not Respond Edison Venture Fund V, LP $6,817,201 $6,197,126 ($620,075) Fort Washington Private Equity Investors III, LP $8,895,364 $9,786,027 $890,663 Fort Washington Private Equity Investors IV, LP $0 $3,497,625 $3,497,625 Fremont Partners III, LP $3,239,537 $1,923,131 ($1,316,406) FS Equity Partners V, LP $2,566,096 $4,193,985 $1,627,889 Halpern Denny Fund III, LP $11,474,001 $10,254,907 ($1,219,094) HarbourVest Partners VII - Buyout Partnership Fund, LP $1,370,655 Did Not Respond HarbourVest Partners VII - Venture Partnership Fund, LP $1,862,560 Did Not Respond INVESCO US Buyout & Expansion Capital Fund III, LP $3,751,445 $3,685,816 ($65,629) INVESCO Venture Partnership Fund III, LP $4,454,024 $4,887,628 $433,604 Kirtland Capital Partners IV, LP $528,936 $1,172,315 $643,379 Levine Leichtman Capital Partners III, LP $1,940,000 $2,983,827 $1,043,827 Lexington Capital Partners V, LP $13,195,434 Did Not Respond MCM Capital Partners II, LP $492,460 $36,385 ($456,075) Meritage Private Equity II, LP $5,224,733 Did Not Respond Meritech Capital Partners II, LP $5,129,294 Did Not Respond Midwest Economic Opportunity Fund, LP $1,157,069 Did Not Respond MK Capital, LP $1,713,288 $1,617,546 ($95,742) MWV Pinnacle Capital Fund, LP $338,912 Did Not Respond Northwest Opportunity Fund, LP $5,991,518 $7,934,484 $1,942,966 Perseus-Soros Biopharmaceutical Fund, LP $2,952,774 $2,978,975 $26,201 Pharos Capital Partners, LP $4,257,452 $4,251,951 ($5,501) Primus Capital Fund V, LP $8,894,466 $11,987,211 $3,092,745 Prospector Equity Capital, LP $5,683,112 $6,515,612 $832,500 Quad-C Partners VI, LP $13,704,132 $13,436,562 ($267,570) Reservoir Venture Partners, LP $1,115,562 $1,337,721 $222,159 River Cities Capital Fund III, LP $1,455,684 $1,670,240 $214,556 Rosemont Partners I, LP $2,880,699 $3,144,018 $263,319 Rosemont Partners II, LP $270,793 $1,473,125 $1,202,332 Seneca Health Partners, LP I $257,038 Did Not Respond Sterling Capital Partners, LP $9,642,109 Did Not Respond SW Pelham Fund II, L.P. $8,124,149 $8,481,583 $357,434 SW Pelham Fund, L.P. $25,917,441 $25,510,518 ($406,923) TCW/Crescent Mezzanine Partners III, LP $8,185,524 $6,054,943 ($2,130,581) Technology Venture Partners, L.P. $2,992,145 $2,944,382 ($47,763) Thayer Equity Investors V, L.P. $8,456,729 $9,335,597 $878,868 The Peppertree Fund, LP $4,232,119 $4,634,904 $402,785 Tower Square Capital Partners, LP $6,446,782 Did Not Respond Triathlon Medical Ventures Fund, LP $478,703 Did Not Respond Wind Point Partners V, LP $5,900,370 $5,907,638 $7,268

Ennis Knupp + Associates 3.8 EXHIBITS TWO THROUGH ELEVEN

Overview of Exhibit Nine

Exhibit Nine contains a listing of the Bureau’s Private Equity partnerships grouped by vintage year showing the annualized internal rate of return of the partnership from inception to March 31, 2005.

These return calculations are based on cash flow and market value data submitted by each general partner. The returns are net of fees, as the cash flow data includes any fees that have been paid to the general partner.

In many cases, the managers have also computed internal rates of return for their funds. We have made no attempt to reconcile the manager’s computations with those presented here.

The Bureau has also compiled the cash flow history of each partnership. We have made no attempt to reconcile the cash flow history maintained by the Bureau with that supplied by the managers, nor to compare rates of return implied by the Bureau’s cash flow records with those presented here.

We have compared each partnership’s historical rate of return to benchmark data relevant for the Fund Type and Vintage Year. This comparative data is compiled by Venture Economics, Inc.

Ennis Knupp + Associates 3.9 EXHIBITS TWO THROUGH ELEVEN

Exhibit Nine Ohio Bureau of Workers' Compensation Private Equity Funds Internal Rate of Return of the Bureau's Funds from Inception through March 31, 2005

Market Value of Fund Fund Name BWC Commitment Capital Called Distributions Bureau's Holdings Vintage Year Type Net Annualized IRR Upper Quartile Median Lower Quartile SW Pelham Fund, L.P. 20,000,000 21,033,657 6,212,077 $ 25,917,441 1998 mezzanine 13.21% 9.60 3.10 -9.10

Brantley Partners IV, LP 15,000,000 12,000,000 1,666,075 $ 15,379,038 1999 buyout 10.71% 7.90 -1.10 -5.90

Fremont Partners III, LP 15,000,000 6,024,333 4,952,397 $ 3,239,537 2000 buyout 18.26% 13.90 2.10 -3.10 ABS Capital Partners IV, LP 15,000,000 11,452,350 3,201,074 $ 11,217,539 2000 total PE 14.21% 2.70 -6.10 -14.10 Perseus-Soros Biopharmaceutical Fund, LP 5,000,000 3,429,566 1,162,213 $2,952,774 2000 total PE 10.53% 2.70 -6.10 -14.10 Blue Point Capital Partners, LP 10,000,000 6,999,237 1,846,288 $ 7,310,725 2000 buyout 9.80% 13.90 2.10 -3.10 Pharos Capital Partners, LP 5,000,000 4,525,000 653,204 $ 4,257,452 2000 venture 2.68% -1.60 -9.70 -16.70 Rosemont Partners I, LP 5,000,000 4,103,169 1,137,028 $ 2,880,699 2000 total PE -0.77% 2.70 -6.10 -14.10 Halpern Denny Fund III, LP 20,000,000 17,600,000 5,469,125 $ 11,474,001 2000 buyout -1.46% 13.90 2.10 -3.10 Carlyle Partners III, LP 15,000,000 14,315,964 7,932,506 $ 13,436,280 2000 buyout -1.90% 13.90 2.10 -3.10 Behrman Capital III, LP 20,000,000 13,220,490 930,545 $ 10,593,781 2000 buyout -6.58% 13.90 2.10 -3.10 Meritech Capital Partners II, LP 11,250,000 7,068,750 1,022,554 $ 5,129,294 2000 venture -7.10% -1.60 -9.70 -16.70 Athenian Venture Partners II, LP 17,500,000 14,487,239 6,280,197 $ 5,920,575 2000 venture -8.69% -1.60 -9.70 -16.70 Blue Chip IV, LP 20,000,000 13,600,000 805,264 $ 10,505,063 2000 venture -10.09% -1.60 -9.70 -16.70 Chancellor V, LP 20,000,000 14,352,781 3,571,358 $ 7,189,090 2000 venture -10.99% -1.60 -9.70 -16.70 Primus Capital Fund V, LP 20,000,000 12,830,000 - $ 8,894,466 2000 total PE -16.45% 2.70 -6.10 -14.10 Technology Venture Partners, L.P. 16,000,000 3,475,000 - $ 2,992,145 2000 venture -45.79% -1.60 -9.70 -16.70

Quad-C Partners VI, LP 15,000,000 8,230,509 1,850,486 $ 13,704,132 2001 buyout 40.17% 16.10 3.00 -5.90 TCW/Crescent Mezzanine Partners III, LP 15,000,000 12,110,089 10,251,928 $ 8,185,524 2001 mezzanine 30.14% 2.60 0.90 0.20 Edgewater Growth Capital Partners, LP 10,000,000 7,500,000 2,466,949 $ 7,066,078 2001 total PE 23.78% 12.80 -2.20 -11.00 ABRY Mezzanine Partners, LP 5,000,000 4,391,521 1,535,087 $ 2,920,448 2001 mezzanine 1.62% 2.60 0.90 0.20 Ascend Ventures, LP 5,000,000 4,844,408 977,182 $ 3,504,926 2001 venture -3.78% -0.50 -8.80 -17.70 Meritage Private Equity II, LP 15,000,000 7,500,000 795,165 $ 5,224,733 2001 venture -11.80% -0.50 -8.80 -17.70 Carlyle Venture Partners II, LP 25,000,000 22,061,329 9,705,231 $ 10,681,083 2001 venture -21.98% -0.50 -8.80 -17.70 Axxon Capital, LP 3,000,000 1,716,667 - 0 2001 venture/SBA -100.00% -0.50 -8.80 -17.70

Adena Ventures, LP 500,000 275,000 - $ 275,000 2002 venture/SBA 13.05% -3.50 -7.20 -15.80 Tower Square Capital Partners, LP 10,000,000 7,754,115 1,923,869 $ 6,446,782 2002 mezzanine 9.30% 9.50 0.80 -2.40 Wind Point Partners V, LP 10,000,000 6,699,812 1,257,832 $ 5,900,370 2002 buyout 6.03% 8.90 0.00 -5.50 Castle Harlan Partners IV, LP 15,000,000 7,761,805 3,458,221 $ 4,220,301 2002 buyout -1.46% 8.90 0.00 -5.50 Apex Investment Fund V, LP 10,000,000 5,400,000 - $ 5,165,214 2002 venture -3.23% -3.50 -7.20 -15.80 River Cities Capital Fund III, LP 5,000,000 2,375,000 700,000 $ 1,455,684 2002 venture/SBA -5.98% -3.50 -7.20 -15.80 Prospector Equity Capital, LP 15,000,000 6,657,855 - $ 5,683,112 2002 venture -15.10% -3.50 -7.20 -15.80 Early Stage Partners, LP 9,000,000 5,509,606 - $ 4,472,840 2002 venture -17.92% -3.50 -7.20 -15.80 Edison Venture Fund V, LP 15,000,000 8,700,000 - $ 6,817,201 2002 venture/SBA -18.64% -3.50 -7.20 -15.80 Northwest Opportunity Fund, LP 20,000,000 8,000,000 21,845 $ 5,991,518 2002 venture -21.76% -3.50 -7.20 -15.80

SW Pelham Fund II, L.P. 10,000,000 7,523,347 194,599 $ 8,124,149 2003 mezzanine 18.39% N/A N/A N/A Sterling Capital Partners, LP 15,000,000 9,341,448 979,277 $ 9,642,109 2003 buyout 15.28% 12.90 -5.00 -9.70 Levine Leichtman Capital Partners III, LP 15,000,000 8,212,702 6,049,503 $ 1,940,000 2003 buyout -5.18% 12.90 -5.00 -9.70 Thayer Equity Investors V, L.P. 15,000,000 9,020,765 1,068 $ 8,456,729 2003 buyout -11.41% 12.90 -5.00 -9.70 MK Capital, LP 10,000,000 2,000,000 - $ 1,713,288 2003 venture -13.19% 4.20 -18.80 -28.70 Adams Street V, LP 8,000,000 3,040,000 - $ 2,657,871 2003 venture -15.28% 4.20 -18.80 -28.70 AVP Technology II, LP 2,200,000 2,200,000 - $ 1,575,437 2003 venture -18.16% 4.20 -18.80 -28.70 Reservoir Venture Partners, LP 5,000,000 1,436,413 - $ 1,115,562 2003 venture -18.31% 4.20 -18.80 -28.70 Kirtland Capital Partners IV, LP 5,000,000 1,001,187 218,180 $ 528,936 2003 buyout -30.41% 12.90 -5.00 -9.70 FS Equity Partners V, LP 15,000,000 3,413,480 323,507 $ 2,566,096 2003 buyout -30.97% 12.90 -5.00 -9.70 AVP Ohio Technology I, LP 10,000,000 2,797,000 - $ 2,130,232 2003 venture -41.38% 4.20 -18.80 -28.70 MWV Pinnacle Capital Fund, LP 2,000,000 700,000 - $ 338,912 2003 total PE -81.26% 8.60 -7.80 -20.00

Athenian Venture Partners III, LP 25,000,000 833 - $ 833 2004 venture -0.15% -18.20 -31.40 -48.80 EDF Ventures III, LP 10,000,000 1,179,411 - $ 1,042,855 2004 venture -29.92% -18.20 -31.40 -48.80 Rosemont Partners II, LP 10,000,000 501,645 - $ 270,793 2004 buyout -46.02% -18.40 -33.90 -45.20 Seneca Health Partners, LP I 1,500,000 300,000 - $ 257,038 2004 venture -31.35% -18.20 -37.60 -48.80 Triathlon Medical Ventures Fund, LP 5,000,000 904,545 - $ 478,703 2004 venture/SBA -60.47% -18.20 -37.60 -48.80 Charter Life Sciences, LP 5,000,000 350,000 - $ 199,708 2004 venture -62.50% -18.20 -37.60 -48.80 Ascend Ventures II, LP 7,500,000 533,841 - $ 403,626 2004 venture -71.17% -18.20 -37.60 -48.80 Draper Triangle Ventures II, LP 5,000,000 298,744 - $ 229,958 2004 venture -71.56% -18.20 -37.60 -48.80 MCM Capital Partners II, LP 5,000,000 579,438 - $ 492,460 2004 buyout -73.36% -18.40 -33.90 -45.20 Carlyle Partners IV, LP 20,000,000 - - 0 2004 buyout No capital called as of 3/31/05 N/A N/A N/A

Edgewater Growth Capital Partners II, LP 25,000,000 - - 0 2005 total PE New Fund N/A N/A N/A ABS Capital Partners V, LP 20,000,000 - - 0 2005 total PE New Fund N/A N/A N/A

Lexington Capital Partners V, LP 20,000,000 13,063,444 4,066,485 $ 13,195,434 2002* fof 31.67% N/A N/A N/A HarbourVest Partners VII - Buyout Partnership Fund, L 10,000,000 1,350,000 183,150 $ 1,370,655 2003-05 fof 18.88% -5.00 -11.10 -32.70 INVESCO US Buyout & Expansion Capital Fund III, LP 8,000,000 2,786,856 269,696 $ 3,751,445 2001-03 fof 18.05% 13.20 0.00 -7.40 HarbourVest Partners VII - Venture Partnership Fund, 15,000,000 1,725,000 - $ 1,862,560 2003-05 fof 10.41% -9.80 -26.60 -35.90 The Peppertree Fund, LP 10,000,000 5,913,674 1,871,000 $ 4,232,119 2000-01 fof 1.61% 5.30 -3.40 -12.80 Fort Washington Private Equity Investors III, LP 15,000,000 11,094,967 1,735,342 $ 8,895,364 2000-03 fof -1.87% 6.00 -3.40 -12.80 INVESCO Venture Partnership Fund III, LP 12,000,000 5,318,872 - $ 4,454,024 2000-04 fof -7.32% -1.50 -9.80 -18.90 Fort Washington Private Equity Investors IV, LP 15,000,000 - - 0 2003-05 fof No capital called as of 3/31/05 N/A N/A N/A Midwest Economic Opportunity Fund, LP** 5,000,000 4,796,603 - $ 1,157,069 Not Provided*** venture Not Provided*** N/A N/A N/A

Total Portfolio 813,450,000 409,389,468 97,677,507 330,088,812 3.16% 7.30 -3.10 -13.90

*This is a secondary fund, resulting in a very wide range of vintage years depending on the pool of secondary investments. 2002 is the inception year of the Fund. **Total contributions as of 3/31/05 are $4,796,603. The Fund experienced a change of General Partners where the current General Partner provided the timing and the amount of capital contributions totaling $546,603 since the switch. ***The current GP is not confident in the accuracy of the prior GP's information.

Ennis Knupp + Associates 3.10 EXHIBITS TWO THROUGH ELEVEN

Exhibit Ten Ohio Bureau of Workers' Compensation Private Equity Funds Funds by Strategy Market Value of Bureau's Fund Name Strategy Holdings Behrman Capital III, LP buyout$ 10,593,781 Blue Point Capital Partners, LP buyout$ 7,310,725 Brantley Partners IV, LP buyout$ 15,379,038 Carlyle Partners III, LP buyout$ 13,436,280 Carlyle Partners IV, LP buyout 0 Castle Harlan Partners IV, LP buyout$ 4,220,301 Fremont Partners III, LP buyout$ 3,239,537 FS Equity Partners V, LP buyout$ 2,566,096 Halpern Denny Fund III, LP buyout$ 11,474,001 HarbourVest Partners VII - Buyout Partnership Fun buyout$ 1,370,655 INVESCO US Buyout & Expansion Capital Fund I buyout$ 3,751,445 Kirtland Capital Partners IV, LP buyout$ 528,936 Levine Leichtman Capital Partners III, LP buyout$ 1,940,000 MCM Capital Partners II, LP buyout$ 492,460 Quad-C Partners VI, LP buyout$ 13,704,132 Rosemont Partners II, LP buyout$ 270,793 Sterling Capital Partners, LP buyout$ 9,642,109 Thayer Equity Investors V, L.P. buyout$ 8,456,729 Wind Point Partners V, LP buyout$ 5,900,370 Total buyout$ 114,277,388 Adams Street V, LP venture$ 2,657,871 Apex Investment Fund V, LP venture$ 5,165,214 Ascend Ventures II, LP venture$ 403,626 Ascend Ventures, LP venture$ 3,504,926 Athenian Venture Partners II, LP venture$ 5,920,575 Athenian Venture Partners III, LP venture$ 833 AVP Ohio Technology I, LP venture$ 2,130,232 AVP Technology II, LP venture$ 1,575,437 Blue Chip IV, LP venture$ 10,505,063 Carlyle Venture Partners II, LP venture$ 10,681,083 Chancellor V, LP venture$ 7,189,090 Charter Life Sciences, LP venture$ 199,708 Draper Triangle Ventures II, LP venture$ 229,958 Early Stage Partners, LP venture$ 4,472,840 EDF Ventures III, LP venture$ 1,042,855 HarbourVest Partners VII - Venture Partnership Fu venture$ 1,862,560 INVESCO Venture Partnership Fund III, LP venture$ 4,454,024 Meritage Private Equity II, LP venture$ 5,224,733 Meritech Capital Partners II, LP venture$ 5,129,294 Midwest Economic Opportunity Fund, LP venture$ 1,157,069 MK Capital, LP venture$ 1,713,288 Northwest Opportunity Fund, LP venture$ 5,991,518 Pharos Capital Partners, LP venture$ 4,257,452 Prospector Equity Capital, LP venture$ 5,683,112 Reservoir Venture Partners, LP venture$ 1,115,562 Seneca Health Partners, LP I venture$ 257,038 Technology Venture Partners, L.P. venture$ 2,992,145 Adena Ventures, LP venture/SBA$ 275,000 Axxon Capital, LP venture/SBA 0 Edison Venture Fund V, LP venture/SBA$ 6,817,201 River Cities Capital Fund III, LP venture/SBA$ 1,455,684 Triathlon Medical Ventures Fund, LP venture/SBA$ 478,703 Total venture$ 104,543,694

Ennis Knupp + Associates 3.11 EXHIBITS TWO THROUGH ELEVEN

Exhibit Ten (CONT'D) Ohio Bureau of Workers' Compensation Private Equity Funds Funds by Strategy Market Value of Bureau's Fund Name Strategy Holdings ABRY Mezzanine Partners, LP mezzanine$ 2,920,448 SW Pelham Fund II, L.P. mezzanine$ 8,124,149 SW Pelham Fund, L.P. mezzanine$ 25,917,441 TCW/Crescent Mezzanine Partners III, LP mezzanine$ 8,185,524 Tower Square Capital Partners, LP mezzanine$ 6,446,782 Total mezzanine$ 51,594,345

Lexington Capital Partners V, LP total PE$ 13,195,434 ABS Capital Partners IV, LP total PE$ 11,217,539 ABS Capital Partners V, LP total PE 0 Edgewater Growth Capital Partners II, LP total PE 0 Edgewater Growth Capital Partners, LP total PE$ 7,066,078 Fort Washington Private Equity Investors III, LP total PE$ 8,895,364 Fort Washington Private Equity Investors IV, LP total PE 0 MWV Pinnacle Capital Fund, LP total PE$ 338,912 Perseus-Soros Biopharmaceutical Fund, LP total PE$ 2,952,774 Primus Capital Fund V, LP total PE$ 8,894,466 Rosemont Partners I, LP total PE$ 2,880,699 The Peppertree Fund, LP total PE$ 4,232,119 Total PE$ 59,673,385 Total Portfolio$ 330,088,812

Ennis Knupp + Associates 3.12 EXHIBITS TWO THROUGH ELEVEN

Exhibit Eleven Ohio Bureau of Workman's Compensation Private Equity Funds Reconciliation of Bureau's Values March 31, 2005 Certified Market Total Partners' BWC's % Computed BWC Value of Bureau's Fund Name Capital Ownership Value Holdings Difference Technology Venture Partners, L.P. 18,180,934 21.2000% 3,854,358 $ 2,992,145 862,213 Quad-C Partners VI, LP 626,083,697 2.2900% 14,337,317 $ 13,704,132 633,185 Levine Leichtman Capital Partners III, LP 74,059,822 3.0000% 2,221,795 $ 1,940,000 281,795 SW Pelham Fund, L.P. 131,856,327 19.8020% 26,110,164 $ 25,917,441 192,722 FS Equity Partners V, LP 178,802,898 1.5201% 2,717,983 $ 2,566,096 151,887 Prospector Equity Capital, LP 10,411,026 55.5000% 5,778,119 $ 5,683,112 95,007 Castle Harlan Partners IV, LP 291,013,987 1.4700% 4,277,906 $ 4,220,301 57,605 Edgewater Growth Capital Partners, LP 112,297,504 6.3300% 7,108,432 $ 7,066,078 42,354 HarbourVest Partners VII - Buyout Partnership Fund, L 281,080,261 0.5000% 1,405,401 $ 1,370,655 34,746 HarbourVest Partners VII - Venture Partnership Fund, 254,287,382 0.7400% 1,881,727 $ 1,862,560 19,167 Fremont Partners III, LP 190,944,445 1.7060% 3,257,512 $ 3,239,537 17,976 The Peppertree Fund, LP 35,295,961 12.0300% 4,246,104 $ 4,232,119 13,985 River Cities Capital Fund III, LP 15,434,266 9.5102% 1,467,833 $ 1,455,684 12,149 Carlyle Partners III, LP 3,304,115,862 0.4070% 13,447,752 $ 13,436,280 11,472 ABS Capital Partners IV, LP 336,008,339 3.3400% 11,222,679 $ 11,217,539 5,140 Brantley Partners IV, LP 126,704,821 12.1400% 15,381,965 $ 15,379,038 2,927 INVESCO Venture Partnership Fund III, LP 49,207,699 8.3400% 4,103,922 $ 4,102,670 1,252 Perseus-Soros Biopharmacuetical Fund, LP 273,258,423 1.0810% 2,953,924 $ 2,952,774 1,150 Carlyle Venture Partners II, LP 267,181,768 3.9980% 10,681,927 $ 10,681,083 844 Rosemont Partners I, LP 21,763,279 13.2400% 2,881,458 $ 2,880,699 759 Draper Triangle Ventures II, LP 1,848,937 12.4400% 230,008 $ 229,958 50 Triathlon Medical Ventures Fund, LP 3,438,961 13.9200% 478,703 $ 478,703 0 Apex Investment Fund V, LP 112,734,026 4.5818% 5,165,214 $ 5,165,214 0 Athenian Venture Partners III, LP 1,000 83.3300% 833 $ 833 0 Axxon Capital, LP 6,147,203 0.0000% 0 0 0 Fort Washington Private Equity Investors IV, LP 6,255,149 0.0000% 0 0 0 ABRY Mezzanine Partners, LP 298,004,898 0.9800% 2,920,448 $ 2,920,448 0 Kirtland Capital Partners IV, LP 17,530,739 3.0170% 528,902 $ 528,936 (34) AVP Technology II, LP 1,576,166 99.9500% 1,575,378 $ 1,575,437 (59) MWV Pinnacle Capital Fund, LP 3,939,854 8.6000% 338,827 $ 338,912 (85) Halpern Denny Fund III, LP 203,821,253 5.6294% 11,473,914 $ 11,474,001 (87) Rosemont Partners II, LP 3,520,168 7.6900% 270,701 $ 270,793 (92) Chancellor V, LP 83,982,926 8.5600% 7,188,938 $ 7,189,090 (152) Behrman Capital III, LP 611,817,533 1.7315% 10,593,621 $ 10,593,781 (160) Northwest Opportunity Fund, LP 6,195,167 96.7100% 5,991,346 $ 5,991,518 (172) Charter Life Sciences, LP 2,319,840 8.6000% 199,506 $ 199,708 (202) AVP Ohio Technology I, LP 2,130,200 99.9900% 2,129,987 $ 2,130,232 (245) Seneca Health Partners, LP I 1,700,609 15.1000% 256,792 $ 257,038 (246) Pharos Capital Partners, LP 134,834,983 3.1573% 4,257,145 $ 4,257,452 (307) Ascend Ventures, LP 35,434,121 9.8900% 3,504,435 $ 3,504,926 (491) Sterling Capital Partners, LP 209,009,116 4.6130% 9,641,591 $ 9,642,109 (518) Meritage Private Equity II, LP 47,492,833 11.0000% 5,224,212 $ 5,224,733 (521) Ascend Ventures II, LP 1,900,414 21.2100% 403,078 $ 403,626 (548) Early Stage Partners, LP 21,833,685 20.4800% 4,471,539 $ 4,472,840 (1,301) INVESCO US Buyout & Expansion Capital Fund III, LP 39,890,134 8.9900% 3,586,123 $ 3,587,989 (1,866) Edison Venture Fund V, LP 36,519,279 18.6616% 6,815,096 $ 6,817,201 (2,105) Fort Washington Private Equity Investors III, LP 83,963,199 10.5900% 8,891,703 $ 8,895,364 (3,661) Blue Point Capital Partners, LP 227,356,665 3.2139% 7,306,979 $ 7,310,725 (3,746) Tower Square Capital Partners, LP 168,203,055 3.8300% 6,442,177 $ 6,446,782 (4,605) Thayer Equity Investors V, L.P. 122,827,164 6.8788% 8,449,035 $ 8,456,729 (7,694) Primus Capital Fund V, LP 165,276,912 7.2481% 11,979,436 $ 11,987,211 (7,775) MCM Capital Partners II, LP 4,519,587 10.7000% 483,596 $ 492,460 (8,864) Meritech Capital Partners II, LP 336,722,603 1.5200% 5,118,184 $ 5,129,294 (11,110) Adams Street V, LP 54,037,975 4.8693% 2,631,271 $ 2,657,871 (26,600) Reservoir Venture Partners, LP 10,760,824 10.0000% 1,076,082 $ 1,115,562 (39,480) Midwest Economic Opportunity Fund, LP 6,911,217 16.1100% 1,113,397 $ 1,157,069 (43,672) Lexington Capital Partners V, LP 1,317,463,750 0.9979% 13,147,076 $ 13,195,434 (48,358) MK Capital, LP 3,211,240 50.5000% 1,621,676 $ 1,713,288 (91,612) Wind Point Partners V, LP 276,014,472 2.1000% 5,796,304 $ 5,900,370 (104,066) Adena Ventures, LP 2,648,146 4.0000% 105,926 $ 275,000 (169,074) TCW/Crescent Mezzanine Partners III, LP 521,143,000 1.5314% 7,980,628 $ 8,185,524 (204,896) EDF Ventures III, LP 3,028,959 27.1279% 821,692 $ 1,042,855 (221,163) Athenian Venture Partners II, LP 13,000,533 37.3900% 4,860,899 $ 5,920,575 (1,059,676) Blue Chip IV, LP 80,716,604 10.5300% 8,499,458 $ 10,505,063 (2,005,605)

ABS Capital Partners V, LP New Fund New Fund New Fund New Fund New Fund Carlyle Partners IV, LP New Fund New Fund New Fund New Fund New Fund Edgewater Growth Capital Partners II, LP New Fund 8.3000% New Fund New Fund New Fund SW Pelham Fund II, L.P. 66,749,489 11.6%/16.7%/10.2% Can't Compute$ 8,124,149 Can't Compute

Ennis Knupp + Associates 3.13 EXHIBITS TWO THROUGH ELEVEN

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Ennis Knupp + Associates 3.14