Sampling of Past Portfolio Companies

	ICG Communications (Competitive Access Provider) On May 31, 2006 Level 3 Communications, Inc. (Nasdaq: LVLT) announced that it had completed its acquisition of all of the stock of ICG Communications, Inc., a privately held Colorado-based telecommunications company. Level 3 paid total consideration of $175 million in cash and stock.
	Telution, Inc. (Telecom Software) On March 1, 2006 CSG Systems (NASDAQ: CSGS), a leading provider of customer care and billing solutions, announced that it has acquired Telution, Inc. for $22 million in cash, a private, Chicago-based provider of Operations Support System (OSS) software that enabled communications companies to bring bundled, advanced services to market quickly and effectively.
	GuardedNet (Infrastructure Software) On August 1, 2005 Micromuse Inc. (Nasdaq: MUSE), the leading provider of ultra-scalable, realtime business and service assurance software announced that it has completed its acquisition of GuardedNet Inc. for $16.2 million in cash. The acquisistion of GuardedNet positions Micromuse as a leader in the high-growth Security Information Management (SIM) market and strengthens the Company’s leadership in the service assurance space as the only vendor who is capable of delivering fault, performance, and security management together as an integrated, carrie-class management solution.
	Crowley Cellular Telecom (MSA Cellular) M/C I was the sole investor in this mobile wireless voice company with a $16.4 million investment made in 1986.  Its individual markets were sold to cellular companies McCaw Cellular, U.S. Cellular, and others.
	Trumper Communications (Radio Broadcasting) M/C I was the sole investor in this company with an investment of $6.1 million in 1986.  It's individual markets were sold to multiple buyers in a series of transactions including: Pinnacle (Decatur), Jacor, now a part of Clear Channel (Lexington), Colfax, now a part of Clear Channel (Minneapolis), SFX, now a part of Clear Channel (Charlotte), and Citicasters, now a part of Clear Channel, and Heritage Media (Portland).
	Trumper Communications II (Radio Broadcasting) Investors in Trumper II included M/C II and Providence Equity Partners.  M/C's investment was $8.4 million made in 1995.  Trumper II's markets sold to multiple buyers including: Clear Channel (Albuquerque) and Clear Channel (Salt Lake City).
	Brooks Fiber Properties (Competitive Access Provider)   Investors in Brooks Fiber included M/C II, Centennial Ventures, Providence Equity Partners, and One Liberty Ventures.  M/C's investment was $12.4 million made in 1993.  The company held an initial public offering (IPO) in March of 1996 and was sold to WorldCom in 1997.
	Triad Cellular (RSA Cellular) M/C II was the sole investor in Triad, with an investment of $22.8 million made in 1992.  It was sold to Western Wireless (a publicly traded company).
	Ovation Communications (CLEC) M/C III was the sole investor in Ovation with an investment of $22.2 million in 1997.  It was merged with Phone Michigan, another CLEC.  The combined entity, Ovation/Phone Michigan, was sold to McCleodUSA, a publicly traded company.
	Phone Michigan (CLEC) M/C III was the sole investor in Phone Michigan, with an investment of $7.7 million made in 1996.  It was merged with Ovation Communications and sold to McCleodUSA, a publicly traded company.
	TeleCorp Holding Corporation (PCS) Investors in Telecorp included M/C III, J.H. Whitney, J.P. Morgan, Hoag Capital, and Desai Capital.  M/C's investment was $20 million made in 1996.  The company held an initial public offering (IPO) and was eventually sold to AT&T Wireless.