ABOUT SUN MOUNTAIN CAPITAL MANAGED FUND OF FUNDS

Sun Mountain Capital LLC (“SMC”) is an SEC registered investment advisory firm located in Santa Fe, New Mexico with over $500 million under management. Currently SMC manages the $350 million New Mexico Private Equity Investment Program (New Mexico Fund of Funds Program) and several New Mexico Co-Investment Funds that total over $100 million dollars. SMC also co-manages Mexico Ventures I, an $80 million fund which invests in venture capital funds and companies in the country of Mexico.Mexico Ventures I, LP 1 Mexico Ventures I, LP General Investment...

In 2007, Sun Mountain Capital became the manager of the New Mexico Private Equity Investment Program. (see: http://www.sic.state.nm.us/). The New Mexico program has invested in 29 venture capital funds and the investment focus breakdown of fund investments by stage is seed/early state 57%, growth/balanced/late stage 37% and buyout 6%. Since inception the program has invested $253 million dollars. The average dollars invested since inception is $12.65 million annually.

In early 2011, Sun Mountain was selected to be the investment manager for the country of Mexico’s $85 million fund of funds and direct investment program To date, investments have been made in 9 funds and 7 portfolio companies. The program’s investment stage breakdown is approximately 59% growth and 41% seed venture capital. For more information on the program, please see (Soccerly.com gets first round of funding by Mexican VC funds). Members of Sun Mountain Capital’s team were also involved in the development of two other state based private equity fund of funds programs in Utah and Ohio. See http://utahcap.com/ and http://www.ohiocapitalfund.com/ for more information about these two programs.

ABOUT KEGONSA CAPITAL PARTNERS MANAGED VENTURE CAPITAL FUNDS

Kegonsa Capital Partners, LLC (“KCP”) is located in Madison, Wisconsin. Currently KCP manages two Wisconsin venture capital funds; the Kegonsa Seed Fund (“KSF”) and the Kegonsa Coinvest Fund (“KCF”). KSF has a seed investment focus and KCF has a growth stage investment focus.

The Kegonsa Seed Fund I, LP (“KSF”) began investing in early 2005 and has since invested in thirteen portfolio companies. All portfolio companies were originally located in the state of Wisconsin. The Fund employed a Money for Minnows strategy with an average initial investment size of approximately $400,000.

In October 2007, the Fund experienced its first liquidity event when Jellyfish.com, a Fund portfolio company, was purchased for cash by Microsoft. This exit provided a return of 15 times the Fund's initial investment.

In May 2012, the Fund experienced its second liquidity event when Intelligent BioSystems, Inc, a Fund portfolio company, was purchased by QIAGEN. The exit provided a return of over three times the Fund's initial investment.

As of 2013 KSF has returned all invested capital to the Fund’s limited partners.

To date, three of the thirteen portfolio companies have failed and have been dissolved. Two portfolio companies have experienced an exit; one company completed a stock redemption repurchasing the Fund's stock; and seven companies are ongoing. KSF has invested in companies located in Fitchburg, Green Bay, Middleton, Madison, Watertown and Wausau – all cities located in Wisconsin.

Since 2007, the Kegonsa Coinvest Fund, LLC has made sixteen investments. Fourteen of the investments are in growth-stage companies (i.e., companies with revenue from product sales but are not yet cash flow breakeven). One investment is in a pharmaceutical company in the drug development stage and the remaining investment is a late stage portfolio company in which the Fund participated in an offering led by Goldman Sachs. The Fund has had two liquidity events, two companies have failed and the remainder are still in operation.