1. EGL Ventures IV Private and Confidential

2. 2 EGL Ventures Confidential EGL Ventures IV  Target: $100 million in capital.  Balanced: Early- and later-stage.  Geography: Southeast U.S. focus.  Sectors: Balanced between information technology, telecomm, and health care.  Management: 50+ years experience. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

3. 3 EGL Ventures Confidential EGL-IV History  Aggregate 50+ years of successful private equity investing. –Two General Partners have worked together for 15 years in three predecessor funds. –New GP has eight years experience in three funds totaling $260 million. –Fourth fund in the Southeast for all General Partners. v The right team with the right strategy at the right time. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

4. 4 EGL Ventures Confidential Private Equity Sector 19.1% Early-stage VC 13.3% Balanced VC 13.8% Later-stage VC 12.4% Buyout Funds 13.6% All Private Equity 23.5% EGL GP Net Returns IntroductionIntroductionPeople Performance Portfolio Process Opportunity Summary 12.9% S&P 500 12.4%NASDAQ Venture Economics: 20-year net returns through 12/31/03 15-year net returns through 12/31/03 $107M invested; $170M returned; $14M unrealized. All returns shown net of management fees and carried interest.

5. 5 EGL Ventures Confidential Regional Opportunity  Regional advantages: –$1.5 trillion economy –Low taxes, low cost of living –Deep pool of human capital –Intellectual capital anchored by universities and Federal R&D –Other pieces are in place (legal, banking, accounting, etc.) IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

6. 6 EGL Ventures Confidential Technology in the Southeast IntroductionIntroduction People Performance Portfolio Process Opportunity Summary Multiple technology centers. Anchored by: Atlanta, Research Triangle, Florida. Pockets of innovation: Universities, Federal R&D centers. Biggest challenge: Lack of local venture capital.

7. 7 EGL Ventures Confidential Regional Undercapitalization  Venture firms do not offer adequate leverage for local R&D. 0 5 10 15 20 25 30 35 40 45 Bay AreaNortheastSoutheast University R&D ($B) Venture Investment ($B) 1.6  9 9 9 9  21  Substantial room for improvement! Source: Venture Economics and the Center for R&D IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

8. 8 EGL Ventures Confidential The EGL Advantage  Substantial operational experience at CXO levels.  15 years of investing in the Southeast.  Staying the course: Technology- oriented growth companies.  A record of leadership. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary EGL was first outside investor in 20 out of 31 deals. EGL held board seats in 26 out of 31 deals. 20 11 26 5

9. 9 EGL Ventures Confidential Management Team  Three General Partners: –David Ellis –Stephen Fleming –Salvatore Massaro  Two Senior Associates already identified.  Advisory Board. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

10. 10 EGL Ventures Confidential David Ellis  27+ years investment experience. –Oversight of 100+ investments at 3i. –13 investments at EGL. –Commercialization of superconducting magnet technology, leading to creation of MRI industry.  Ph.D., Biophysics; BS, Chemistry (both St. Andrews).  Georgia Tech Advisory Board memberships.  Substantial CXO operations experience.  15-year partnership with Sal Massaro. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

11. 11 EGL Ventures Confidential Stephen Fleming  8+ years investment experience. –General Partner, Alliance Technology Ventures. –18 investments as lead investor, 15 exits to date.  BS, Physics, Ga. Tech (Highest Honors).  15 years operational experience at AT&T Bell Labs, Nortel, L ICOM (venture-backed startup). –Supervised startups developing first ADSL modem and one of the first cablemodems in early 1990s.  Multiple advisory boards at Georgia Tech; endowed chair in telecomm; instructor in MBA entrepreneurship program.  Strong regional technology leader. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

12. 12 EGL Ventures Confidential Salvatore Massaro  20+ years investment experience. –13 investments, 13 exits.  Prudential-Bache Venture Capital, Price Waterhouse.  CFO through IPO of Telesphere Int’l.  MBA, Harvard University; BSBA, Georgetown (High Honors).  Former Member of NASBIC Board of Governors.  15-year partnership with David Ellis. IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

13. 13 EGL Ventures ConfidentialAdvisors Ian Armitage Founder & Managing Partner, HgCapital Mark Braunstein Founder & CEO, Patient Care Technologies Jean-Lou Chameau Provost, Georgia Institute of Technology Michael Cronin Founder & Managing Partner, Weston Presidio Joseph Forgione VP, Net Solutions, Novell; former CEO, Eprise James Krugman Former CEO, Meadox Medicals (Boston Sci.) John Lappington VP, Broadcom; founder, Digital Furnace Doug McMahon VP, Global Accounts, Hewlett-Packard Howard Morrison Retired VP, Bank of America Barrett O’Donnell Former Chairman & CEO, CareCentric Bill Woulfin Former CEO, LecStar IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

14. 14 EGL Ventures Confidential EGL Performance Net IRR (annualized):23.5% Net Multiple: 1.5  All returns shown net of management fees and carried interest. 31 investments over 15 years (1989–2003) $107M invested; $170M returned; $14M unrealized. Performance Portfolio Process Summary Introduction People Opportunity

15. 15 EGL Ventures Confidential EGL Performance $107M invested, $170M realized. $14M still unrealized at current valuations. MultipleIRR Gross Returns Realized Return 1.6x29.4% Realized, plus Unrealized Valuations 1.7x30.1% Net Returns (net of management fees and carried interest) Realized Return 1.4x22.5% Realized, plus Unrealized Valuations 1.5x23.5% Performance Portfolio Process Summary Introduction People Opportunity

16. 16 EGL Ventures Confidential Previous Portfolio Companies  Successful IPOs and M&As. ADS NetTools (EGL) Artcraft (EGL) Astracom (SRF) At Work (EGL) Boca Photonics (SRF) BroadRiver (SRF) Care Centric (SRF) Checkmate (EGL) Digital Furnace (SRF) Eprise (SRF) Fluid Data (EGL) Home Wireless (SRF) iFleet (EGL) iPower (SRF) The Learning Co. (EGL) Pathfire (SRF) Physician Health Corp. (EGL) Pi Holdings (EGL) Quokka Sports (EGL) Renaissance Int. (EGL) RF Micro Devices (SRF) RF Solutions (SRF) SecureWorks (SRF) Simione Central (EGL) Sportsline (SRF) Synchrologic (SRF) Telaxis (SRF) ValuBond (SRF) Verifiber (SRF) ZapMedia (SRF) Zarina (EGL) IntroductionIntroduction People Performance Portfolio Process Opportunity Summary

17. Previous Syndicate Partners Followed Our Origination AT&T Ventures Bank of America Charles Schwab Cordova Ventures Crystal Ventures FT Ventures GE Capital Grotech Capital Halpern Denny Imlay Investments Intelligent Systems ITC Holdings IVP / Redpoint JK&B Capital Kinetic Ventures Kitty Hawk Capital Mellon Ventures NBCNoro-MoseleyPanAmSat IntroductionIntroduction People Performance Portfolio Process Opportunity Summary Quadrangle Capital Riggs Capital Robinson Humphrey Sand Hill Capital Sevin Rosen Funds US Venture Partners Vantage Point Weston Presidio Invited Us to Lead Subsequent Round Advanced Tech Ventures Allen Telecom CBS Coral Ventures Domain Associates EMC Ventures Kleiner Perkins Lucent Ventures Prism Ventures Reuters US West 17

18. 18 EGL Ventures Confidential Classic Fund Structure  Limited Partnership.  2.5% management fee.  80/20 carried interest after payback of committed capital.  Intent to comply with ERISA regulations. Process Summary Introduction People Opportunity Performance Portfolio

19. 19 EGL Ventures Confidential Why Us? Why Now? A team that: –Transcends adversity –Seizes opportunities –Delivers on expectations … with the experience to make it happen. … with the experience to make it happen. Summary Introduction People Opportunity Performance Portfolio Process

20. EGL Ventures IV EGL Ventures 3495 Piedmont Road Ten Piedmont Center Suite 412 Atlanta, Georgia 30305 (404) 949-8303 www.eglventures.com Placement Agent: Ariane Capital Partners 501 Candace Lane Suite 100 Villanova, Pennsylvania 19085 (610) 525-0749 www.arianepartners.com