As evidenced in the descriptions under Representative Investments, our approach to specific investment opportunities may be broadly characterized by the following:

• We have experience and interest in middle market leveraged buyouts involving highly qualified management teams.  These opportunities frequently involve recapitalizations and/or sales of assets or stock.

• We have a preference for situations where we believe we can add value beyond providing and arranging financing particularly in industries in which we have previous knowledge and demonstrated expertise.  These industries include communications, publishing and other media, and electronic security.

• We specialize in the small end of the middle market with enterprise valuation between $20 million and $100 million.

• We are interested in opportunities where we obtain an equity ownership position and become members of the board of directors.  We seek to align our objectives with that of the management team.  Our assistance to management is intended to secure and enhance our investment position.

• We frequently commit capital early in the process to facilitate a transaction.  We are control oriented investors.

• We are most interested in opportunities requiring an assessment of operating risks associated with implementation of the business plan, rather than situations requiring development of unproven technology. Generally, we are not interested in providing initial capital for new business plans.