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ABOUT THE VENTURE MICHIGAN FUND

The Venture Michigan Fund ("VMF") is a venture capital fund investment program formed under the Michigan Early Stage Venture Investment Act of 2003 (or the "Act of 2003"). VMF seeks to promote Michigan's economic health by assisting in the creation of new jobs, new businesses and new industries in Michigan through the creation of a fund-of-funds. The fund-of-funds will invest in venture capital managers that invest primarily in Michigan-based early stage companies. As per the Act of 2003, the capital for the program has not be provided by the State but raised from outside investors. To encourage investment in VMF, the Michigan Department of Treasury agreed to provide investors with up to $450 million of tax voucher certificates that could be used as a form of "currency" to offset any shortfall in debt servicing by fulfilling an equivalent amount of Michigan Business Tax and/or withholding tax obligations of the investors. The Credit Suisse Customized Fund Investment Group ("CFIG") was chosen as manager for the program through an RFP process and was engaged in January 2006.

VMF currently consists of two fund-of-funds. The Venture Michigan Fund I, Limited Partnership ("VMF I") is a $95 million fund launched in 2006. VMF I is fully committed and has invested in eleven venture capital funds. The Venture Michigan Fund II, Limited Partnership ("VMF II") is a $120 million fund launched in 2011. VMF II will begin to accept information from interested fund managers in February of 2011. Interest venture capital fund managers may view the information request list for further details.

MISSION STATEMENT - VMF

VMF seeks to help build successful, innovative enterprises for the benefit of its investors by investing in venture capital fund managers. VMF is first and foremost a returns driven initiative.

The investment goals state the mission of the Venture Michigan Fund and its investment program. They articulate the philosophy and process for the management of assets. The program shall be managed to accomplish the following:

1. Enable qualified Michigan businesses to access capital in seed and early growth stages.
2. Invest in venture capital funds with a significant presence and experience in Michigan
3. Generate venture level returns to ensure the fund sustainability and growth within the Fund's portfolio.
4. D. The program shall at all times comply with Act 162, Public Acts of 1982, as amended and Act 296, Public Acts of 2003.

MISSION STATEMENT - VMF Website

• Provide information regarding VMF
• Foster interaction between entrepreneurs and venture capital firms in which VMF has invested
• Provide a platform for venture Michigan funds in which VMF has invested for the purpose of deal flow generation and due diligence discussion

This site is sponsored by Credit Suisse Securities (USA), LLC. All of the information contained herein is presented as of February 2011 unless otherwise specified.