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2004_2_Mar__Press_Release__PEIGG_Responds_to_NVCA_Resolution

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					PEIGG Press Release



                                                                          Contact: Bill Franklin
                                                                               Bank of America
                                                                                 312-828-4332
                                                                               Kevin Delbridge
                                                                          HarbourVest Partners
                                                                                 617-348-3719
                                                                              Stephen Holmes
                                                                            InterWest Partners
                                                                                 650-854-8585
                                                                                 Angela Dailey
                                                                          DAI Communications
                                                                                 714-921-8449


                                 FOR IMMEDIATE RELEASE

                            INDUSTRY GROUP APPLAUDS
                      NVCA POSITION ON VALUATION GUIDELINES



March 2, 2004

The Private Equity Industry Guidelines Group (PEIGG) applauds the National Venture Capital
Association (NVCA) for the statement to its members regarding valuation procedures and
methodologies. The NVCA suggests that its members review the PEIGG guidelines when
evaluating valuation approaches. Dick Kramlich of New Enterprise Associates, and former
chairman of the NVCA, states: “The NVCA’s position is a significant step forward for the private
equity industry.”

The PEIGG’s valuation guidelines provide managers a framework to determine and apply fair
value on a consistent, transparent and prudent basis. PEIGG agrees with the NVCA that
managers must exercise prudence in determining the valuations of all venture backed companies,
in particular when considering write-ups of early-stage companies.

The valuation guidelines (found at www.peigg.org) are the first of a series of recommendations,
developed by PEIGG’s committees, which also include financial reporting, performance
measurement and underlying portfolio company reporting. The group was formed in February
2002 to promote transparency and create greater operating efficiency in the transfer of
information among participants in the private equity sector by establishing a set of standard
guidelines for the content, formatting and delivery of information. The Board is believed to be
the first broad-based group, comprised of general partners, limited partners and service providers
in every sector of the private equity business, including venture capital, mezzanine and leveraged
buyout funds in the U.S. and overseas.




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   PEIGG Press Release



PEIGG BOARD

Name                      Title                              Affiliation
Nick Archer               Director of Fund Admin.            CVC Capital Partners Limited
Nicole Arnaboldi          Managing Director                  Credit Suisse First Boston Private Equity
Marie N. Berggren*        Managing Director Alternative      University of California Office of the
                          Investments                        Treasurer of the Regents
Paula Chester             Director                           MVision Private Equity Advisors. Formerly
                                                             Director of PE, NYS Common Ret. System
J. Paul de Klerk          Managing Partner, CFO & COO        NIB Capital Private Equity N.V.
Kevin S. Delbridge*       Managing Director                  HarbourVest Partners, LLC
Real Desrochers           Director Alternative Investments   California State Teachers' Retirement
                                                             System
William B. Franklin       Managing Director                  Bank of America Capital Corporation
Joseph Croasdale          Vice President                     J.P. Morgan Partners, LLC
Mario L. Giannini         Chief Executive Officer            Hamilton Lane Advisors, Inc.
Stephen Holmes*           General Partner and CFO            InterWest Partners
Lawrence S. Rusoff        Portfolio Manager                  General Motors Investment Mgmt. Corp.
Jose Sinai                CEO & President                    Financial Technologies, Inc.
Carl Thoma                Managing Partner                   Thoma Cressey Equity Partners
Eugene Trainor III        Admin. General Partner/COO         New Enterprise Associates
Howard Weiss              Chief Financial Officer            Castle Harlan, Inc.
Kenneth C. Whitney*       Sr. Managing Director              The Blackstone Group

CONTRIBUTORS

                          Investment Officer II              California State Teachers' Retirement
Seth Hall                                                    System
James Hutter              Chief Financial Officer            J.P. Morgan Partners, LLC
Lee Mitchell              Partner                            Thoma Cressey Equity Partners
Edward S. Mollahan        Senior VP, Investor Services       J.P. Morgan Chase & Co.

ADVISORS

Keats Aiken               Director                           KPMG LLP
Angela Dailey             President                          DAI Communications Group
Daniel P. Finkelman       Partner                            Testa, Hurwitz & Thibeault, LLP
James Griffin*            Director                           KPMG LLP
David L. Larsen*          Partner                            KPMG LLP
Allen Waldrop             Director                           KPMG LLP
Michael Wolitzer          Partner                            Simpson Thacher & Bartlett LLP


   * Represents members/advisors of the valuation subcommittee of the PEIGG.




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