Access Intelligence, LLC
Effective March 2004, PBI Media, LLC merged with Chemical Week and Chemical Engineering magazines, owned by VSS Fund II, in conjunction with the acquisition of SRI Consulting in January 2004, to form Access Intelligence, LLC. Access Intelligence is a business media company serving the aviation, broadband, chemical, defense, media, satellite, and telecommunications industries. Access Intelligence is headquartered in Potomac, MD and has approximately 340 employees.

Ascend Media
Ascend Media, 20% owned by Fund III, is a diversified business media company. The goal is to build Ascend into a $150+ million annual revenue media enterprise focused on select sectors (healthcare, business services and transportation) and specializing in advertising, exhibitions, conferences, database and list rentals, directories and subscriptions. Ascend currently specializes in event-related publishing conducted in partnership with leading trade associations throughout the country, and is also the leading trade publisher serving the worldwide gaming industry. Products include trade show daily newspapers, directories, exhibit guides and packaged door drops. The Company’s proprietary magazines include Casino Journal and International Gaming World Business, while its leading gaming conferences include American Gaming Summit, Southern Gaming Summit and Bingo World. Ascend is headquartered in Overland Park, KS, and has approximately 140 employees.

Birch Telecom, Inc.
Birch Telecom, Inc., formed through the merger with ionex Telecommunications in March 2003, is one of the largest regional competitive local exchange carriers in the United States. Birch provides voice and data communications services to small- and medium-sized business customers geographically concentrated in Texas, Kansas, Oklahoma and Missouri. As a result of the successful deployment of its facilities-based network, the company is able to differentiate itself from its competitors by product, service and price. Headquartered in Kansas City, MO, Birch employs over 1,400 employees and serves over 450,000 access lines.

CoreData LLC
CoreData LLC, previously Media General Financial Services, is a financial data provider with more than 30 years of experience serving the financial information needs of financial institutions, major portals and financial publishers, corporations, academia and sophisticated individual investors. CoreData designs, compiles, maintains and distributes databases of fundamental and technical information on U.S. and International publicly-traded companies, industry groups and major markets. Its databases contain up to 20 years of annual and quarterly financial information, stock price and volume data, executive compensation, and financial and performance ratios. More than 90% of the Company’s revenues are subscription-based and recurring. Customers include business and financial news organizations, corporations, investment firms, financial information providers and financial websites. The company is headquartered in Bethesda, MD and has 46 employees.

Fonecta Oy
Fonecta Oy, formerly Sonera Info Communications, is the leading provider of directional services including printed telephone directories, voice and automated directory assistance and electronic directory services in Finland with call center and directory assistance operations in France. Fonecta is headquartered in Helsinki, Finland and currently has 523 employees in Finland and 537 in France. As of April 2004 Fonecta Oy became part of the YBR Group, a combination of the three European directories businesses of VSS Fund III, along with Mediatel GmbH and De Telefoongids.

Golden State Towers L.L.C.
GoldenState Towers L.L.C. is a wireless communications tower company based in San Ramon, CA. GST is currently focused on the western portion of the United States and owns 175 towers in Arizona, California, Idaho, Iowa, Missouri, Oregon and Washington. The company seeks to grow within the western region through acquisition and development of tower sites. All of GST’s tenants are telephonic in nature with 36% of such tenants consisting of the “Big 6” carriers. The Company currently employs eight individuals with extensive experience in the wireless tower sector.

Hanley-Wood, L.L.C
Hanley-Wood, L.L.C. is the leading business media company serving the building and construction industry. The company’s market-leading products and diverse media channels target customers in-print, in-person and interactively. In June 2004 Hanley Wood purchased the Meyers Group, the housing industry’s leading provider of residential real estate data and consulting services. This acquisition has helped Hanley Wood enter into the data business which further strengthens and expands the company’s industry-leading portfolio of media properties. Through its Magazine Division, Hanley Wood publishes 19 trade magazines and operates conferences, and multiple websites. The Exhibitions Division produces 10 trade shows, four of which are among the 200 largest in the United States.

ITE Group Plc
ITE Group Plc is a leading international exhibition and conference organizer in emerging markets. Through its worldwide network of offices and partners, ITE organized over 100 exhibitions in over 16 countries for over 30 trade sectors. ITE is unique in its sales and marketing abilities, and range of exhibitions and conferences. Each exhibition gathers all relevant sectors of its industry, ensuring its position as the most important annual trade event for that region, and puts an emphasis on bringing international exhibitors to regional exhibitions. ITE built its business on the successes of its portfolio of exhibitions in Russia and the Commonwealth of Independent States. Since its flotation on the London stock exchange and the installation of a new management team, the group has made acquisitions and partnerships to broaden its geographic base. ITE currently has operations in Russia and the CIS, Central & Eastern Europe, Middle East, South Africa, as well as the UK, Germany, Holland, and France. ITE is run by a core corporate team headquartered in London with regional heads based in local markets. ITE has over 400 employees in 15 offices worldwide.

Mediatel
Herold Mediatel Holdings GmbH is a leading Central European directory publisher, with #1 market positions in Austria, Czech Republic and Slovakia. The company also has operations in Hungary and Gibraltar, and a JV in Poland. The group publishes a total of 233 directories with a total circulation of 19.1 million copies. The group is headquartered in Vienna (Austria) from where Austrian and Hungarian operations are also managed. Czech and Slovakian operations are managed out of the Prague (Czech) office while Poland is a stand-alone operation in Warsaw. As of April 2004 Herold Mediatel Holdings GmbH became part of the YBR Group, a combination of the three European directories businesses of VSS Fund III, along with Fonecta Oy and De Telefoongids BV.

Pepcom GmbH
Pepcom GmbH is an acquisition vehicle focused on consolidating small cable TV operators in Germany, Europe’s largest cable market. With eight acquisitions completed since its founding in November 2001, Pepcom is one of Germany’s fastest growing cable TV companies. The business plan anticipates reaching a target of 250-300,000 subscribers by the end of 2004. Pepcom’s core activity is the provision of analogue cable TV services to 126,000 subscribers spread over nine systems. Five of the eight are integrated (Level 3-4) systems with their own head end and three (Level 4) systems receive signal under a long-term agreement with KDG (formerly Deutsche Telecom). The channel packaging varies between each system, but all carry at least 33 analogue channels plus a bouquet of local programming for a total of up to 45 channels. In addition, all systems carry 20-30 national and regional radio channels. Some systems carry further premium shopping channels, but these currently represent a very small amount of the company’s revenues. Three of the systems are currently upgraded to Internet capacity and an Internet package is being marketed accordingly. Pepcom is based in Klein Winternheim, Germany and has 42 employees.

Solucient, LLC
Solucient, LLC provides data and analytical tools to the healthcare industry. Solucient aggregates data from a broad array of public and private sources and uses this data to create reports, databases and analytical software for hospitals, managed care organizations, employers and pharmaceutical companies. Solucient’s products are used to analyze the performance of an organization relative to its peers, assess market share, evaluate clinical efficiency and support strategic decision making processes, including strategic planning and new business development. Solucient is headquartered in Evanston, IL and has approximately 575 employees.

De Telefoongids BV
De Telefoongids BV is one of the two directory publishers in the Netherlands. It currently publishes 50 printed directories in 50 regional editions, each of which encompass both white pages (residential listings) and pink pages (business classifieds). Telefoongids also utilizes CD-ROM technology for B2C solutions and provides an online directory service through its own portal. De Telefoongids is headquarted in Amsterdam, the Netherlands. As of April 2004 De Telefoongids BV became part of the YBR Group, a combination of the three European directories businesses of VSS Fund III, along with Fonecta Oy and Mediatel GmbH.

User-Friendly Phone Book, LLC
User-Friendly Phone Book, LLC is a leading independent yellow pages company with directories in Louisiana, Texas, Kentucky and Indiana. The Company currently serves over 8,000 advertisers and publishes eight directories with a combined circulation of over 1 million. User-Friendly was started in 1999 by Cameron Communications, a family-owned rural local exchange carrier based in Sulphur, LA. User-Friendly initially published an independent competitive yellow page direc¬tory in two Louisiana markets and one market in southeast Texas. The current management team was installed in late 1999 to improve operations and expand the yellow page footprint. The management team has successfully grown revenue from $690,000 in 1999 to $10.8 million in 2003 through the growth of existing publications as well as the successful launch of new directories. The company is headquartered in Lake Charles, LA and has 38 employees.

Xtreme Information Ltd.
Xtreme Information Ltd., headquartered in London, provides global advertising and editorial monitoring services across most media formats to its clients worldwide.The advertising services division monitors, categorizes, archives and provides analysis of broadcast, print, internet and outdoor advertisements for corporate and agency clients. This material is used for competitive intelligence, agency pitches, and brand tracking. The company’s advertising database archives more than 7,000 commercials every month and can be accessed by clients on both a subscription and ad hoc basis. Xtreme also offers premium services such as advertising expenditure analysis and measurement and marketing evaluation services.

Access Intelligence, LLC
Effective March 2004, Chemical Week and Chemical Engineering magazines, owned by VSS Fund II, merged with PBI Media, LLC, a VSS Fund III portfolio company, to form Access Intelligence, LLC. Access Intelligence is a business media company serving the aviation, broadband, chemical, defense, media, satellite, and telecommunications industries.

Broadcasting Partners Holdings, L.P. *
Broadcasting Partners Holdings, L.P. was a holding company that was formed by Fund II in January 1997 to acquire interests in radio stations in small and medium markets. BPH acquired equity interests in five platform companies that owned, operated or had options to purchase a total of 37 radio stations in 12 markets which include Buffalo, NY, Syracuse, NY, New Bedford MA, Atlantic City, NJ, Tyler, TX, New London, CT, Monroe, LA, Augusta, ME, Ithaca NY, Presque Isle, ME, Dennysville, ME and Waukegan, IL.

Canon Communications LLC
Canon Communications LLC publishes 14 trade magazines and organizes 15 trade shows serving the medical equipment and high-tech manufacturing industries. The magazines and trade shows are organized into four groups: Medical (62% of FYE 2002 total revenue) including the leading news and product tabloid magazines serving the medical manufacturing marketplace (Medical Device & Diagnostic Industry and Medical Product Manufacturing News), and several regional and international medical design manufacturing shows; Packaging (15%) including news magazines serving the pharmaceutical and cosmetic packaging industry and three regional trade shows; Plastics (12%) including the leading molding magazine (Injection Molding) and two PLASTEC trade shows; and Electronics/Design (10%) including two medical electronics magazines and three design trade shows. Canon’s medical magazines hold, on average, a commanding 78% share of their served markets. In June 2004 Canon launched a Chinese language magazine and the MEDTEC China exhibition and conference to serve China’s fast-growing medical manufacturing industry. Canon’s West and East trade shows (co-located events featuring medical, packaging, plastics, and design shows in the same facility) are ranked #43 and #124, respectively, out of the Trade Show Week top 200 trade shows. Canon was founded in 1978 and is based in Los Angeles, CA. The company has approximately 214 employees.

Centaur Communications
Ltd *
Centaur Communications Ltd. was a diversified media company serving 11 vertical business communities. Centaur published eight weekly, one fortnightly, 15 monthly and three bi-monthly magazines and 13 annuals. It also operated 65 conferences, 43 exhibitions, 15 awards, seven portals and five online information services. Served markets included Marketing, Creative, Financial Products, Human Resources, Corporate Advisory, Legal, Engineering, Construction, New Media and Antique Textiles. Many Centaur publications were leaders in their respective markets. The company was based in London and employed approximately 760 people. Substantially all of the Company's revenue was generated in the United Kingdom.

The Official Information Company (TOIC) *
The Official Information Company operated two principal lines of business. Its professional information group was a leading provider of employment screening data in the trucking, retail, healthcare and transportation industries. Its business media group was the leader in providing information and media-based services to the U.S. exhibition industry, including providing registration, lead management and housing management services. TOIC also owned and operated trade shows, and published trade magazines.

Rifkin Acquisition Partners, L.L.L.P. *
Rifkin Acquisition Partners, L.L.L.P. was a cable television partnership managed by Rifkin & Associates, Inc. Rifkin Acquisition Partners operated suburban cable television systems in Georgia and Tennessee, and rural cable television systems in Illinois, serving a total of approximately 199,000 subscribers. Mr. Rifkin and his management team had a proven track record of executing acquisitions while effectively managing the company’s cable operations. Prior to founding Rifkin, he was the founder and Chief Executive Officer of American Television and Communications Corporation, the largest cable television company in the United States at the time of its sale to Time Incorporated in 1978.

SNL Securities L.C. *
SNL Securities L.C. was a leading provider of industry-specific databases, in digital and print formats, which it sold by annual subscription to investment bankers, securities analysts and industry executives. SNL’s research analysts collected and published GAAP financial data, operating statistics, and regulatory information on approximately 1,800 publicly-traded banks, finance companies, financial service companies and real estate investment trusts (REIT). SNL also created and marketed databases covering merger and acquisition activity in the bank and thrift industries. The SNL product lines were marketed under the brand name DataSource.

Spectrum Resources Towers, L.P. *
Formed in 1998, Spectrum Resources Towers, L.P. acquired and managed communications towers serving the wireless communications industry. At the time of sale, Spectrum’s tower portfolio consisted of 73 towers on 63 sites in ten states: Alabama, Florida, Georgia, Indiana, Louisiana, Maryland, Mississippi, Nevada, Oklahoma and Ohio. Spectrum’s towers were strategically located and grouped in six distinct clusters (in addition to the single tower in Ohio), within close proximity to significant population centers and major roadways.

Triax Midwest Associates *
Triax Midwest Associates, L.P. was a cable partnership managed by Triax Communications Corporation. Triax Midwest Associates operated regional clusters of systems in Illinois, Indiana, Minnesota, Iowa and Wisconsin servicing approximately 350,000 subscribers. Triax was formed in 1982 by James DeSorrento, who was later joined by respected cable industry veterans Jay R. Busch (President), Noel R. Bambrough (Executive Vice President) and Christopher R. O’Toole (Chief Financial Officer). This team had an impressive collection of operational and financial skills built over 85 years in the cable industry and an aggregate of 50+ completed cable acquisitions.

Yellow Book USA L.P. *
Formed by VSS in 1997 with the acquisition of Multi-Local Media Information Group, Yellow Book USA, L.P. became the largest independent publisher of yellow pages directories in the U.S., publishing over 250 directories with a combined circulation of 13 million in New York, New Jersey, Pennsylvania, Florida, Delaware, Maryland, Virginia, and Washington DC.Yellow Book publishes two core products: Community Directories (Yellow Pages) and two editions of the Business-to-Business Directories.

*Portfolio company or Fund investment interest that has been sold or liquidated.