Investment Criteria

STAGE:

Turnaround Growth, Restart or Ownership Recapitalization

BUSINESS CRITERIA:

Proven product with existing customers and recurring revenues

FINANCIAL PERFORMANCE:

At or near cash flow breakeven within a one to three month time period

INVESTMENT SIZE:

Private: $20 million to $70 million in equity

Public: Up to $150 million total transaction size

TYPE OF SECURITY:

Typically Common Stock, although may position investment at any point in the capital structure,
up to and including Senior Secured Debt. We typically do not use Preferred Stock.

OWNERSHIP:

Typically control position, with management

INVESTMENT HORIZON:

Tailored to the investment – two to ten years or longer, depending upon the situation