PAST INVESTMENTS

	Sapphire™ was acquired by mPower Mobile in September 2007. NextStage Capital had invested into Sapphire Mobile in February 2007. Sapphire's Phire® mobile banking and payments network enables any bank or prepaid debit card issuer to provide their customers with instant access to their accounts using the Short Message Service (SMS) that is available on every mobile handset. The Phire Mobile Debit Network™ allows consumers to securely send cash in real time to anyone with a mobile phone to check balances, transfer money between their accounts and pay bills through the bank's existing bill pay system, all without requiring the consumer to upgrade their hardware or install new software. Merchants can accept Phire payments at significant savings versus credit cards and can generate revenue as cash loading stations for prepaid debit accounts. Financial institution connectivity to the Phire Mobile Debit Network is 'bank friendly,' requiring little or no integration to a bank's infrastructure. In short, the Phire Mobile Debit Network turns any mobile phone into a mobile ATM.
	TurnTide™ offers a unique, patent-pending, anti-spam system-Anti Spam Router (ASR)-that eliminates the volume of spam sent to its customers' networks. Turntide was acquired by Symantec in July 2004 (six months after NextStage's investment) for 6X cash on cash.
	Aviom is the world's leading creator of A-Net compatible Distributed Audio Network products, which provide innovative solutions to problems found in audio systems in a variety of environments. Some of these include live sound reinforcement, audio recording studios, houses of worship, theater, broadcast facilities, post-production and commercial installations. The company's goal is to create revolutionary, technology-based products that address real-world needs and do it at breakthrough prices. Aviom’s entire line of high-quality professional audio products are designed and manufactured in the USA.
	Ethidium Health Systems is dedicated to streamlining the process for clinical and administrative tasks, and helping physicians and their staffs direct more attention toward patient care, thereby improving the quality of healthcare delivery. Our E-Health Platform dramatically enhances the quality of care while simultaneously strengthening the physician-patient relationship. Leading physicians working in private practices and large health systems are using our products every day for one clear purpose: to improve the practice of medicine.
	Glyconix is a development stage pharmaceutical company engaged in the discovery of proprietary small molecule therapeutics created through our unique glycosylation and related carbohydrate chemistry, as well as the development of proprietary boron manufacturing and delivery technologies.
	Octagon Research Solutions is the leader in the electronic transformation of clinical R&D. We offer a suite of regulatory, clinical, process and IT solutions to the life sciences industry. Our integrated suite of offerings is built upon deep domain knowledge, cross-functional eSub expertise, a holistic process approach and integrated solutions. Unlike the competition, Octagon's business model incorporated these strong differentiators from the inception of the company and we continue to develop solutions that leverage these strengths.
	Satori Group, Inc. is a leader in pervasive business performance management (BPM) solutions and business intelligence (BI) software for the middle market. Through a variety of applications including Microsoft(R) Office applications, Adobe(R) PDF files, or a Web browser, proCube(TM) automates planning, reporting and analysis and extends the organization's ability to reach a broader constituency of information users. By capturing isolated data stored in financial and operational systems, proCube's industry-focused applications empower users across the enterprise to access actionable information for up-to-the-minute business insight. Satori's world-class team offers proven consulting, training, integration, and extensive product and user support services for each client engagement.
© Copyright 2006, NextStage Capital L.P.