Investing Outside of Indiana

While Gazelle feels its Indiana focus is strategically important, the first priority of the fund is exceptional returns. Gazelle is fortunate in that its Executive Committee and Management Team are well connected nationally and see deal flow as a result of extensive networks and prior track records of success. Our Team has extensive contact with Wall Street, Boston and California venture capital groups, medical and pharmaceutical leadership, leading information technology and Internet professionals and analysts. The Executive Committee Chairman, Scott Jones, has lead the growth and exit of technology-based companies that have generated significant wealth for venture investors and managers and, as a result, enjoys nationwide credibility in circles important to Gazelle. Members of the Executive Committee are continuously approached both about director positions and as potential investors in opportunities outside Indiana. The Fund and its portfolio benefits from access to these opportunities.

Gazelle believes that the size of the Fund, the resources and approach Gazelle follows, and the lack of significant capital resources in Indiana makes it a magnet for deal flow. In its first six months Gazelle has received and reviewed over 300 business plans and continues to see strong deal flow.

Gazelle's position in and approach to the market enables the Fund to invest in the most promising deals and to seek exceptional value with entrepreneurs when making investments. With an investment in a company, Gazelle provides to entrepreneurs:

• Analytical and business plan development assistance
• Access to professional services and a network of ideas, people and technology flowing through Gazelle
• Access to Gazelle's Executive Committee members and other senior community leaders who have expressed interest in assisting Gazelle and its portfolio of companies
• Where appropriate, syndication outside of Gazelle to other Indiana venture sources or outside of Indiana to larger or strategically important investors
• Assistance in exit / emergence planning and connections to Silicon Valley, Wall Street and other resources necessary for value realization

Gazelle feels the very strong deal flow it has now, without any marketing for the Fund, is strong evidence that there is a need for capital and receptiveness to this approach.