What Venture Capitalists Want

Working Ventures invests in emerging Canadian growth companies with less than $50 million in
assets and fewer than 500 employees. Our selection bias is toward private companies, and is
particularly, although not exclusively, focused on information technology. Working Ventures
invests in companies that have breakthrough growth potential. Characteristics of prospective
investments for the Fund include:

-Strong, entrepreneurial management teams committed to growing their business

-Highly differentiated products or services with significant competitive advantages
-Large and growing market opportunities
-A convincing business model and strategy for managing growth

250 Bloor Street East

Suite 1600
Toronto, Ontario M4W 1E6
Telephone: (416) 934-7777
Toll Free: 1-800-463-1652
E-mail: info@workingventures.ca

About Working Capital Corporation

Working Capital Corporation ("WCC") was founded in 1999 by Christopher Gulka, CA, CFA, and specializes in
corporate finance, valuations, due diligence, mergers and acquisitions, investor relations, and management
consulting.

Working Capital Corporation has been involved in taking a number of companies public, investing directly into
public and private companies, and arranging financing for many others.

WCC has also prepared a number of due diligence reports, business valuations, feasibility studies, business plans,
research reports, offering memorandums, and other documents for submission to stock exchanges and securities
commissions, as well as for private purposes.

For the past ten years, WCC has been extensively involved in the financial community developing a wide network
of financial and investment contacts. WCC’s overall mandate is to create and implement strategies aimed at
maximizing shareholder value and enhanced recognition within the international financial community.

Working Capital Corporation

Christopher Gulka, CA, CFA
President
403-262-2803
chrisgulka@workingcapitalcorp.com
www.workingcapitalcorp.com

• STRUCTURING the deal

• Writing BUSINESS PLANS
• Attracting well known DIRECTORS with the industry specific experience
• Raising the required SEED CAPITAL
• Completing VALUATIONS and FEASIBILITY STUDIES
• Arranging MERGERS AND ACQUISITIONS
• Taking the company PUBLIC
• Implementing INVESTOR RELATIONS program
• Completing RESEARCH REPORTS
• Raising next round of FINANCING
Venture Coaches is a venture capital firm dedicated to growing strong companies in the
communications and information technology sector. Venture Coaches provides capital to
early stage companies, ongoing management coaching, and assists in the business
infrastructure needed to build strong companies.

Venture Coaches is an early stage investor in communications and information technology start-
ups that are primarily based in the Ottawa, Toronto, Montreal, and Quebec City areas. A major
part of our winning game plan is a complete commitment to smart capital and a total team
approach. We believe this creates the best environment for turning a brilliant concept into a
successful company.

Along with financing, the Partners have extensive operational knowledge and experience to
mentor portfolio companies in technology development, corporate governance and businesss
development. In addition, our network of business partners covers legal, accounting, banking,
marketing communications, office space and equipment, IT/Web hosting, and employee benefits
and payroll.

VenGrowth Funds
145 Wellington Street West
Toronto (Ontario)
Canada
M5J1H8
Telephone: (416) 971-6656
Fax: (416) 971-6519
E-mail: tim@vengrowth.com
Year founded: 1982
Capital under management: $450,000,000
Type : labour sponsored fund and private independent fund

Mandate
Over the past 15 years, funds managed by VenGrowth have invested more
than $140 million in over 80 companies. VenGrowth focuses on more mature
later stage companies which have value-added products or services,
sustainable competitive advantages and high growth prospects.

The J.D. Moore Company

449 Walmer Rd., Suite 904
Toronto (Ontario)
Canada
M5P2X9
Telephone: (416) 460-0630
Fax: (416) 968-6765
E-mail: jdmooreco@compuserve.com
Website: http://www.roso.com/JDMOORE.html
We look for technological and computer related investments and have been
for 100 years. Minimum investment $500,000 no upper limit. We structure
financing with participation from North America and Europe.

TD Capital
66 Wellington Street West, TD Tower, 10 th Floor
Toronto (Ontario)
Canada
M5K1A2
Telephone: (416) 308-3230
Fax: (416) 983-9763
Website: http://www.tdcapital.com

Year Founded: 1968

Capital Under Administration: Approximately C$3.0 billion (US$1.9 billion) of
capital under management
Type: Private Equity

Established more than 30 years ago, TD Capital is the private equity arm of
TD Securities, the wholesale banking division of TD Bank Financial Group.
With a staff of more than 40 investment professionals and offices in Toronto,
New York and Boston, TD Capital currently has approximately C$3.0 billion
(US$1.9 billion) of capital under management. TD Capital is a major supplier
of equity, equity-related and mezzanine capital, and targets growth-oriented
middle-market companies requiring financing for a wide range of
circumstances including buyouts, growth and expansion, acquisitions and
recapitalizations in North America. As a leading private equity manager, TD
Capital focuses on generating strong returns by forging partnerships with
exceptional management teams, and providing them with the capital and
strategic support to help them grow their businesses. TD Capital also invests
in private equity partnerships.

Canadian Private Equity Partners invests equity in middle-market businesses

across Canada in a wide range of industries including communications,
manufacturing, media, technology, energy and healthcare, funding buyouts,
growth and expansion, acquisitions and recapitalizations.

Mezzanine Partners invests in businesses operating in industries with strong

fundamentals and an expectation of future cash flows coupled with a strong
supporting asset base such as broadcasting, healthcare, financial services,
manufacturing, and paper and forest products.

Private Equity Investors invests in top-tier private equity funds, primarily in

North America and Europe, and also seek opportunities to purchase
secondary interests in private equity funds.
Technology Ventures invests equity in early and growth stage enabling
technology companies across all industry sectors, and also invests in pure-
play technology and services companies in the financial services sector.

Succession Capital Corp.

141 Adelaide St. W., Suite 760
Toronto (Ontario)
Canada
M5H3L5
Telephone: (416) 464-8171
Fax: (416) 485-4026
E-mail: gj@succession.ca
Website: http://www.succession.ca

Succession Capital Corporation is a Merchant Bank that focuses on $500,000

to $5.0 million acquisitions of companies that are undergoing "Succession
Transactions". Succession Transactions can include the sale of a business,
management buyouts and shareholder disputes. Succession Capital only
participates in companies where a control position is available to be acquired
and provides professional management services from within its organization
to assist the target in meeting its post-closing goals. Succession Capital also
provides Investment Banking services by advising on the purchase or sale of
a business as well as leading fundraising efforts.

Shotgun Fund Limited Partnership

760/141 Adelaide Street West
Toronto (Ontario)
Canada
M5H3L5
Telephone: (416) 367-3517
Fax: (416) 367-3895
E-mail: ambrose@argosypartners.com
Website: http://www.shotgunfund.com
The Shotgun Fund will take equity positions in private companies during
shareholder disputes such as the exercise of a "shotgun Clause". The
Shotgun Fund can make commitments in as little as 48 hours.

Retrocom Growth Fund Inc.

89 The Queensway West, Suite 400
Mississauga (Ontario)
Canada
L5B2V2
Telephone: (905) 848-2430
Fax: (905) 848-2869
E-mail: retrocom@rgfjobs.com
Website: http://www.rgfjobs.com
Year founded: 1995
Capital under management: $75,000,000
Type: Labour-Sponsored Investment Fund

Mandate
The Fund's mandate is to create employment by investing in small and
medium-sized Canadian businesses (i.e. companies with less than $50 million
in assets and 500 employees or less) engaged in communications and fiber
optics, high-tech building technologies, conservation and construction, with
the objective of achieving long-term capital appreciation.

RBC Capital Partners

200 Bay Street, 4th Floor, North Tower
Toronto (Ontario)
Canada
M5J2W7
Telephone: (416) 842-7701
E-mail: alan.hibben@rbcap.com
Website: www.rbcap.com

The private equity investment arm of RBC Financial Group. Makes venture
capital, private equity and mezzanine debt investments in growing companies
in North America, with special focus on Energy, Telecommunicaions,
Technology and Healthcare.

Strategy

RBC Capital Partners is the private equity investment arm of RBC Financial
Group. RBC Capital Partners works closely with RBC Capital Markets, the
investment banking arm of RBC Financial Group. The firm manages over
US$800 million of capital.
The focus of the firm is North America, although on an exception basis, non-
North American companies may be financed if there is a substantial nexus to
North American capital markets.
We have six primary focus areas: Technology, Life Sciences, Energy,
Telecommunications, Merchant Banking, and Mezzanine Debt.
Typically the firm focuses on early stage investments in technology and life
sciences; a broad range of companies in the energy and telecommunications
industries; and mature, but growing companies that require equity or
mezzanine debt.
We will typically be active minority investors. Only in unusual circumstances
would we not be represented on the boards of directors of our investee
companies. We actively seek to add value to our investments - building on
our significant experience in our focus areas as well as a substantial number
of current and past portfolio companies. In our Merchant Banking
investments, we will typically be control Investors, with management of the
investee company having a significant interest.
The firm's professionals are drawn from industry and private equity
backgrounds that allow for substantial industry knowledge in the focus areas.
Where appropriate, the firm draws on expertise in public markets, mergers
and acquisitions, senior debt, and industry analysis from our associated firm
RBC Capital Markets.

RBC Capital Partners focuses on six specific investment areas:

Technology, Life Sciences, Energy, Telecommunications, Merchant
Banking, and Mezzanine Debt.

For each focus area we have dedicated investment professionals with

substantial industry and private equity experience. In addition, we draw on
the investment banking, analyst, trading and senior debt capabilities of RBC
Capital Markets - our affiliated investment banking firm.
Each focus area also draws on top quality industry and scientific advisory
resources for advice on industry trends, management issues, and technology
evaluation.

We believe a strong industry focus provides a competitive advantage

in sourcing, analyzing, and completing venture capital and private
equity investments as well as a valuable services for our investee
companies.

Quorum Funding Corporation

Sun Life Tower,150 King Street West, Suite 1505, P.O. Box 5
Toronto (Ontario)
Canada
M5H1J9
Telephone: (416) 971-6998
Fax: (416) 971-5955
E-mail: mail@quorum.ca

Year founded: 1987

Capital under management: $150 000 000
Type: Privatley listed expansion capital company

Quorum Group of companies is distinguished for its pro-active

Partner/investor management style best matched with Investee companies
seeking a combination of strategic direction, operating assistance and an
international approach for targeted global growth. Recognized as one of
Canada's high-tech investors, Quorum's technology know-how and extensive
hands-on experience in identifying and nurturing some of Canada's rising
technology stars, continue to make it a favored strategic partner. Quorum
focuses on companies with a strong market position, proven technology and
proprietary products or services with the potential to become dominant in
that market. Quorum generally favors growth companies with over $10
million in annual sales in five technology sectors: Client Server Technology,
Telecommunication Technology, Financial Services Technology, Vertically
Integrated Technology and Logistics Technology.

Penfund Management Limited

145 King Street West, Suite 1920
Toronto (Ontario)
Canada
M5H1J8
Telephone: (416) 865-0300 ext.: 207
Fax: (416) 364-4149
E-mail: dcollins@penfund.com

Merchant bank, founded in 1979, with offices in Montreal and Toronto.

Involved in term financing, mezzanine financing and equity investment,
primarily in Canada. Penfund maintains very close ties with some of
Canada's largest pension funds and life insurance companies. Our
investments are based on the business' value, including not only capital
assets and equipment but also management capabilities. Penfund
Management Limited was purchased by the Canadian Imperial Bank of
Commerce in 1998.

Osprey Capital Partners

Suite 1705, 55 University Avenue
Toronto (Ontario)
Canada
M5J2H7
Telephone: (416) 867-8282
E-mail: sjakob@ospreycapital.ca
Website: www.ospreycapital.ca
Osprey Capital provides equity and debt financing, merger and acquisition
services to small and middle-market private and public companies. We bring
a level of expertise and attention to achieve results for small and middle
market companies, which traditionally has only been available to companies
engaged in much larger transactions.

Osprey Capital's principals are former senior-level Bay Street and Wall Street
investment bankers who collectively have completed more than 100 merger,
acquisition and financing assignments, with billions in transaction value.

Oasis Capital Inc.

41 Bassano Road
Toronto (Ontario)
Canada
M2N2J9
Telephone: (416) 919-0208
Fax: (416) 227-9106
E-mail: oasiscapital@yahoo.com

Year Founded: 1999 Capital under management: $5,000,000

Type: Private Venture Capital

Oasis Capital invests between $500,000 to $1,500,000 in privately owned

companies. Oasis selects businesses in any industry group.

Mosaic Venture Partners

49 Wellington Street East
Toronto (Ontario)
Canada
M5E1C9
Telephone: (416) 367-2888
Fax: (416) 367-8146
E-mail: info@mosaicvp.com
Website: http://www.mosaicvp.com

Mosaic Venture Partners was founded with the mission of helping

exceptionally talented entrepreneurs to build major technology enterprises.
Mosaic undertakes a team-oriented approach in order to deliver a superior
level of service to its portfolio companies and to build long-term value.
Mosaic's portfolio includes Cyberplex Inc., Time Industrial, Direct Hit (which
was sold to Ask Jeeves), Grocery Gateway, and Soundbite. Mosaic invests in
both Canada and the United States, and focuses on early-stage investing in
businesses where the partners have direct experience.
Mosaic Venture Partners is a venture capital fund that invests in early-
stage Internet and digital technology companies. We are committed to
actively assisting entrepreneurs in creating tangible, long-term value.
Our hands-on approach keeps us constantly involved in the success of
our portfolio companies. We are a minority investor and we carefully
structure our investments so our economic incentives parallel the
company’s goals and aspirations. At Mosaic we recognize that building
high quality companies is a challenging process, and we work with
entrepreneurs as true partners through those challenges.

At the beginning, we immerse ourselves in the operating details of the

business to thoroughly understand the products, markets and
customers that are critical to the firm’s success. Then we look for ways
to add strategic, financial, and operational value.

MDS Capital
100 International Boulevard
Toronto (Ontario)
Canada
M9W6J6 Telephone: (416) 675-4530 Fax: (416) 675-0688
Website: http://www.mdscapital.com

MDS is a leading North American venture capital firm focused exclusively on

health care and life sciences companies.

Mandate
Our mandate is to build companies by providing them with the necessary
resources (both financial and managerial support) to make them successful.

Funds Managed by MDS

MDS Life Sciences Technology Fund

Canadian Medical Discoveries Fund
The Health Care and Biotechnology Venture Fund
MDS Health Ventures Inc.
B.C. Life Sciences Fund
Neuroscience Partners L.P.
SC Biotechnology Development Fund

Biotechnology Products
Biotechnology Tools
Devices
Diagnostics
eHealth
Information Technology
Services
Specialty Pharma
Technology Development Companies

What we Look For

In evaluating an investment opportunity MDS Capital Corp. is guided

primarily by its assessment of the scientific and/or management team
of the company seeking funding. In addition, the following factors are
considered:

• The extent to which the company's products or services are

differentiated or proprietary;
• The size, dynamics and growth prospects of the market for the
company's products or services; and
• The potential of the business for sustained growth and profitability.

What We Look For

Critical in our decision to invest is being confident that we can develop
a relationship with the entrepreneur and/or management team that is
based on mutual trust and respect and which can survive the stresses
which develop in every company's evolution and growth.
Focus
We invest in companies that are focussed on fast growth opportunities
in the health and life sciences sector, including pharmaceuticals,
biotechnology, medical devices, medical services, information
technology and e-health. In addition, we target our investments
towards enterprises which can benefit from MDS' expertise, network of
contacts, reputation and significant position in the health care industry.
MDS would intend to be active as a sponsoring corporate partner.
Management
We partner with scientists, entrepreneurs and management teams that
have developed a compelling scientific or technical vision and
demonstrated leadership skills. We can help with the staffing of a
management team if it is not complete.
Size of Investment
Our initial investment is usually between $500,000 and $5 million. We
also make seed investments of less than $500,000 to support
promising projects until the company is ready for a full round of
financing. We are often the lead investor, but also participate in
syndicates led by others. Any investment made should have the
potential of achieving a prospective rate of return of 30% after tax.
McLean Watson Capital Inc.
1 First Canadian Place, Suite 1410,P.O. Box 129
Toronto (Ontario)
Canada
M5X1A4
Telephone: (416) 363-2000 ext.: 3273
Fax: (416) 363-2010
E-mail: info@mcleanwatson.com
Website: www.mcleanwatson.com
McLean Watson was founded in 1993 to invest in, and provide financial and
advisory services to software and information technology companies. We
have over $160 million under management including McLean Watson
SOFTECH Fund, which focuses on software companies and McLean Watson
Ventures II, which focuses on information technology. Our mission is to
invest in a select group of dynamic technology entrepreneurs, to build and
maintain long term relationships, and to actively assist in the growth of the
intrinsic value of our investees. We are typically a direct investor and
minority shareholder. As a private independent fund, we invest exclusively
based on the merit of the company.

MW invests in rapidly growing IT companies that address large, dislocating or expanding new
markets. There are a number of key elements that we look for, including:

Industry Sectors
We have successfully built businesses in the Enterprise and Communication
Sectors of Information Technology. MW also looks at other growing/emerging
markets that may provide opportunities for sustainable businesses.

Product Characteristics
We invest in companies that actually own something, Industry Leading … Best of
Breed patented or proprietary products that are distinct from competitors. The
ability to deliver a scalable product into horizontal markets is key.

Simple Identifiable Business Models

If you can't explain how your business is going to make money in a simple
manner, we're not interested.

Diverse Management Expertise

We build businesses with experienced, entrepreneurial management teams that
bring the relevant skills, vision and dynamics required to succeed. They need to
be resourceful, disciplined and motivated to build a company that will last. Above
all, a desire to work cohesively with partners and have a good sense of humour
is a must.

McKenna Gale Capital Inc.

145 King Street West, Suite 1220
Toronto (Ontario)
Canada
M5H1J8
Telephone: (416) 364-8884 ext.: 260
Fax: (416) 364-8444
E-mail: jsujitno@mckennagale.com
Website: http://www.mckennagale.com

Founded in 1995
Capital under management: $300 million
Type: Private independent fund manager

McKenna Gale Capital provides funding for a variety of purposes, including

acquisitions, management buyouts, leveraged buyouts, growth needs,
refinancing and recapitalization. McKenna Gale Capital's mission is to be the
leading and preferred provider of mezzanine and equity financing to
Canadian mid-market companies.

Our investment size ranges from $7 to $50 million. In addition,

McKenna Gale can complete much larger transactions through our
established relationships with our partners and other investors.

We can also provide up to $60 million of debt in the form of a senior

bridge facility.
Typically our funds are used for the following:

• management buyouts
• acquisitions
• expansion and growth capital
• recapitalizations
• go-private transactions

Our criteria for investing are as follows:

• strong management team

• history of sustainable cash flow
• total enterprise value in excess of $25 million
• operations in any industry except real estate development, primary
mining and primary oil and gas
• investment term up to ten years
• minimum investment of $7 million
• private and public companies

Martlet Venture Management

2135, rue de la Montagne
Montréal (Quebec)
Canada
H3G1Z8
Telephone: (514) 499-3443
Fax: (514) 499-3448
E-mail: rlevesqu@processtg.com
Website: http://www.martlet.com

Martlet brings international scope and expertise through a network of

Partners strategically located in Europe, North America and Asia Pacific. We
offer our clients a full spectrum of management resources and global market
access. Martlet's focus is on emerging growth companies within the Internet
and e-commerce enterprise software applications.

Kilmer Capital Partners Limited

Scotia Plaza, 40 King Street West. Ste. 2700
Toronto (Ontario)
Canada
M5H3Y2
Telephone: (416) 815-4985
Fax: (416) 635-7697
E-mail: wblackburn@kimercapital.com
Website: http://www.kilmercapital.com

Kilmer Capital is a private equity investment fund run by experienced

investors and business operators dedicated to building pre-eminent
companies in partnership with management. We provide patient equity
capital to small and mid-market companies seeking financing for expansion,
acquisitions, management buyouts, leveraged buyouts, restructurings,
recapitalizations and privatizations.

Investment Criteria
Equity contribution of $5 million to $30 million, with transaction sizes of up to
$150 million
Majority ownership or significant minority investments

Company Criteria
Sales of $10 million to $200 million
A strong, proven management team backed by a meaningful financial
commitment
Attractive growth prospects with significant operating leverage or steady
cash flow
Opportunities to accelerate growth through aggressive M&A, augmenting
management, or business repositioning
A proven business model and a competitive advantage
Kilmer Capital is a private equity investment fund run by experienced
investors and business operators dedicated to building pre-eminent
companies in partnership with management. We provide patient equity
capital to small and mid-market companies seeking financing for expansion,
acquisitions, management buyouts, leveraged buyouts, restructurings,
recapitalizations and privatizations.

Since establishing a private equity business in 1994 we have

generated exceptional returns for our investors and helped to create
significant wealth for our management partners.

Kilmer Capital is a private equity investment fund run by experienced

investors and business operators dedicated to building pre-eminent
companies in partnership with management. We provide patient equity
capital to small and mid-market companies seeking financing for expansion,
acquisitions, management buyouts, leveraged buyouts, restructurings,
recapitalizations and privatizations.

Since establishing a private equity business in 1994 we have

generated exceptional returns for our investors and helped to create
significant wealth for our management partners.

KILMER CAPITAL’S FUNDS ARE PROVIDED BY BOTH LEADING

CANADIAN INSTITUTIONAL INVESTORS AND KILMER VAN
NOSTRAND CO. LIMITED, THE SPONSOR OF THE FUND. THE
PRINCIPALS OF KILMER CAPITAL PARTNERS MANAGE OVER $300
MILLION IN PRIVATE EQUITY ASSETS.

Kilmer Capital's value added approach to investing stems from our sponsor's
successful and deeply rooted operating history. Over the years Kilmer Van
Nostrand Co. Ltd. has actively built a number of leading Canadian
businesses. In particular, over the past 20 years, with the completion of
more than 20 mergers and acquisitions, KVN built one of Canada's largest
construction/ infrastructure companies with revenues in excess of $600
million prior to its merger with Lafarge Corporation. As we evolve into the
new economy, the Fund's success will continue to rely heavily on this
approach to understanding industries, our operational experience and
empathy and by working proactively with strong management teams.

Kilmer Capital focuses its investment efforts on quality companies in

industries with excellent prospects for long term growth. We employ an
opportunistic approach and will consider potential investments in a variety of
attractive industries.

Over the years, Kilmer Capital has gained significant investment experience
and expertise in a number of industries including the electronics,
communications, technology, media and entertainment sectors. This industry
 experience enables us to make informed investment decisions quickly and
bring valuable relationships to our portfolio companies.

Hargan Ventures
One First Canadian Place, Suite 5100, P.O. Box 24
Toronto (Ontario)
Canada
M5X1K2
Telephone: (416) 643-7182
Fax: (416) 643-7183
E-mail: ifergan@istar.ca
Website: http://www.cvca.ca

Table 1
Disbursements Continue To Set New Records
New vs. Follow-On Investments

2001 2000
#Financings #Investments $Invested(mm) #Financings #Investments $Invested(mm)
New 343 645 1,556 550 843 2,564
Follow-
734 1,637 3,318 952 1,828 4,065
on
Total 1,077 2,282 4,874 1,502 2,671 6,629

Prepared for the CVCA by Macdonald & Associates Limited

Communications and Internet Firms Lead the

Pack
Venture Capital Investment Activity by Sector

2001 2000
Financings Investments Amount Financings Investments Amount
INDUSTRY # % # % $(mm) % # % # % $(mm) %

Biotechnology 109 10 358 16 842 17 182 12 365 14 666 10

Medical/Health
87 8 161 7 249 5 113 8 217 8 525 8
Related
Communications 132 12 330 14 1223 25 151 10 320 12 1,359 21
Computer
208 19 432 19 759 16 252 17 457 17 1,085 16
Related
Internet Related 125 12 273 12 586 12 220 15 403 15 1,276 19
Electronics 121 11 294 13 618 13 127 8 311 12 712 11
Other
63 6 140 6 245 5 80 5 126 5 173 3
Technology

Total
845 78% 1,988 87% 4,522 93% 1,125 75% 2,199 82% 5,796 87%
(Technology)

Consumer
109 10 139 6 199 4 187 12 226 8 323 5
Related
Manufacturing 84 8 107 5 93 2 97 6 121 5 256 4
Miscellaneous 39 4 48 2 60 1 93 6 125 5 254 4

Total
232 22% 294 13% 352 7% 377 25% 472 18% 833 13%
(Traditional)

Total 1,077 100%2,282 100% 4874 100% 1,502 100%2,671 100% 6,629 100%

Prepared for the CVCA by Macdonald & Associates Limited

Ontario-Based Firms Capture Growing Share

Venture Capital Investment Activity by Investee Location *

2001 2000
Financings Investments Amount Financings Investments Amount
# % # % $(mm) % # % # % $(mm) %

British
109 10 278 12 502 10 120 8 293 11 540 8
Columbia
Alberta 32 3 68 3 119 2 65 4 117 4 243 4
Saskatchewan 7 1 10 0 13 0 20 1 26 1 23 0
Manitoba 63 6 81 4 45 1 45 3 60 2 39 1
Ontario 286 27 726 32 2,028 42 424 28 854 32 2,939 44
Quebec 433 40 774 34 956 20 620 41 985 37 1,410 21
Atlantic
25 2 54 2 53 1 33 2 58 2 75 1
Canada
Foreign
122 11 291 13 1,158 24 175 12 278 10 1,360 21
Countries
Total 1,077 100% 2,282 100% 4,874 100% 1,502 100% 2,671 100% 6,629 100%

* Investee location defined as place of principal facility.

Prepared for the CVCA by Macdonald & Associates Limited

GTI Capital
255, rue Saint-Jacques, bureau 200
Montréal (Quebec)
Canada
H2Y1M6
Telephone: (514) 845-3800
Fax: (514) 845-3810
E-mail: info@gticapital.com
Website: http://www.gticapital.com
GTI Capital is a venture capital investment group with $35 million in capital
whose mission is to generate above-average returns by providing financing
and management support to high-performance companies

Combining Venture Capital and a Unique Expertise

As a focused venture capital company, GTI Capital’s mission is to generate above-average returns by providing financing,
strategic and networking support to high-performance businesses.

With $100 million in capital under management, GTI Capital focuses on early-stage companies evolving in the information
technology sector.

To carefully assess the full potential of a new venture, GTI Capital has put in place a multidisciplinary team whose members
combine a solid expertise and in-depth knowledge of the information technology sector. Moreover, once the decision to proceed
with an investment has been made, this team becomes actively involved and provides the required assistance to the company’s
executives aiming at a maximum efficiency in the realization of their business objectives.

Building value
More than Venture Capital

Building high-performance businesses takes more than money. It requires the appropriate experience and knowledge as well as
an in-depth understanding of market dynamics affecting each specific new venture.

Among the many venture capital companies active in Eastern Canada, GTI Capital stands out because it offers more than money
to the companies belonging to its portfolio.

It is known for:

the VALUE ADDED through the scope of services it offers to entrepreneurs;

the quality, professionalism and integrity of the BUSINESS RELATIONSHIP built with each management
team;

and the QUALITY of the businesses and projects in which it invests.

Supported by talented analysts and managers, GTI Capital’s partners are both farsighted and strategic advisors when it is
necessary to propose the required changes to bring the business plan to fruition.

All members of GTI Capital team are fully involved with the portfolio companies. They :

serve on the Board of Directors;

participate in executive and special board committees;

provide sound advice for the development and implementation of strategies;

constantly network and identify competent resources for the company;

provide assistance through strategic partnering;

develop and evaluate joint venture and acquisition opportunities;

participate in fundraising efforts.

A STRONG NETWORK WITH AN INTERNATIONAL SCOPE

Our Limited Partners

Canada
Export Development Corporation

Fonds de solidarité des travailleurs du Québec (FTQ)

Le Groupe Vidéotron Ltée

IBM Canada Limited

Innovatech du Grand Montréal

LBC Capital Inc.

National Bank of Canada

The Bank of Nova Scotia

SGF Tech

Telsoft
France
Brienne Conseil et Finance (BCF)
EDF Capital-Investissement
Innovacom S.A.
Germany
Baytech Venture Capital GmbH & Co. KG.
Spain
Corporacion IBV
Co-investors
Canada
Business Development Bank of Canada
Caisse de dépôt et de placement du Québec
Celtic House
Ontario Teachers' Pension Plan Board
Société d'investissement Desjardins

France

Siparex Ventures no 1
Sofinnova Capital II FCPR
Thales Ventures

Germany

CE Consumer Electronics AC

United-States

Arrow Electronics Inc.

IBM Global Services

Intel

Summit Partners

Thomas Cantwell & Partners

Woodside Fund

The Netherlands

Gilde Investment