The objective to put yourself in the position of a (competitive) buyer, looking to purchase this particular $2.57 million LP stake in the Fund. Find below some guidelines and questions you will need to answer in order to provide an estimate regarding what kind of pricing [Fund X] (white marked on purpose) deserves.

• Please calculate the NAV evolution.

• What is the DPI, TVPI, and RVPI for this fund as of 3/31/2005?

• What is the price you would you pay for [Fund X] as a % of NAV (as of 3/31/2005)? PAR, premium, discount, or would you even bid for this fund at all? And why?

• Assuming the exact same purchase price (dollar amount) you would offer the seller/broker, how would you be able to enhance your returns (IRR/Multiple) and why?

Balance Sheets June 30, 2005 (unaudited) December 31, 2004 (audited) $ 5,424,499 7,311,912 141,236 $ 13,950,953 3,189,329 Assets: Cash Receivables Prepaid Expenses Investments, at estimated fair value (cost of $1,251,695,196 in 2005 and $1,076,030,003 in 2004) Total Assets 1,273,847,672 1,162,616,165 $1,286,725,319 $1,179,756,447 Liabilities and Partners' Capital: Accounts Payable and Accrued Liabilities Partners' Capital Total Liabilities and Partners' Capital S 616,780 1,286,108,539 $1,286,725,319 $ 2,180,923 1,177,575,524 $1,179,756,447 See accompanying notes. Statements of Operations Six Months Ended June 30, 2005 (unaudited) Year Ended December 31, 2004 (audited) $ 6,445,886 Net (Loss) Gain on Investments: Realized gain on investments Dividend income from portfolio investments Interest income from portfolio investments Change in unrealized appreciation (depreciation) of investments Net investment (loss) gain $193,181,056 7,671,834 3,820,949 2,233,716 23.221.372 (64.433.686) (55,754,084) 227,895,211 Operating Income and (Expenses): Interest income Management fee Deal investigation expenses Other expenses Net operating loss 46,507 (10,860,925) (5,222,733) (1,086,541) (17.123.692) 241,588 (21,528,425) (11,095,896) (2.684,003) (35.066,736 Net (Loss) Income ($72.877.776) $192.828.475 See accompanying notes. Statements of Changes in Partners' Capital For the Six Months Ended June 30, 2005 (unaudited) and the Year Ended December 31, 2004 (audited) Limited Partners General Partner Total Balance at December 31, 2003 $ 979,699,082 $59,438,680 $1,039,137,762 Capital contributions Distributions Net income Balance at December 31, 2004 388,905,000 (433,962,084) 175.576.206 1,110,218,204 16,995,000 (26,328,629) 17.252.269 67,357,320 405,900,000 (460,290,713) 192.828,475 1,177,575,524 Capital contributions Distributions Net loss Balance at June 30, 2005 235,700,000 (60,894,706) (72.480,367) $1.212.543,131 10,300,000 246,000,000 (3,694,503) (64,589,209) (397,409) (72,877.776) $73,565,408 $1,286.108,539 See accompanying notes. Balance Sheets March 31, 2005 (unaudited) December 31, 2004 (audited) Assets: Cash Receivables Prepaid Expenses Investments, at estimated fair value (cost of $1,050,259,311 in 2005 and $1,076,030,003 in 2004) $ 26,481,265 1,616,813 5,633,271 $ 13,950,953 3,189,329 1,011,909,287 1,162.616,165 Total Assets $1,045,640,636 $1,179,756,447 Liabilities and Partners' Capital: Accounts Payable and Accrued Liabilities Partners' Capital Total Liabilities and Partners' Capital $ 553,130 1,045,087.506 $ 2,180,923 1,177,575.524 $1.045.640.636 $1,179,756,447 See accompanying notes. Statements of Operations Three Months Ended March 31, 2005 (unaudited) Year Ended December 31, 2004 (audited) Net (Loss) Gain on Investments: Realized gain on investments Dividend income from portfolio investments Interest income from portfolio investments Change in unrealized appreciation (depreciation) of investments Net investment (loss) gain $193,181,056 7,671,834 3,820,949 622,942 (124.936,186) (124.313.244) 23,221,372 227.895,211 Operating Income and (Expenses): Interest income Management fec Deal investigation expenses Other expenses Net operating loss 10,148 (5.430,462) (2,130,031) (624.429) (8,174,774) 241,588 (21,528,425) (11,095,896) (2,684.003) (35,066,736) Net (Loss) Income $(132.488,018) $192,828,475 See accompanying notes. Statements of Changes in Partners' Capital For the Three Months Ended March 31, 2005 (unaudited) and the Year Ended December 31, 2004 (audited) Limited Partners General Partner Total Balance at December 31, 2003 $ 979,699,082 $59,438,680 $1,039,137,762 Capital contributions Distributions Net income Balance at December 31, 2004 388,905,000 (433,962,084) 175,576,206 1,110,218,204 16,995,000 (26,328,629) 17.252.269 405,900,000 (460,290,713) 192,828,475 1,177,575,524 67,357,320 Net loss Balance at March 31, 2005 (124.909.703 $ 985,308,501 (7.578.315) (132,488,018) $59,779,005 $1.045,087,506 See accompanying notes. Balance Sheets June 30, 2005 (unaudited) December 31, 2004 (audited) $ 5,424,499 7,311,912 141,236 $ 13,950,953 3,189,329 Assets: Cash Receivables Prepaid Expenses Investments, at estimated fair value (cost of $1,251,695,196 in 2005 and $1,076,030,003 in 2004) Total Assets 1,273,847,672 1,162,616,165 $1,286,725,319 $1,179,756,447 Liabilities and Partners' Capital: Accounts Payable and Accrued Liabilities Partners' Capital Total Liabilities and Partners' Capital S 616,780 1,286,108,539 $1,286,725,319 $ 2,180,923 1,177,575,524 $1,179,756,447 See accompanying notes. Statements of Operations Six Months Ended June 30, 2005 (unaudited) Year Ended December 31, 2004 (audited) $ 6,445,886 Net (Loss) Gain on Investments: Realized gain on investments Dividend income from portfolio investments Interest income from portfolio investments Change in unrealized appreciation (depreciation) of investments Net investment (loss) gain $193,181,056 7,671,834 3,820,949 2,233,716 23.221.372 (64.433.686) (55,754,084) 227,895,211 Operating Income and (Expenses): Interest income Management fee Deal investigation expenses Other expenses Net operating loss 46,507 (10,860,925) (5,222,733) (1,086,541) (17.123.692) 241,588 (21,528,425) (11,095,896) (2.684,003) (35.066,736 Net (Loss) Income ($72.877.776) $192.828.475 See accompanying notes. Statements of Changes in Partners' Capital For the Six Months Ended June 30, 2005 (unaudited) and the Year Ended December 31, 2004 (audited) Limited Partners General Partner Total Balance at December 31, 2003 $ 979,699,082 $59,438,680 $1,039,137,762 Capital contributions Distributions Net income Balance at December 31, 2004 388,905,000 (433,962,084) 175.576.206 1,110,218,204 16,995,000 (26,328,629) 17.252.269 67,357,320 405,900,000 (460,290,713) 192.828,475 1,177,575,524 Capital contributions Distributions Net loss Balance at June 30, 2005 235,700,000 (60,894,706) (72.480,367) $1.212.543,131 10,300,000 246,000,000 (3,694,503) (64,589,209) (397,409) (72,877.776) $73,565,408 $1,286.108,539 See accompanying notes. Balance Sheets March 31, 2005 (unaudited) December 31, 2004 (audited) Assets: Cash Receivables Prepaid Expenses Investments, at estimated fair value (cost of $1,050,259,311 in 2005 and $1,076,030,003 in 2004) $ 26,481,265 1,616,813 5,633,271 $ 13,950,953 3,189,329 1,011,909,287 1,162.616,165 Total Assets $1,045,640,636 $1,179,756,447 Liabilities and Partners' Capital: Accounts Payable and Accrued Liabilities Partners' Capital Total Liabilities and Partners' Capital $ 553,130 1,045,087.506 $ 2,180,923 1,177,575.524 $1.045.640.636 $1,179,756,447 See accompanying notes. Statements of Operations Three Months Ended March 31, 2005 (unaudited) Year Ended December 31, 2004 (audited) Net (Loss) Gain on Investments: Realized gain on investments Dividend income from portfolio investments Interest income from portfolio investments Change in unrealized appreciation (depreciation) of investments Net investment (loss) gain $193,181,056 7,671,834 3,820,949 622,942 (124.936,186) (124.313.244) 23,221,372 227.895,211 Operating Income and (Expenses): Interest income Management fec Deal investigation expenses Other expenses Net operating loss 10,148 (5.430,462) (2,130,031) (624.429) (8,174,774) 241,588 (21,528,425) (11,095,896) (2,684.003) (35,066,736) Net (Loss) Income $(132.488,018) $192,828,475 See accompanying notes. Statements of Changes in Partners' Capital For the Three Months Ended March 31, 2005 (unaudited) and the Year Ended December 31, 2004 (audited) Limited Partners General Partner Total Balance at December 31, 2003 $ 979,699,082 $59,438,680 $1,039,137,762 Capital contributions Distributions Net income Balance at December 31, 2004 388,905,000 (433,962,084) 175,576,206 1,110,218,204 16,995,000 (26,328,629) 17.252.269 405,900,000 (460,290,713) 192,828,475 1,177,575,524 67,357,320 Net loss Balance at March 31, 2005 (124.909.703 $ 985,308,501 (7.578.315) (132,488,018) $59,779,005 $1.045,087,506 See accompanying notes