WOODSIDE FUND IV ANNUAL MEETING 2001

April 24, 2001

WOODSIDE FUND IV ANNUAL MEETING 2001

Agenda

• Overview

• Management Team

• Strategic Partners

• Investment Strategies

• Portfolio Companies

• Marketing and Branding

• Deal Flow Development

• Conclusion

• Questions and Answers

Overview

• The Fund closed in March 2000, with $140 million

• Invested $42 million, with $26 million reserved for follow on financings

• Has 13 portfolio companies with 11 Board seats

• Approximately 5 or 6 new investments remain

• No write-offs or B2C investments

• Most portfolio companies have at least 12 months of cash

• Seven investment professionals

• Strategic relationships

– Acuitive

– Industry and Technology Advisory Board (ITAB)

Woodside Fund IV Summary

Overview

• Two exits in less than one year from final close

• HotRail, Inc. (acquired by Conexant Systems, Inc.)

– Fund IV’s value of distribution was $14.1 million, 4.6 times its cost basis of $3.0 million

• Gross IRR was 627%

• IRR net of carried interest was 434%

• Myelos Corporation (acquired by Bio-Technology General Corporation)

Woodside Fund IV Summary

Overview

Acuitive, Inc.

American Pacific Ventures, Inc.

Avista Ventures, Inc.

BP/AMOCO Corporation Master Trust

Broadview, SLP

CIT Group/Equity Investments, Inc.

City Public Service of San Antonio,Texas Employees’ Pension Trust

Institutional Investors

Overview

Desjardins Pension Fund

Equifax, Inc. U.S. Retirement Plan

Finama Private Equity Global FCPR

Ontario Teachers’ Pension Plan Board

Rollins Investment Fund

Royal Bank of Canada

Sentry Insurance a Mutual Company

Trinity University

Institutional Investors

Overview

Chris G. Allen, Great American Ventures, Inc.

Kenneth J. Fiedler, City Public Service of San Antonio, Texas Employees’ Pension Trust

Richard Laflamme, Desjardins Pension Fund

Craig McCoy, Trinity University

John S. Ruey, BP/AMOCO Corporation Master Trust

Michael G. Schirk, Equifax, Inc. U.S. Retirement Plan

Susan M. Smith, Royal Bank of Canada

Gregory T. Williamson

Rosemary Zigrossi, Ontario Teachers’ Pension Plan Board

Advisory Board

Management Team

• The three Managing Directors founded the Fund in 1983

• Each Managing Director has served as a chief executive officer of a technology company

• The team has 100 years of entrepreneurial and management experience

Vincent M. Occhipinti, Managing Director

Robert E. Larson, Managing Director

Charles E. Greb, Managing Director

Daniel H. Ahn, Principal

John C. Occhipinti, Principal

Rick Shriner, Venture Partner

Matthew J. Bolton, Analyst

Angelos M. Kottas, Analyst

Gary T. Tyrrell, Chief Financial Officer

A Cohesive, Experienced Team

Management Team

• Thirty years of experience in developing technology and new businesses

• President and CEO of two portfolio companies:

– HotRail, a network infrastructure IC company that was sold to Conexant, Inc., for $400 million

– Exponential Technologies, a high-performance semiconductor company

• Vice President of Core Technology at Apple Computer, General Manager with Intel Corporation, and senior management positions with Motorola and Wang Laboratories.

• MBA from College of St. Thomas and BS in Engineering from Carnegie-Mellon


Management Team

• Assists in deal flow development and processing, due diligence, market and competitor analysis, and financial and business model reviews on investment opportunities

• Worked for Double Impact, a San Francisco-based management and strategy consulting firm focusing on high tech start-ups

– Headed the research group

– Aided in capital advisory and business development projects

• BA cum laude with a concentration in Computer Science from Harvard College


Strategic Partners

• Team of 15 senior executives formerly with leading telecom and networking companies, such as Bay Networks, Cisco, AT&T, and SynOptics

– Provide deep domain expertise

– Serve as interim senior management at client companies

• Acuitive provides strategic management and technical guidance for developing companies in:

– Networking

– Communications

– E-business

• They assist companies in many areas, such as product management, strategic positioning, and product development

Acuitive, Inc.

Strategic Partners

IPO and acquired by Nortel

IPO Acquired by Conexant

Acquired by Cisco

Acquired by PMC-Sierra

Acquired by Cisco

Acquired by Nortel

NASDAQ: AVNX

Select Acuitive Clients

Strategic Partners

The Woodside Fund Industry and Technology Advisory Board (ITAB) is a group of industry pioneers, company founders, and seasoned executives who advise the Fund on trends in technology and attractive investment opportunities.

• Discusses industry and technology trends

• Refers and sources new investment opportunities

• Shares contacts and makes introductions to relevant companies and individuals

• Assists Woodside Fund in evaluating investment opportunities

• Can provide value-added assistance and/or serve on the Board of appropriate portfolio companies

Woodside Fund Benefits – ITAB:

Industry and Technology Advisory Board

Strategic Partners

Current Members:

• Bradley Allen

• Carlton Amdahl

• Glen Anderson

• Daniel Fu

• Michael Hackworth

• Mark Hoover

• John Jaeger

• Jim Kubinec

• Chris Marino

• Hank Nothhaft

• Robert Selinger


Entrepreneurs

Strategic Resources

WF Team

Entrepreneurs

Strategic Resources

VenturePartners

WF Team

Entrepreneurs

Strategic Resources

VenturePartners

Acuitive

WF Team

Entrepreneurs

Strategic Resources

VenturePartners

AcuitivePortfolioCompanies

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

IndustryAnalysts

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

IndustryAnalysts

ServiceProviders

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

IndustryAnalysts

CorporateNetwork

ServiceProviders

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

IndustryAnalysts

CorporateNetwork

LimitedPartners

ServiceProviders

WF Team

Entrepreneurs

Strategic Resources

VenturePartners


ITAB

ExecutiveSearch

Co-investors

IndustryAnalysts

CorporateNetwork

LimitedPartners

ServiceProviders

WF Team

Entrepreneurs

Strategic Resources

• The Fund invests in 6 to 8 companies per year

• The Fund expects to invest in 20 companies over its lifetime

• Total investment target range in a single company is $5 million to $12 million, with an initial commitment of $3 million to $8 million

Diversifying the portfolio

• Fund IV is the lead or co-lead in 77% of its portfolio companies

• Fund IV has Board seats in 11 of its 13 portfolio companies

The Fund is an active investor

Building a Solid Portfolio

Investment Strategies


Companies by Stage

Early69%

Seed23%

Expansion8%

Dollars by Stage

Early83%

Seed5%

Expansion12%

• Primary emphasis is to be the first venture capital investor in a company that has demonstrated progress

• Selective seed investments at founders’ stock valuations

• Also invests in select later-stage companies to balance its early-stage emphasis

• A significant fraction of the Fund’s dollars will be invested as the portfolio companies exhibit progress

Early Stage Emphasis

Building a Solid Portfolio


• Focus: IP Infrastructure

– Telecom software and hardware; semiconductors; storage; optical components and systems

Communications and Networking

Industry Focus


• Focus: Business to business infrastructure

– E-commerce technology and software; supply chain engineering

Enterprise Software and Electronic Commerce

Industry Focus


Internet

AccessOC-3/OC-12

MetroOC-12/OC-48

Long HaulOC-48/OC-192

PublicTelephone NetworkGateway

Switch

Router

Storage

Portfolio Companies

Portfolio Companies

• Fund III obtained 10% Founders’ Stock for its value added assistance:

– Advised on technology development and IP protection

– Developed a strategic partnership with AMD

– Recruited a CEO with experience at Apple, Intel and Motorola

– Co-led two venture rounds with Gordon Campbell, the Founder of Chips and Technologies and the Managing Partner of Techfund

• Fund IV invested $3.5 million in the second round and owned 6.5% of the company.

• HotRail was acquired by Conexant Systems Inc. Fund IV’s proceeds were valued at $15.7 million on August 31, 2000, a rate of return (IRR) of 627% gross and 434% net of carried interest. On that date, the Fund distributed shares valued at $14.1 million to its Partners with the remainder to be distributed after escrow.

HotRail, Inc. is a network infrastructure IC company that develops high-speed CMOS interconnects and switch fabrics that enable intelligent networks

Portfolio Companies

• The company’s leading peptide, prosaptide, has successfully completed Phase I and Phase II clinical trials for diabetic pain and neuropathy.

• On February 22, 2001, the company entered into a definitive agreement to be acquired by Bio-Technology General Corp. (NASDAQ: BTGC).

• The acquisition is for a combination of stock and cash payments totaling $35 million at the close of the transaction, $30 million after successful completion of Phase III clinical trials, and 15% of third year sales.

• Fund IV invested $500,000 and owned 1.6% of the company.

Myelos Corporation has patented technology that is a breakthrough in the application of peptides to replace full-length proteins as therapeutic drugs.

Portfolio Companies

• The technology enables quality of service, directory services, operator services, IP telephony, unified personal communications, remote user service control, service provisioning and other functions for real-time voice and video over the Internet.

• The analogy is the SS7 signaling system for the Public Switched Telephone Network (PSTN).

• The company has an experienced management team and now has over 150 employees. The CEO has been successful in three previous networking start-ups where he was the founder.

• Woodside Fund led a $10 million Series A round of financing. The company closed a $25 million Series B round. Co-investors include Kleiner Perkins, Onset Ventures, CIT Group and Sofinov. The Fund owns 15.8% of the company.

SS8 Networks is developing an Internet Protocol (IP) signaling switch and service platform that enables advanced intelligent network services and guaranteed quality of services over the Internet.

Portfolio Companies

• TrueSAN’s storage architecture and software technology provide Internet businesses, service providers, and growing enterprises with a scalable, fault-tolerant and cost-effective solution for storing a virtually unlimited amount of information.

• The company recently launched its Paladin product line, which features a distributed and parallel design that breaks through the current technology barriers by a factor of 6 times.

• The company was founded in 1997. The Founder bootstrapped the company to 35 people and $1.4 million in revenues with no venture financing.

• Woodside Fund led a $27 million round of financing that included Merrill Lynch, QLogic Corporation, Spring Creek Partners, JT Venture Partners, CS First Boston, and Finisar Corporation. The Fund invested $8.7 million and owns 10.9% of the company.

TrueSAN Networks, Inc., delivers enterprise storage networking systems, software, and services for building scalable, intelligent, and universally accessible storage infrastructures.

Portfolio Companies

• The company has a strategic relationship with IBM who has advanced the company $5 million against future revenues.

• IDC, Giga and other analysts have estimated interactive knowledge management to be one of the fastest growing sectors of information technology.

• The company has hired a new CEO who has experience from companies such as Digital Equipment, Sun Microsystems, Informix, Silicon Graphics (SGI) and Lotus Development.

• Woodside Fund is limiting its investment exposure until the company increases its order backlog and proves its revenue model.

• The Fund has invested $735,000 in the company.

Sharing Technologies has Internet and Intranet solutions that permit dynamic, real-time knowledge management across multiple sources and formats.

Portfolio Companies

• The company will offer its services primarily as licensed software to single dealer systems, independent exchanges and dealer consortium exchanges across the financial and commodity markets.

• The company successfully launched its technology through a wholly owned subsidiary called Buyside Direct, the first open exchange system for convertible bonds allowing full trading functionality.

• The senior management team has extensive experience in a broad range of financial markets and has assembled an outstanding software development team with proven experience in building intelligent systems.

• The Fund has invested $5 million as part of a $10 million Series B financing with Oak Hill Ventures and owns approximately 14.1% of the company.

Intelligent Markets is an e-commerce infrastructure software company for financial and commodities markets.

Portfolio Companies

• The company Service Control Platform (SCP) controls and provisions multi-vendor, multi-technology networks through a unified, distributed control platform that allows constant innovation in the network, both at the switch/router/optical layer, and at the services layer.

• Alpha testing and lab trials are underway with Sprint, Concert and others.

• CPlane is comprised of seasoned telecom and networking professionals with extensive expertise in software development and hardware integration from AT&T Labs, Sprint, IBM and HP.

• The Fund invested $5 million in a Series C financing along with Pequot Capital, Amerindo Ventures and existing investors Onset Ventures and CMEA Ventures, and owns 5.8% of the company.

CPlane is a telecommunication software company that has developed an IP services platform that allows service providers to control and develop new, revenue-generating IP services.

Portfolio Companies

• The company has already developed a gigabit switching controller for high performance server connectivity. The chips will support full 10Gbps TCP/IP termination and protocol translation.

• The company’s founders include a top team of engineers who developed supercomputer processors at Silicon Graphics (SGI).

• Acuitive executives are working closely with the company.

• The Fund has made a $500,000 bridge loan convertible at a 20% discount into the Series A financing.

ASIC Designers is a fabless semiconductor company developing a modular chip core that supports TCP/IP termination, translation and acceleration for networking and storage applications.

Portfolio Companies

• Production homebuilders represent a $120 billion segment of the residential construction industry.

• USBuild has exclusive partnerships with four of the largest production homebuilders in the world including Pulte, Kaufman and Broad, Centex and US/Lennar Homes.

• USBuild has launched a pilot in Denver and expects to be profitable and cash flow positive by year end 2002.

• The company’s business model is compelling in that the revenues from its seven current customers alone can support the company (e.g., Pulte builds about 26,000 homes per year).

• Woodside Fund was the lead investor in a $12.4 million first round financing for the company. The Fund owns 17.5% of the company for its $5 million investment.

USBuild is a leading e-commerce technology firm focused on providing Internet supply chain solutions for the production homebuilding industry.

Portfolio Companies

• NetFlip is taking advantage of the massive downturn in CRM-based banner advertising by delivering a true Cost-Per-Action (CPA) distribution network.

• The company launched its network in March 2000 and has quickly become a Top 100 web site, according to PC Data.

• NetFlip is cash flow positive, with $2.2 million in revenues in the first quarter 2001, over 3.5 million registered members, and over 9,000 partner sites.

• Woodside Fund received Founders’ Stock, invested $500,000 in the company’s first round of venture capital funding, and currently owns approximately 6.4% of the company.

NetFlip is a performance-based marketing and distribution network for online and offline advertisers.

Portfolio Companies

• The company’s founder pioneered the concept of exchanges for electricity transactions, and the company has developed significant technology for both physical network and financial aspects of the trades.

• The company has strengthened management by hiring John Yurkanin, an industry veteran (and most recently, COO of the California Public Exchange) as its full-time CEO.

• The chaotic situation in California has slowed business on the APX exchange in the state; the company is exploring a number of strategic initiatives to grow revenues.

• The company completed purchase of a major brokerage operation in Norway to facilitate entrance into the Scandinavian and German markets.

• The APX exchange in London has opened, and early results are encouraging.

• Woodside Fund co-led a $15 million round with Kinetic Ventures, Onset Ventures, and strategic utility investors. The company then closed a $36 million round at a 5 times increase in valuation. The Fund owns 4.8% of the company.

Automated Power Exchange provides technology and services related to the trading of electricity in deregulated markets.

Portfolio Companies

• The company is delivering online models and real-time data over the Internet to support load prediction and price discovery, as well as enterprise software products for risk management and asset valuation.

• The company has recently hired a Chief Executive Officer who brings new products, improved technology and strengthened management to the company.

• Ten customers are using the company’s online software, and revenue for the first quarter of 2001 exceeded $1 million.

• General Electric has invested in the company with the goal of forming a strategic partnership.

• The Fund obtained Founders’ Stock in the company and owns 15.5% of the company for its investment of $1.2 million.

E-Acumen provides decision support systems to buyers and sellers of electricity in deregulated markets.

Portfolio Companies

• The core optical switch is targeted to scale to multi-Petabit per second through-put with complete fiber-and-wavelength interconnectivity, optical time-domain multiplexing, and signal regeneration.

• The company’s founder is one of the preeminent experts in optical systems.

• The Fund co-founded the company with an investment $500,000 in a seed Series A financing at a $1.5 million pre-money valuation. Its owns 24.8% of the company.

General Nutronics is developing a next generation optical switch for ultra high through-put applications in core and metro area networks.

Marketing and Branding

• Continue to build on Woodside Fund’s brand and reputation among entrepreneurs and other constituencies

• Drive quality deal flow

Objectives

• New and improved web site

• Public Relations

• Speaking Engagements

• Early Stage Venture Capital Alliance (ESVCA)

• Strategic Partnering

• Online Programs

Strategic Initiatives

Market Leadership


Market Recognition


Speaking Engagement ExamplesEntrepreneurial, Venture Capital and Private Equity Industry Events:

• SRI: Chairing Private Equity Roundup 2001; Tech Deal Makers Forum

• IBF Events: Chairing Early Stage Investing Conference 2001; Venture Investing 2001

• Early Stage Venture Capital Alliance (ESVCA): Chairing Conference XIII in June, 2001

• Upside Events: Showcase; VC Theatre

• Opal: Private Equity Summit

• IIR: Deal Quest Insider’s Roundtable

• KPIX, Channel 5, San Francisco News

• Alley to the Valley

• SVASE: Monthly Breakfasts, VC Luncheons

• Software Development Forum: VC 1on1; Executive Series

• CCSBI: Keynote speaker at 925TEC; VC Lecture Series

• Asia-Silicon Valley Connection: Panelist at Investor Series

• Stanford Graduate School Business: Guest Lecturer

• UC Berkeley Walter A. Haas School of Business: Guest Lecturer

• Golden State Capital Network: Moderator and panelist at multiple conferences

• Silicon Valley World Internet Center: What’s Hot, What’s Not – A VC’s Perspective

Deal Flow Development

Focused Strategy Produces Superior Deal Flow

• Focused approach on building resources around core investment focus

• Weekly reporting by each investment professional

Individual deal flow development plans

• Entrepreneurs and portfolio companies

• Seed and early stage funds (ESVCA)

• Strategic relationships: Acuitive, ITAB

• Attorneys focused on corporate formations and venture capital financings

• Limited Partners

• Conferences and exhibitions

• “Angel” venture capitalists, consultants, and other professional contacts

• Bankers and CPAs focused on early-stage private companies

Sources of deal flow

• The best deal flow in the Fund’s history

Results

Conclusion

• NASDAQ was at 4200, now is about 2000

• Venture capitalists disbursed $27.7 billion in Q1 ’00, only $14.5 billion in Q1 ’01

• The number of early stage companies receiving funding fell from 656 to 327

• There were 129 IPOs in Q1 ’00, only 21 in Q1 ’01

• Many venture capital funds are experiencing pain in this economic downturn

The Market Landscape One Year Later

Conclusion

Woodside Fund One Year Later

• Valuations are down

• Other funds are preoccupied with portfolio companies

Good time to invest

• The Fund has been through multiple economic cycles

• No B2C company in our portfolio or VC “herd” investing

• Most portfolio companies have at least 12 months of cash

• Two liquidity events in the last year

Continued fundamental investing and disciplined approach

• Acuitive, Inc.

• Industry and Technology Advisory Board (ITAB)

Established strategic partnerships with industry leaders

• Rick Shriner

• Angelos Kottas

Strengthened investment team

April 24, 2001

Thank You

http://www.woodsidefund.com

http://www.woodsidefund.com/

Appendix

Woodside Fund Management Team

Management Team

Vincent M. Occhipinti, Managing Director

• Eighteen years of venture capital experience

• Served on the boards of directors and assisted many portfolio companies

• Chairman of the Early Stage Venture Capital Alliance (ESVCA), a federation of over 100 seed and early stage funds

• Serves on Board of Directors of The Enterprise Network, cited by the New York Times as the best incubator in the country

• Over 20 years of start-up experience in the computer industry as CEO and as Vice President of Marketing of two start-up companies

• Executive with profit-and-loss responsibility at Levi Strauss & Co.

• BA Stanford University; Graduate School of Business, University of California, Berkeley

Management Team

Robert E. Larson, Managing Director


• Served on the boards of directors for 12 companies during 35 years of electronics industry experience

• Past President of the International Institute of Electrical and Electronic Engineers (IEEE)

• Co-founder, President and CEO of Systems Control

• Worked for IBM, Hughes Aircraft, and SRI International

• Consulting Professor in Engineering at Stanford University

• Published 6 textbooks and over 140 technical papers on computer systems and software

• BS Massachusetts Institute of Technology; Masters and PhD Stanford University; all in Electrical Engineering

Management Team


• Over 35 years of experience founding, purchasing, managing and selling businesses

• Served on boards of directors for 4 companies

• Founder and CEO of Musitron Communications Inc., a telecommunications company that pioneered the privately owned business telephone system in Canada

• Currently serving as Chairman of the National Board of Junior Achievement of Canada, and is past National Chairman of YMCA of Canada

Charles E. Greb, Managing Director

Management Team

• Ten years of venture capital and technology entrepreneurship experience

• Associate at the Foster Management Company, a venture capital firm, where he worked closely with the management teams of portfolio companies on corporate strategies, acquisition integration, partnerships, financial controls and new investment opportunities

• Founder and President of Endpoint Technologies, a successful high technology start-up

• Analyst at CS First Boston Venture Capital, focusing on information technology companies

• MBA from Harvard Business School and BA, magna cum laude, from Harvard College

Daniel H. Ahn, Principal

Management Team

• Extensive experience in Internet and e-commerce technology, marketing and sales

• Director of Sales at Netscape Communications, with his team contributing over $250 million in revenue, helping launch the company through IPO, and later assuming the role of Director of Electronic Software Distribution and Strategic Sales

• Oracle Corporation, where he was the number one performing manager during his tenure, selling and marketing large-scale enterprise database technologies

• MBA from the University of California, Berkeley, Walter A. Haas School of Business, and BA from the University of California, Berkeley

John C. Occhipinti, Principal

Management Team

• Thirty years of experience in developing technology and new businesses

• President and CEO of two portfolio companies:

– HotRail, a network infrastructure IC company that was sold to Conexant, Inc., for $400 million

– Exponential Technologies, a high-performance semiconductor company

• Vice President of Core Technology at Apple Computer, General Manager with Intel Corporation, and senior management positions with Motorola and Wang Laboratories.

• MBA from College of St. Thomas and BS in Engineering from Carnegie-Mellon


Management Team

• Four years of venture capital experience


• Serves on the Board of Advisors of the Contra Costa Software Business Incubator (CCSBI)

• Featured columnist on TecConnect.com, a website devoted to tech start-up companies

• Worked for PaineWebber in portfolio management and investment research

• BA with a concentration in Finance from San Francisco State University. Received Arete award for academic and athletic achievement, was captain of the men’s varsity soccer team and a member of the Student Athletic Advisory Board

Matthew J. Bolton, Analyst

Management Team


• Worked for Double Impact, a San Francisco-based management and strategy consulting firm focusing on high tech start-ups

– Headed the research group

– Aided in capital advisory and business development projects

• BA cum laude with a concentration in Computer Science from Harvard College


Appendix


Strategic Partners

• Brad Allen has over 19 years of experience designing and commercializing intelligent software technology, has been awarded four U.S. patents, and is the creator and developer of award-winning software products. Mr. Allen is currently Vice President, Advanced Technology at Be Free, Inc. (NASDAQ: BFRE), where he leads the development team for the BSELECT site marketing service. In 1997, Mr. Allen co-founded TriVida Corporation (a Woodside Fund investment), where he led the development and launch of TriVida’s hosted personalization service, and served as Executive Vice President and CTO until the company's acquisition by Be Free in March 2000. In 1995, Mr. Allen co-founded Limbex Corporation, where he created WebCompass, an end-user Internet search tool that won Byte Magazine's Best Of Show Award at COMDEX Fall '95. In 1984, he joined Inference Corporation, where he created the CBR Express tools that became the industry standard for customer relationship management problem resolution. Brad began his career as a member of the research staff at Carnegie Mellon University's Robotics Institute. Mr. Allen earned a BS degree in Applied Mathematics from Carnegie-Mellon University.

Bradley Allen


Strategic Partners

• Carlton Amdahl has over 25 years of experience as a senior executive in the computer and networking industries. He was a founder of three publicly traded companies, and has participated in raising over $300 million in private and public funding. Mr. Amdahl currently operates Amdahl Associates, an independent consulting firm focused on assisting new companies in the Internet Infrastructure and SAN/NAS market segments. He also serves on the Board of Directors of Tyan Computer and Network Caching Technology LLC. Mr. Amdahl was the founder and President of Network Caching Technology LLC until November 2000. He was also a Director of F5 Networks (NASDAQ: FFIV) from May 1998 until May 2001, and CTO from February 2000 until December 2000. Previously, Mr. Amdahl was a founder of NetFRAME Systems, and served as Chairman and Chief Technical Officer from 1987 to 1996. From 1981 to 1984, Mr. Amdahl was a founder and Vice-Chairman of Trilogy Systems Ltd. From 1976 to 1981, he was a founder, Executive Vice President of Engineering and Director of Magnuson Systems Inc. Mr. Amdahl has been awarded nine U.S. patents. Mr. Amdahl is a Stanford Sloan Fellow and received an MS in Management from Stanford University, and a BS degree in Electrical Engineering and Computer Science from the University of California, Berkeley.


Carlton Amdahl

Strategic Partners

• Glen R. Anderson has over 10 years of experience as an entrepreneur, executive and investor in large and small software and hardware companies. He is currently the founder and Vice President, Engineering, of Andes Networks, a leading SSL acceleration appliance company. Prior to Andes, Mr. Anderson founded Posedge, Inc. in 1999, to provide object-oriented VLSI design automation software tools for verification and logic synthesis. In 1997, he joined Ambit Design Systems, which was acquired by Cadence Design Systems in 1999. In 1995, Mr. Anderson co-founded Radiant Design Systems, Inc., which was acquired by Synopsis in 1997. Prior to Radiant, Mr. Anderson joined Chronologic Simulation as a Senior Applications Engineer. Chronologic´s VCS simulator is well recognized for leading the semiconductor industry in fast logic simulation. Mr. Anderson also held senior engineering positions at Sun Microsystems, and was part of the original UltraSPARC-I design team, which eventually grew to more than 200 members. He was co-architect of the SPARC V9 64-bit Memory Management Unit and author of the SPARC V9 MMU Reference Specification, published by Prentice Hall. Mr. Anderson holds a BSEE from the University of Michigan, and an MSEE from the University of California, Berkeley.


Glen Anderson

Strategic Partners

• Daniel Fu has over 17 years of systems architecture design and entrepreneurial experience. Mr. Fu is currently Vice President of Technology at Conexant Systems and serves on the Board of Directors of Baud Communication. From 1993 to 2000, Mr. Fu was the founder and former CTO of HotRail (a Woodside Fund investment, acquired by Conexant Systems), a pioneer of integrated CMOS high-speed switching and interconnectivity. At HotRail, he was responsible for technology development, where he developed MP server/station products sold to more than 60 customers. Prior to HotRail, Mr. Fu spent 9 years at Digital Equipment Company (DEC) as a Principal Engineer and at Micro Module Systems (a DEC subsidiary) designing Intel CPU-based SMP systems. Prior to that, he held senior technical positions at Digital where he worked on VAX 9000 and other product development. Mr. Fu has a MSEE from University of Arizona. He holds 12 U.S. patents in the area of high-speed circuit design and adaptive control.


Daniel Fu

Strategic Partners

• Michael L. Hackworth has over 30 years of semiconductor management and start-up experience. Most recently, he was the co-founder and current Chairman of the Board of Cirrus Logic, Inc. (NASDAQ: CRUS) Mr. Hackworth is currently an advisor to entrepreneurs at a number of semiconductor and Internet technology based start-ups. He also serves on the Boards of Directors of Read-Rite Corp. and Virage Logic Corp., as well as several private company boards. Prior to becoming Chairman of Cirrus Logic in April 1999, he was President and Chief Executive Officer of the company since January 1985. Before joining Cirrus Logic, Mr. Hackworth spent 14 years at Signetics Corp., a subsidiary of N.V. Philips, where he held various management positions, including Senior Vice President of MOS and Linear Products Group, overseeing several divisions and manufacturing plants. Prior to joining Signetics (now Philips Semiconductors), he held a number of general management and marketing and sales management positions at Motorola and Fairchild Semiconductor. Mr. Hackworth holds a degree in engineering from Santa Clara University. In 1990, Mr. Hackworth was named Ernst & Young’s Semiconductor Entrepreneur of the Year in recognition of his management acumen, and was a nominee again in 1994. Mr. Hackworth also received an honorary doctorate degree from Santa Clara University in 1999.


Michael Hackworth

Strategic Partners

• Mark Hoover has been involved in product development, marketing, and business development in the networking industry for over 20 years. Mr. Hoover has been involved in the development of the 10-BASET, routing, FDDI, ATM, Ethernet switching, firewall, Internet traffic management, and edge WAN switch industries. He is currently the President and co-founder of Acuitive, Inc., where he advises developing networking systems and networking semiconductor companies. Mr. Hoover assists clients to identify target markets, plan product lines, define specific products and communicate messages to targeted customers. Mr. Hoover has taken the role of interim CEO or acting VP of Marketing, and less active roles as a member of the Board of Directors or Technical Advisory Board. Some of his past client companies include Amber Networks, Alteon, Avanex, Chip 2 Chip, HotRail, Resonate and others. Before launching Acuitive, Mark held executive positions in engineering and marketing at AT&T Bell Laboratories, AT&T Computer Systems, SynOptics, and Bay Networks.


Mark Hoover

Strategic Partners

• John Jaeger has over 16 years of experience in general management, product development, marketing and business development in the networking and communications industries. He is currently Executive Vice President of Acuitive, managing the firm’s Silicon Valley activities. Prior to joining Acuitive in 1997, he was with Bay Networks, where he was the Director of the multi-LAN switching product group primarily focusing on developing backbone Ethernet and ATM switching systems. Prior to Bay Networks, he held both engineering and marketing positions at Advanced Micro Devices in the networking products division. Mr. Jaeger focuses his Acuitive efforts on helping clients identify target markets, plan product lines, define products requirements and communicate messages to the identified market segments, for communication systems, networking semiconductor, and optical component companies. Mr. Jaeger has assumed the initial VP of Marketing role for early stage clients, as well as serving as a member of the Board of Directors or the Technical Advisory Board. John was a founder and VP of Marketing for both StratumOne Communications and Alidian Networks.


John Jaeger

Strategic Partners

• Jim Kubinec has over 30 years of experience in the semiconductor and integrated circuits field. He is currently a Senior Consultant for Acuitive, assisting young companies in the communications and integrated circuit areas. Mr. Kubinec has held positions in product design, research and development, and strategic planning with some of the major corporations in this field. Prior to joining Acuitive, he has served as an AMD Fellow at Advanced Micro Devices, President and Chief Executive Officer of Sierra Microsystems (a publicly traded company), President of Sierra Design Center (a wholly owned subsidiary of Western Digital Corp.), and Manager of VLSI Engineering for Mitel Corp. Mr. Kubinec has twelve U.S. patents granted and in May 1996 was awarded the "Most Significant Patent" award by Advanced Micro Devices. In 1994 and 1995 he also served as Chairman of the Board for the "Stanford Center for Telecommunication" Board of industrial affiliates, and was a member of the Scientific Advisory Board for the Integrated Multimedia Systems Center, an NSF Center of Excellence at the University of Southern California.


Jim Kubinec

Strategic Partners

• Mr. Marino has over 18 years experience designing, implementing and marketing hardware and software systems. From 1995, he has been the founder, Executive Vice President and CEO of Resonate (NASDAQ: RSNT), which develops software solutions for scaleable, reliable Internet server systems. At Resonate, Mr. Marino raised $27 million venture capital from Kleiner Perkins, Chase Capital, Intel and Sun, assembled an executive team and grew the company to 75 people before recruiting a new CEO in 1998. As an executive, he drove a number of areas, including corporate strategy, advanced technology, business development and strategic marketing during the company’s high growth phase. In addition, he was instrumental in the company’s IPO process, including the S1 preparation/filing and investor roadshow, which raised $85 million in August 2000. Prior to founding Resonate, Mr. Marino was the director of Product Marketing at nCUBE, a manufacturer of parallel-processing video server systems. Before joining nCUBE, Mr. Marino was product line manager at MIPS Computer Systems, where he was responsible for the company's line of high-end multiprocessor server systems. Prior to MIPS, he also held design-engineering positions at Zycad and Bell Laboratories. Mr. Marino holds a BSEE from Columbia University, an MS EE/CS from the University of California at Berkeley and an MBA from Stanford University. He is an active angel investor with investments in Vicom, NeHaNet and Kirus, and he sits on the boards of Resonate and Kirus.


Chris Marino

Strategic Partners

• Hank Nothhaft has over 20 years of management experience in the telecommunications services and equipment industries. He is currently serving as Vice Chairman of XO Communications (NASDAQ: XOXO), formed by the merger of Concentric Networks and Nextlink Communications, a leading provider of broadband services to businesses. Prior to the formation of XO he was the President, CEO and Chairman of Concentric from 1995 to 1998, a premier provider of value-added IP network applications and services worldwide. As CEO of Concentric, Mr.Nothhaft raised $380 million in equity financing, $300 million in debt financing, and created $2 billion in shareholder value. From 1989 to 1994, Mr. Nothhaft was president, CEO, and a director of David Systems, Inc., a networking company. He has also held various positions with DSC Communications Corporation, including President of two subsidiaries, and GTE Telenet Communications Corporation (now Sprint). Mr. Nothhaft has served on the Boards of Directors of DSC Communications, VMX Systems, Vertical Networks, and WaveSplitter and the telecommunications advisory board of Compaq Computer. He has a BS degree from the U.S. Naval Academy as well as an MBA degree in information systems technology from George Washington University, and is a former officer in the U.S. Marine Corps.


Hank Nothhaft

Strategic Partners

• Robert Selinger has over 20 years of experience in the computer industry, in a variety of technical disciplines and roles, ranging from lead architect to executive management positions. Mr. Selinger is currently Executive Vice President and Chief Technology Officer at Chaparral Network Systems, which develops storage networking solutions for data-intensive enterprise applications. Before joining Chaparral Network Systems, he was Vice President and Chief Technology Officer at Global Accelerator. Mr. Selinger has also served as Vice President and Chief Technologist at Adaptec. While at Adaptec, he was part of the team that created the Future I/O organization (now part of Infiniband), and played key leadership roles in Adaptec's involvement in SCSI, RAID, Fibre Channel, SSA, 1394, PCI-X and networking. Prior to Adaptec, he was Director of I/O Systems and Systems Manager for Midrange Servers at MIPS. Before that, Robert spent a decade in a variety of management and research positions with IBM Research, in product areas including storage, database systems, parallel processing, graphics and multimedia. Robert has an BS degree in EECS from MIT, and a PhD from University of California, Berkeley, in Computer Science.


Robert Selinger

Appendix

Woodside Fund Processes

Processes

Evaluation: Thorough Assessment Identifies Highest Potential Companies

Develop one-or-two page summaries for serious opportunities

Allocate business plans among investment professionals

• Rank and prioritize

• Develop “A-List” (80/20 rule)

Review at Weekly Partnership Meetings

Visit “A-List” Companies

Processes

Investment Summary

Negotiations - A team effort

• Market questionnaire

• The “Organization Chart” process

• Technical assessment

“Best Practices” due diligence

Evaluation: Thorough Assessment Identifies Highest Potential Companies

Processes

Monitoring: A “No Surprises” Approach

• Lead or co-lead investors

• Board positions

Board seat representation

• Departmental reporting

• Accomplishments and concerns

• Goals next 90 days

Reporting methodologies

• Other Managing Directors attend board meetings

• Ongoing market due diligence before follow-on investments

Partnership checks and balances

Weekly review of key portfolio issues

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WOODSIDE FUND IV ANNUAL MEETING 2001

Documents