Investments

Investments With Active Participation of Mr. Friedman


Company Dates Approx. Original Equity Investment of Group Approx. Valuation Multiple Status
Checker Motors Corp 1 1986-1989 $1,000,000 $135,000,000 135x Sold
Allied Digital Technologies Corp 2 1992-1998 $77,500 $3,875,000 50x Sold
Ameriscribe Corp 3 1989-1993 $300,000 $600,000 2x Sold
Disc Graphics, Inc. 4 1995-2002 $45,000 $1,638,000 36x Sold
OnForce, Inc. 5 2003-Present $3,000,000 $12,000,000 4x Operating

Note: Information is unaudited

1 Leverage buy-out transaction; Company sold for $135 million in cash in 1989 to International Controls Corp. Mr Friedman was one of five principals of LBO group.

2 RCL Capital Partners (Mr. Friedman's firm), organized single-purpose investment entity, completed private placement and then publicly raised approximately $8,000,000 in equity and acquired Allied Digital Technologies Corp. (a CD and cassette replicator with sales of approximately $170,000,000 when sold) for stock. Company traded on American Stock Exchange. Sold to Citicorp Venture Capital in 1998 for cash.

3 Mr. Friedman invested at approximately same time as International Financial Group. He was an officer of, and counsel to Ameriscribe. Chart represents Mr. Friedman's investment only. IFG invested approximately $5,000,000.

4 RCL organized single-purpose investment entity, completed private placement and then publicly raised approximately $8,000,000 in equity and acquired Disc Graphics, Inc. a specialty packaging company with current revenues of approximately $60 million. DG traded on NASDAQ, and was sold in 2002.

5 Valuation based on most recent institutional investment in the company.


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