3% response rate.3% in Q4 2004.8% said
"quantity decreased while quality increased".

Exit Predictions Decrease; Overall Potential Still Positive
This quarter, VCs felt slightly less confident in the numbers of portfolio
companies/investments that will experience a liquidity event, or exit, in the
coming year."

Fundraising Timelines Stay on Track; Size of New Funds Larger
Consistent with previous quarters' survey results, VCs indicated that
their timelines for raising new funds is on track, with 19.50 caliber sniper rifle to
attack civilian airplanes at long range taxiing on the runway or during
takeoff or landing , as was reported recently by 60 Minutes.

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"
A concurring opinion was voiced by another VC respondent that said, "The
stock market began to recover, leading to more M+A and IPO opportunities.0% in Q3 2004 to 28."

About MAVA
MAVA represents the collective interests and leverages the success of
venture capitalists with investment interests in DC, Maryland and Virginia. 1098) to prevent a terrorist from using a .

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2% closing
6-9 deals and 1.1% saying
we are "on the upswing, but uncertainty remains", 1.7% responding that the market is "fully on the upswing". When asked to assess the quality
of the business plans received in the previous quarter, there were
fluctuations in all categories measured, as compared to responses over a year
ago.9% in Q4 2004.
The bar is clearly higher.50 caliber sniper rifle is easier to get than a
handgun in forty-nine states. .

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7% closing 3-5 deals , 5.7% saying that "valuations are rising slightly". A decrease
in the statement "valuations are too high" was noted this quarter, with 3.4% are spending
less than 25% of time, as compared to 12 .
Founded in 1986, MAVA provides a wide range of programs, information and
forums designed to facilitate quality deal flow, encourage collaboration, and
foster solid relationships with key service providers in order to promote
private equity investment.50 caliber
sniper rifles that prompted Republican Governor Arnold Schwarzenegger to pass
legislation in California to restrict the .

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7% saying we are "still
declining" and only 8.0% in Q3 2004.

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3% and 54.5% respectively in the
previous year, Q4 2003.

Deal Flow Ups + Downs
As competition for term sheets increases and valuations rise, the
importance of quality deal flow becomes increasingly important to VCs. This
quarter, VCs report an increase in time spent looking at new deals with 72.8% in Q4 2004 to 48.0 % the
previous quarter.0% the
previous quarter.0% in Q3 2004 to 50.
"We didn't 'connect the dots' before the last terrorist attack and now the
threat is staring right at us.

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1%
said that "quantity increased while quality decreased" and 13.
Of the companies that VCs do anticipate will experience an exit, the
merger and acquisition (M+A) market appears to be a more viable route than
Initial Public Offering (IPO).
The report demonstrates serious vulnerabilities in U.

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Although 2004 saw many high-profile liquidity events, VCs
predictions about exits opportunities within their own portfolio companies
decreased this quarter."

Valuations and Term Sheet Competition Continue to Rise
Again this quarter, VCs indicated that valuations on term sheets continue
to rise with 70.3% occasionally receiving
competing term sheets, as compared to 19.4% a year ago.8% "anticipating beginning fundraising activity in 2005".8% in Q3 2004.S.50 caliber sniper
rifles that are so powerful that they can shoot down civilian airplanes during
takeoff or landing from over a mile away.
The Illinois Council Against Handgun Violence urged members of the
Illinois House Human Services Committee to pass the "Anti-Terrorism and
Aviation Protection Act" (H.50 caliber sniper rifles
in a class all on their own.50 caliber sniper rifles can accurately engage
targets up to 2,000 yards, or twenty football fields laid end to end.

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VCs report spending more time looking at new
deals and although deal flow appears to be healthy in region, they report
mixed feelings about the quality of the opportunities seeking funding.
The Q4 2004 survey was conducted via email to 474 member VCs using
WebSurveyor, and received a 12.5% one year ago; 3. Only 14% felt it was decreasing , while 35. Membership includes 375 venture capital
professionals at 126 firms with over $10 billion in capital under management. Although the .50 caliber rifle to military and
law enforcement officials only.50caliberterror.

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Although there was an increase in
200+ plans received per month from 5.6% felt it was unchanging.0%) of respondents this
quarter felt there was "a large increase" in M+A activity , up from 6.
Respondents this quarter were less optimistic about their own portfolio
companies ' chances to exit via an IPO and responded accordingly with the
decrease from 40.1% in Q4 2004.50 caliber
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7% of investors to be active, closing at
least one deal in the current quarter.6% saying that the market is "flat but scrapping the
bottom".1% felt it was
increasing and 45.50 Caliber Sniper Rifles, Powerful Enough to Shoot Down Airplanes During
Landing or Takeoff, Are Easy for Terrorists to Acquire

CHICAGO, A new report from the Government
Accountability Office (GAO) found that dozens of terror suspects on federal
watch lists were allowed to purchase firearms legally in the United States.

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In Response to New Government Report That Shows Terror Suspects Are Buying Firearms Illinois Council Against Handgun Violence Urges Passage of the 'Anti-Terro

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7% closing 10 or more deals. The forecast for investment
activity in Q1 2005 calls for 89.
Continuing the 10-quarter improvement trend, investors this quarter once
again affirmed their positive feelings about market recovery with 43. Those feeling that there was a "slight increase" in M+A
activity measured a slight increase this quarter at 62. For more
information on MAVA please visit http://www.50 caliber sniper
rifle was designed as a battlefield rifle to attack and destroy parked or
landing aircraft, fuel and chemical tanks, personnel carriers, and to be used
for assassination, the ."
A recent study by the Rand Corporation found that there were no adequate
defenses to prevent a terrorist from using a .

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Coming off an active
investment quarter in Q4 2004, VCs forecast an even stronger investment period
in the first quarter of 2005."
The venture capital survey is part of MAVA's ongoing efforts to better
assess the climate for private equity investing in the mid-Atlantic region.3% in Q4
2004, the mid-range categories of 100-149 and 150-199 plans had decreased
volume into funds while on of the lower volume categories, 50-99 saw an uptick
from 36.mava. .

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Mid-Atlantic VCs Indicate Improving Investment Climate

, Year-end data released today by the
Mid-Atlantic Venture Association (MAVA) illustrates an improving market for
venture investment in the mid-Atlantic region.6% in Q4 2003 to 10.1% from 60.3% "currently
fundraising " and 43.

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A VC respondent who was in the process of fundraising commented, "[It is
a] good environment for emerging managers and good performers; it is a good
market for the raise, but still not easy.org .

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"Both prior quarter investment results and forward-looking responses
indicate VCs in the region are clearly positive about the prospects of future
investment activity but VCs have not lost sight about the fundamentals needed
to achieve positive returns," said Julia Spicer , Executive Director of MAVA,
"Primarily, finding quality deals at an attractive valuation and achieving
liquidity events for their portfolio companies is of paramount importance and
is ultimately needed in the lifecycle of building a company. VCs, however, do not believe we have achieved complete market
recovery, with only 1.
Likewise, term sheet competition again increased in Q4 2004 with 20 . The category "less than 25% of their portfolio will exit" grew
from 44% in Q3 2004 to 50% in Q4 2004 and those that felt "25-40% of their
companies would exit" decreased from 46% in Q3 2004 to 41% in Q4 2004. There was a noted decrease in the
number of firms that expect to raise smaller funds (down from 10.
Advocates in Illinois said the new GAO report should be a four alarm
warning to Illinois state lawmakers and Homeland Security officials to take
urgent action to address the grave threat of terrorists using a . "Our military found training manuals in the Middle East
directing terrorists to come to the United States to take advantage and
exploit our weak gun laws to carry out future attacks and clearly terrorists
are following those instructions.

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The time to close a deal slowly increased over a one-year period as the
4-6 month timeframe shifted from 59.
Also in one year's time, there is fluctuation in the average number of
business plans that VCs received per month.3% in Q4 2004. If we know that terrorists are buying guns
right here in the U.

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8% closing 1-2 deals, 20.7%
routinely receiving competing term sheets and 60.3% of funds in Q4 2003 to 10. 36.com for more information.

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Survey's Major Findings

Investment Activity + Attitude about Market Recovery Continues to Increase
According to Q4 2004 survey results , 72.

Condition of Public Markets Impacts Regional Entrepreneurs
Asked for their perspective on the most positive events for the industry
in 2004, one VC responded, "A healthier public equity market and improving M+A
environment has resulted in the return of capital to institutional investors ,
freeing up some capital for reinvestment into the venture space. Commenting about the current health of
the IPO market, one VC respondent said, "[The IPO market is] still uncertain.

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0% in Q4 2003 to 65.6% in Q4 2004).

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considering the availability of deadly weapons such as . It was because of the terrorist threat of . The combination
of distance , firepower, and lethal ammunition puts .

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Exit Opportunities + Deal Flow Quality Continue to Be Challenges

TIMONIUM, Md.
While the purpose of other private equity surveys is to track previous
investment activity, the quarterly MAVA venture capital survey is intended to
gauge investor attitudes, future activity and important investment trends."
Regarding the biggest challenge facing the industry in 2005, one VC
stated, "Uncertainty in the public markets with regard to interest rates,
inflation and economic growth is affecting corporate investment.
VCs were asked their opinion about the current state of deal flow in the
mid-Atlantic region.2% indicated that both "quantity and quality had increased", 12.3% of respondents this quarter indicated that their new fund will be
larger, increasing from 45.4% in Q3 2004
to 3.S., then why wouldn't they get their hands on the most
powerful weapon available that could attack a civilian airliner or a chemical
plant?" asked Thom Mannard, Executive Director of the Illinois Council Against
Handgun Violence.

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5% in Q4 2004; the 7-9
months timeframe grew from 2.4%
spending 40-100% of time, compared to 68. It will be the truly special portfolio company that
can do an IPO.50
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4%
in Q4 2004, compared to 12.
In addition, more than 265 key service providers from the legal, financial,
executive search and consulting fields are also MAVA members.

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Evidence of positive feelings of market recovery again was illustrated this
quarter, and even with valuations and term sheet competition continuing to
increase , VCs are not shortening their average timeframe needed to close a new
investment.4% of respondents were active
investors with 44. Nineteen percent (19. The respondents that
noted they would have no portfolio companies exit in the coming year grew from
42.
When asked about the size of the new fund, as compared to their current
fund, 64.B.

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