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ABOUT 21st CENTURY FUND

The Michigan 21st Century Investment Fund, L.P. (the "21st Century Fund" or "Program") has been created, as per the provisions of the Public Act 225 of 2005 (or the "21st Century Fund Act"), through an agreement between Credit Suisse and the Michigan Strategic Fund. It seeks to strengthen and diversify Michigan's economic base by fostering the creation and growth of new jobs, new businesses, and new industries within the State through investments in private equity, venture capital and mezzanine funds, as well as potential co-investments alongside these funds. The Program will initially be capitalized with $120.0 million of total commitments, including $6.0 million from Credit Suisse.

The Michigan 21st Century Investment Fund, L.P. is part of the overall 21st Century Jobs Fund initiative that was first announced in Nov '05 by Governor Granholm. Under this 10-year initiative, the State government decided to allocate up to $1.0 billion of proceeds from Tobacco Settlement monies to strengthen and diversify Michigan's economic base by focusing resources in three areas.  Up to 40% ($400 million) of the amount allocated to the 21st Century Jobs Fund may be invested through the Capital Investment Program over the life of the 10-year initiative of which the Michigan 21st Century Investment Fund, L.P. is a part.  The three components of the 21st Century Jobs Fund include:

  1. A Capital Investment Program that seeks to make investments in qualified private equity, mezzanine and venture capital funds as well as potential co-investments alongside these funds

  2. A Competitive-Edge Commercialization Program that seeks to invest in the commercialization of products, processes and services as well as basic and applied research

  3. A Commercial Lending Program, which seeks to stimulate additional lending by financial institutions across the state by creating commercial loan enhancement programs

Credit Suisse, through its Customized Fund Investment Group ("CFIG"), is only involved in the Capital Investment Program through the aforementioned Michigan 21st Century Investment Fund, L.P.