The investment decisions and portfolio valuation recommendations of the Fund are made by the Penn Venture Partners' Investment Committee. The Investment Committee also advises the Fund and its General Partner on ongoing investment strategy and other matters related to its limited partners. The following individuals comprise the voting members of Penn Venture Partners' Investment Committee.

Gene R. Peck

Mr. Peck is a Director of Penn Venture Partners, LP. Mr. Peck is also a Managing Member of the Fund's General Partner and a voting member of the Fund's Investment Committee. He has served as a fund manager and Managing Director for two prior private equity funds since the early 1990s. Mr. Peck has experience in identifying, structuring, investing, managing and ultimately divesting companies employing diversified technologies across a variety of industries. Mr. Peck's experience includes the management and deployment of institutional capital into late stage venture and expansion stage companies, as well as buyout-related activities covering metals and plastics manufacturing, transportation, environmental, energy, gaming entertainment, software, medical services and telecommunications industries. Mr. Peck brings both Board experience and operating knowledge to the Fund. He has worked closely with portfolio company management to implement technology infrastructure and efficient operating practices. Mr. Peck received his Bachelor of Science in Financial Management from the United States Air Force Academy, a Master of Science in Business Administration from Boston University, and a Juris Doctorate from Duquesne University School of Law.

Frank P. Pinto

Mr. Pinto is a Managing Member of the Fund's General Partner and a voting member of the Fund's Investment Committee. Mr. Pinto has more than twenty years of experience as a venture capitalist, entrepreneur and small company executive. Over his career, he has been involved in investments in over forty high technology companies. Mr. Pinto focuses on deal generation and analysis across technology sectors with a concentration on information technology. Prior to his involvement with Penn Venture Partners, Mr. Pinto was President and CEO of Massachusetts Technology Development Corporation (“MTDC”), a quasi-public enterprise investing in early stage high technology companies based in Massachusetts. Prior to MTDC, Mr. Pinto was a partner in Boston Millennia Partners, a $700 million diversified venture fund and a Principal at Boston Capital Ventures. He also worked with Watch Hill Investments in the buyout business. Mr. Pinto also founded and ran an education and training company and ran a regional vending company. Mr. Pinto holds a BA from Middlebury College and an MBA from the Tuck School of Business at Dartmouth College.

V.F. Russo, PhD

Dr. Russo is a Managing Member of the Fund's General Partner and a voting member of the Fund's Investment Committee. Dr. Russo is the President of Ben Franklin of Central and Northern Pennsylvania, where he is responsible for all corporate strategy and implementation. Ben Franklin employs fourteen individuals and has operations in three locations, with an approximately $7 million annual economic development budget. He instituted and oversees innovative approaches in investment strategy, operational assistance, and regional economic development strategy. Dr. Russo was instrumental in the development of a new strategy focusing on efforts to position companies for private equity investment in Central and Northern Pennsylvania that includes: the Transformation Business Development Network, an initiative established expressly to provide operational assistance to portfolio companies; the institution of regional business plan contests as a means to foster entrepreneurship in the region; the establishment of a network of regional angel investors geared to early stage companies; and the sponsorship of the first regional Venture Fair, Entrepreneurs Day and Swing for the Fences Seminars. Previously, he was an executive with United Technologies Corporation where he was Director, China Programs and Director, European Operations. He earned a B.S. in Physics from the University of New Hampshire, a Ph.D. in Physics from Pennsylvania State University and a Certificate in Advanced Management from Renssalaer Polytechnic Institute.

Katherine J. Bishop

Ms. Bishop is a Managing Member of the Fund's General Partner and a voting member of the Fund's Investment Committee. Ms. Bishop is the Chairman of Ben Franklin of Central and Northern Pennsylvania and President and Chief Operating Officer of Lebanon Seaboard Corporation. Under her direction her Company has successfully managed growth and redirected its diversified agribusiness through acquisition, divestitures and organic growth strategies. She possesses first-hand expertise in the development and implementation of coherent strategies and operational plans for businesses. Previously Ms. Bishop was Vice-President and General Manager of Lebanon Agricorp, which she successfully restructured. Earlier in her career she was Managing Director of Rumbles, Ltd. Ms. Bishop is Trustee and Vice Chairman, Lebanon Valley College and Director, Ben Franklin Technology Center/CNP. She was honored as one of the 50 Best Businesswomen in Pennsylvania in 1997. Ms. Bishop earned a B.S. in Physics from Wellesley College and an M.S. in Management from the Sloan School at M.I.T. She has also attended Harvard University, The University of Madrid and Alliance Francaise.

Thomas A. Penn

Mr. Penn is a voting member of the Fund's Investment Committee. Mr. Penn is a General Partner of Meridian Venture Funds and has over fifteen years experience in starting, managing and financing high growth companies in the Mid-Atlantic region. Before joining Meridian Venture Partners as a General Partner, he served as a partner at Boston Millennia Partners, a $700 million private equity firm. From 1994 to 1998, he was President and Chief executive Officer of Tektagen, Inc., a leading contract services organization which provided a wide range of services to the biotechnology and pharmaceutical industries and was sold to Charles River Labs. Immediately prior to joining Tektagen, Mr. Penn was President of Independence Ventures, Inc., a firm that specialized in starting and growing high potential, technology based companies. Earlier in his career, he held a variety of positions in industry and venture capital. He has been on the founding team of three biotechnology firms. He is immediate past President of the Pennsylvania Biotechnology Association and recently served as Co-Chair of Pennsylvania's Technology 21 Biotechnology Network. Mr. Penn holds BS degrees from MIT in metallurgy and materials science and in industrial management, an MBA from Stanford, and a JD from the University of Pennsylvania.