Power Fund Management, LLC

Power Fund Management is made up of Arbor Capital Management and Innovation Capital Research Incorporated. The two firms agreed to team up for this endeavor after becoming aware of their common interest in and exposure to the emerging energy technologies space.

Arbor Capital Management -- The Adviser

Arbor Capital Management, Inc. is a private Registered Investment Advisory firm with offices in Anchorage, Alaska and Juneau, Alaska; Chicago, Illinois; and Ann Arbor, Michigan.

The firm has extensive experience in assisting clients with a wide range of investment management needs including private equity investmenst. In addition, the firm provides investment management services for the following types of accounts:

• Individual Brokerage Accounts
• Trust Brokerage Accounts
• 401K & Pension Rollover IRA
• Corporate Brokerage Accounts
• Traditional IRA and Roth IRA
• Tax-Deferred Qualified Plans

Adviser Principals

Robert Sheldon, Chairman and a Principal for the Adviser, has distinguished himself in the field of investment management as a Trust Officer for a U.S. National Bank, and as an analyst and portfolio manager for Arbor Capital Management, Inc. He co-founded Arbor Capital Management in 1996. After obtaining his Bachelors of Science and teaching statistics at Colorado State University in the early 1990s he accepted the post of Trust Officer in Anchorage, Alaska for First National Bank of Anchorage. Mr. Sheldon oversaw private client relationships and the Bank's employee Profit Sharing Plan and participated in tactical and strategic decision making for the Trust Department's Common Investment Fund. He was responsible, as well, for administering several of the Trust Department's units, was a member of the Trust Committee, and was a Partner in the Bank's Investment Unit. Mr. Sheldon specializes in high technology and has been instrumental in locating emerging companies in industries such as business services, software, power, and telecommunications. Recent examples in the "Power" space are Capstone Turbine and Active Power, companies that are among the best stock market performers in 2000 after going public. In addition to these endeavors, Mr. Sheldon serves as a director to TRC, a non-public holding company whose subsidiaries include a regional airline, an airmotive business, a hotel, a fuel company, and a business services company. This well-rounded experience in a variety of private companies and industries should facilitate the Adviser's analytical analysis of investment prospects in the private equity arena.

Timothy P. Vick, Senior Analyst for the Adviser, directs investment strategy for the Adviser's clients and performs fundamental and market research for the Adviser. Mr. Vick is an authority on valuation of companies and has authored more than 300 articles and columns on valuation, economic trends, stock market pricing, and corporate strategy. Mr. Vick is well known in investment circles, both as the former founder and editor-in-chief of a nationally distributed newsletter, Today's Value Investor, and as the author of three books on investment, including Wall Street on Sale - How to Beat the Market as a Value Investor and How to Pick Stocks Like Warren Buffett. Mr. Vick is also a consultant to private businesses on strategic and financial matters and has spent the past 18 months assisting leading edge start-up companies in their development. He has also spent several years developing and applying valuation models for use on public and private companies. He is frequently asked to lecture before investor groups and is heard often on radio talk shows. He has appeared on CNN and CNBC and has been quoted by major newspapers and financial magazines in the United States. Mr Vick holds an MBA in management from Purdue University.

Innovation Capital Research -- The Subadviser

Innovation Capital Research Incorporated, located in Great Barrington, Massachusetts, was formed in January 2000 by a principal and founding partner and two senior-level employees from Gilder Technology Group, Inc., now Gilder Publishing. The company takes a unique approach to investment strategy and research that sets it apart from conventional "Wall Street" analysis.

Innovation Capital Research leverages its experience with and knowledge of broadband technology and leading edge power companies by working as the Subadviser to limited partnerships and through research consulting contracts. In addition to acting as the Subadviser to the Power Fund, Innovation Capital Research is also the Subadviser to the Telecosm Fund, an investment partnership formed in May 2000 that invests in private and public companies that fall within George Gilder's Telecosm Paradigm

Subadviser Principals

David Minor, a co-founder and former director of GilderGroup and Gilder Technology Group, founded the Subadviser in January 2000. Mr. Minor is a managing member of the general partner of the Telecosm Fund, LP. Mr. Minor's experience as an investment strategist was instrumental in the development of the Gilder Technology Report as a leading technology strategy for investors. His role included the valuation of firms that represent ascendant technologies, but which are at such an early stage that traditional valuation methods do not apply. Mr. Minor has more than 30 years of experience in the investment business, serving as partner and director of research with a NYSE member firm, money manager, economist, investment strategist, and institutional investment adviser. An academically trained economist, Mr. Minor began his career with the Federal Reserve before moving to Wall Street. Prior to co-founding Gilder Technology Group, Mr. Minor's career included 15 years as president of Barrington Research, an economic and investment research firm, and as managing director at Hawthorne Management & Research, Inc. Mr. Minor holds a BA and an MA in economics.

Rebecca Goyette joined the Subadviser as a principal and director at its inception in January 2000. She is responsible for the firm's marketing and administrative functions and is a general partner in the Telecosm Fund, LP. Previously, Ms. Goyette was director of marketing with Gilder Technology Group, Inc. which she joined at its founding in 1996. Ms. Goyette was also a founder of Westenhook Management & Research, Inc., a registered investment adviser. Ms. Goyette holds a BS in marketing.

Charles N. Leach is a director with the Subadviser. Prior to the founding of the Subadviser, Mr. Leach was a Vice President at Gilder Group where he worked with Mr. Minor in analyzing and selecting the companies discussed and listed in the Gilder Technology Report. He played an important role in shaping the "Power Panel," a selection of companies for The Digital Power Report. Mr. Leach is a member of the general partner of the Telecosm Fund, LP and Power Fund LP. Mr. Leach has an MBA from Claremont's Drucker School of Management.