Adena Ventures, L.P.
143 Technology and Enterprise Building, Athens, Ohio 45701
Telephone: (740) 597-1722
Fax: (740) 597-1399
Website: www.adenaventures.com
Email: gellermann@adenaventures.com

Key Personnel:
Partners - Lynn Gellermann, Andy Zulauf, David Wilhelm, Jakki Haussler, Tom Parkinson, Jeff Doose

Established: April 24, 2002

Total Committed Capital: $34 million

Amount Invested: $1.6 million

Geographic Focus: Central Appalachia (see details below)

Strategic Partners:
The Sable Lion Group
Vorys, Sater, Seymore, & Pease

Background
Adena Ventures is the nation's first New Markets Venture Capital (NMVC) company. The Fund provides both investment capital and operational assistance to smaller enterprises and entrepreneurs in the Fund's target region of central Appalachia, which includes: southeastern Ohio, West Virginia, western Maryland and northeastern Kentucky. The fund is backed by twelve institutional investors, the U.S. Small Business Administration and several prominent strategic partners from both the public and private sectors, including: Ohio University, the University of Charleston, the Mountain Maryland Entrepreneurial Development Center, Spilman Battle and Thomas LLC, Maple Creative, Pricewaterhouse Coopers and Cornerstone Partners, Inc.

Social Mission
The Fund's goal is to promote shared and sustainable economic development in the Central Appalachian region while generating market-rate returns for its investors. Fund goals also include creating new companies, spurring new employment opportunities, commercializing new technologies, and generating new sources of income and wealth in a region that has fallen behind the rest of the nation in these important economic categories.

Investment Information
The Fund invests in diverse sectors, including information technology, biotechnology, healthcare, manufacturing, energy technology and value-added food. The Fund invests between $200,000 and $2 million in businesses across all stages of development. The Fund seeks to co-invest with other institutional investors when appropriate.

The Fund and its strategic partners also provide significant operational assistance resources to companies in which it has invested, or intends to invest. Examples of operational assistance services, which are provided at no cost to the portfolio concerns, include: legal, accounting, information systems, executive recruiting and business planning.