STOCK RESEARCH TICKER: BY ADTRADER

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BDCs, VC's, and Holding Companies -- Statistics Stock Price Chart 1998 - Present The absolute BEST identity theft protection -- at a 10% discount! Initially there were 19 companies on this list. Today it will take several pages to print out! Therefore, there have been many changes in our recordkeeping. We no longer attempt to write a summary for each company. Click on the stock ticker to get more information from the Web. At the beginning we charted prices on a weekly basis, then monthly, and now we update the chart every 6 months. From April 2000 onward the price is the last Friday rather than the last day of the month. Parentheses enclosing an "s" and a ratio denotes an adjustment for one or more splits in the stock. For example (s3:1) means that the figure has been adjusted in the ratio of 3 to 1 to account for splits. As of 2005 we are no longer compiling averages for stock changes. We do not attempt to differentiate between companies which operate totally as a venture capital or incubator firm and those which conduct "traditional" business in addition to having a VC element to their business. However, we have tried to identify those which are organized to be a BDC under "The Investment Company Act of 1940. Section 54 -- Election to Be Regulated as Business Development Company". Without reading company financials in depth there is no easy way to identify those companies; moreover, companies can reorganize for tax purposes. Therefore, our categorization may be incomplete or out of date. The chart is organized as follows: NYSE, AMEX, NASDAQ, OTCBB and PINK companies which are BDC's according to Section 54 of the Investment Company Act of 1940. (yellow lines). There are a growing number of companies in this category. NYSE companies (blue lines) AMEX companies (purple lines) NASDAQ companies (white lines) OTCBB companies (turquoise lines) PINK SHEETS companies (pink lines) Companies bought out, gone private, or delisted. Also those whose nature has evolved in a direction to make them no longer a BDC or venture capital group. (grey lines) Important Note: When a company had unusual gains (for example the surge you may see after an IPO) it was not included in the Average % change listed at the bottom of the chart. When a company is on the pink sheets it is not included. For links to yet more venture capital industry statistics, see our notes below the chart. Click on the stock symbol to get a current price.

Remember that when a figure goes up then down by the same percentage it goes up less than the loss you get when it later decreases by the same percentage. For example, if the temperature starts at 40 degrees and goes up 50% it becomes 60 degrees. However, when the 60 degree temperature decreases by 50% it goes down to 30 degrees!

When a company appears for the first time it is not part of the average until the following month, when there are 2 figures to compare.

While a company is on the pink sheets or has suspended trading they are not part of the average.

*Unusual circumstances can eliminate a company from the average temporarily. For example, when a company has unusual gains (over 100% in a month or 1,000% over 6 months), it is generally not part of the average. Other unusual circumstances also can eliminate a company from the average.

• 12/06 FGOC (formerly NGLD) has changed its nature over time and is no longer counted. NMTX (Neometrix) not quoted anywhere and probably no longer public.
• 8/06 UNCN did a 1 to 100 reverse stock split and changed its ticker symbol to UCOI.
• 06/06 SPR gone -- bought by Gabelli. TFCY restating financials and is "Other OTC" on Pink Sheets. CWTI became SVSO, changed its focus, and is no longer counted. CHEL quotes not being displayed by Pink Sheets currently as the company has not made available quarterly financial figures.
• 01/06 The following stock symbols are new and will have figures mid-2006: BDCI.ob BDLF.ob CMCA.ob FCCN.ob GBVS.ob GRXI.ob IWPS.pk KROH.ob GRSR.pk LGMB.ob NCPN.pk PHXI.ob PSEC PUBC.ob SOR SPR TICC WHLI.ob
• 01/06 SVXA, after going through too many changes to name here, is once more a BDC.
• 01/06 CDGT, NWRSI and DTGP changed name, symbol and business focus and are no longer counted.
• 12/05 ITFX, SVXP FNGP and GENI changed business focus and are no longer counted. RTRSY, although still a forward-looking company, no longer has a specfically venture capital oriented division.
• 06/05 FKL changed business focus and no longer counted.
• 10/04 CNVT now pink and not counted. PRVH quoted for first time and not counted.
• 10/04 CIT, CSE, C, ACAS, AMTC, ARCC, EQS, GLAD, MCGC, TAXI, NGPC and UTK just added and not counted in prior totals.
• 9/29/04 OCUM has no figures. Probably delisted due to being indicted for fraud by SEC.
• 6/04 AINV began trading in April of 2004 and is not included in the 6-mo. figures. CITN and ICGE gained over 1000% during 6th months and are not counted.
• 12/31/03 GPMT and GPNN no longer on the chart -- both did reverse mergers with other companies and became different entities.
• 5/30/03 PWCC and OCUM currently not part of the average (pink sheets).
• 3/28/03 DVIN not counted. Filing for bankruptcy.
• 12/31/02 FLCG not counted. Filing for bankruptcy. Then went to pink sheets.
• 9/27/02 MAWI was first added, but soon thereafter became pink.
• 5/31/02 RRRR not counted. Reverse split and not counted this time. CHEL and FCNK are no longer counted - on pink sheets.
• 5/31/02 DVIN about to merge with Delano Technology. 8/30/02 DVIN was surviving company. Counted again.
• 12/28/01 INTA, CHEL, MACC, BBDC, WCAP, RAND, FKL, GBI and CTN counted for the firt time.
• 12/28/01 INFE and INTA not counted - unusual gains
• 12/28/01 ETAD was not counted while between exchanges (formerly NYSE). It is now part of the pink sheets.
• 12/28/01 OCUM is on the pink sheets and is no longer part of the average. In Jan.'02 it did a 1000 to 1 reverse stock split. As of Aug. 30, 2002, it was back on the OTCBB.
• 12/28/01 GENI is not part of the average (trading suspended for a while and now pink sheets).
• ITMUQ, is currently not part of the average (first bankruptcy, then pink).
• NSDR and NTGN are currently not part of the average . As of 8/30/02 NSDR back on the .
• VFND and NGLD are currently not part of the average (figures not always available).
• DVIN is currently not part of the average (leaving vc business and focusing on software).
• CCES is currently not part of the average (almost bought, then reorganizing). As of 8/30/02 it is back on the list.
• VQGP is currently not part of the average (pink sheets).
• INET is currently not part of the average (chapter 11, then liquidated). NOTE: The stock symbol has been reassigned to Instinet, a totally different company.
• FLCG and NKC were not part of the average until 2/23/00 since we discovered them just lately.

Averages from 1998 througn 1994.

**The "AVERAGE" % of change between time periods" was figured as follows:

1. For each company we subtracted the prior price from the current price.
2. We divided that price difference by the prior price. This, of course, resulted in a decimal fraction.
3. We multiplied the decimal fraction by 100 to give us the correct percentage.
4. We totaled up all the percentages.
5. We divided the total by the number of companies surveyed to get the average figure. If you carry out the same process, differences in rounding or truncating will probably give you slightly different figures.

As you can see, the above process give equal weight to each company, regardless of stock price.

We have not attempted to calculate a cumulative figure showing how much you would have gained or lost if you had invested $1,000 in each available company on, for example, 6/30/99 and held onto all the shares.

We do not have a composite chart for the group. However, in summer 2000, looking at 1-year stock charts for the companies, many of them looked like Antoine de Saint-Exupery's drawing of a boa constrictor digesting an elephant. One side of the hat continues to droop in 2001 and 2002, -- then, has a decided curl up for the 6-months ended June '03. As we go onward in 2004 to 2005 the line continues upward. As of 2006 there were so many BDCs to keep track of that we discontinued averaging them.

Although the above is a very rough and statistically unsophisticated chart, we hope it will help you visualize some of the ups and downs in this new investment arena.

Links to Other Venture Capital and BDC Industry Statistics

• At VentureOne look for links to their industry statistics and their quarterly publication "Venture Edge".
• At Venture Economics look for press releases on their "quarterly Private Equity Performance Index" and related news.
• Asset News
• National Venture Capital Association
• BDC Journal a full-fledged print and online magazine dedicated to BDCs.
• BDC Investor (div. of ValueInvestor) -- Message Board site dedicated to BDCs. You need to be a member to see the whole site but can get a free walkthrough and an inexpensive short trial. They poll members and compile BDC statistics based on members' opinions.