March 13, 2003

Panel Discussion Topic:
How the Treat of War Affects Investing
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The possibility of war is on everyone's mind. Today, consumer confidence levels are down, gas prices are increasing, investors are skeptical about investing and defense spending is on the increase. Are there reasons for optimism to be found in the discussions surrounding war? How is the possibility of war and the conflict between the U.S. and some of its most important trading partners affecting the strategy and behavior of investors?

Panel Moderator:
David Blumberg, Managing Partner, Blumberg Capital

Speakers:
Eric Buatois, General Partner, Sofinnova Ventures
Alex Gove, Vice President, Walden VC
Andrew Kau, Managing Director, Walden International
Vish Mishra, Venture Partner, Clearstone Venture Partners
Robert Winter, Managing Director, Rocket Ventures
Tyzoon Tyebjee, Professor of Marketing, Santa Clara University

These panelists will share their viewpoints on this controversial topic, discuss their strategy towards investing and provide insights on the following areas:

• What stand are VCs taking to the response of a war?
• Why is the response of the global community on war critical to
  VCs?
• How has the threat of war impacted the overall strategy of
  investors?
• Who is the hardest hit in the VC community during a war?
• What are the demanded technologies during time of war?
• Where are VCs placing their bets today in the present climate?
• What is the impact of a possible war on current portfolio
  companies?
• What are the compelling reasons to continue investing globally?
• What are some of the new set of challenges facing VCs today?
• How are VCs mitigating their risks today?
• Is government spending considered a new market for VCs?
• What sort of information are VCs relying on as sources of
  intelligence?