November 13, 2003

Fenwick & West LLP and VC TAsk Force Proudly Present:
Trends in Third Quarter VC Financing Terms
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Fenwick & West has been surveying and reporting on trends in legal terms of venture financings in the San Francisco Bay Area since the beginning of 2002. These reports have been an important source of information for both investors and entrepreneurs. At this event, the two authors of the survey will present the third quarter 2003 results. The other panelists will comment on the survey results and provide their perspectives on the current venture financing environment.

Panelists:
Barry Kramer, Partner, Corporate Group, Fenwick & West LLP
Michael Patrick, Partner, Corporate Group, Fenwick & West LLP
David Aslin, Director, 3i
Joel Kellman, Granite Global Ventures
Jim Atwell, Partner, Deloitte & Touche LLP