February 17, 2004

Fenwick & West LLP and VC Task Force Proudly Present:

Trends in Venture Capital Financing Terms in
The San Francisco Bay Area and Israel
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The fourth quarter 2003 survey results for Bay Area financings will be presented. In addition, a comparative analysis of venture financing terms in Israel will be presented. The venture capitalist panelists will comment on the survey results and provide their perspectives on the current venture financing environment.

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 throughout the United States.

Panelists:
Barry Kramer, Partner, Corporate Group, Fenwick & West LLP
Michael Patrick, Partner, Corporate Group, Fenwick & West LLP
Jake Seid, Lightspeed Venture Partners
William Baumel, RWI Group
Eli Barkat, General Partner of BRM and Chairman of Backweb Technologies