The SBIC Program

Westbury is a Small Business Investment Company ("SBIC"), licensed by the Small Business Administration ("SBA"). Created by Congress in 1958, the SBIC Program addresses the gap between the availability of venture capital and the needs of small businesses in start-up and growth situations. SBICs are privately owned investment firms deploying their own capital, augmented by Federal funds with an SBA guarantee, to make venture capital investments in small, U.S.-based businesses.

As a licensed SBIC, Westbury enhances investor returns through the application of the leverage provided by the SBA. From a potential investee company's perspective, there is no noticeable impact related to our SBIC status. Westbury has a flexible and expeditious investment process that is not constrained by bureaucratic inefficiencies. The senior partners of Westbury maintain complete jurisdiction over all investment decisions. Disclosure requirements for SBIC investee companies are similar to those common throughout the private equity investment community.

The only constituents impacted by our SBIC status are our limited partners, who are positioned to benefit from substantial IRR improvement as a result of this structure.

For more information on the SBIC Program, see the SBA website: http://www.sba.gov/financing/investment.html