Inverness currently manages the following platform investments, which remain active on many fronts:

INDEPENDENT INSURANCE INVESTMENTS, INC. (4i’s) is a specialty provider of non-standard automobile insurance. Since the Inverness acquisition, 4i’s has significantly expanded its geographic footprint and premium base, both organically and through acquisition. Currently, 4i’s operates in 22 states. 4i’s is headquartered in Conshohocken, PA and has approximately 280 employees. Following is a summary of this investment’s development:

• December 2004, Inverness invested $37 million for the acquisition of 4i’s from Arch Capital Holdings as a new platform investment

• 2005 - 2006, Inverness invested an additional $56 million (including $45 million directly from two of the Fund’s limited partners) as 4i’s completed two additional acquisitions

• 2008 - 2010, 4i’s completed six dividends for a total of $76 million for its shareholders (including $20 million in process for late 2010)

KELLSTROM INDUSTRIES INC. (“Kellstrom”) is one of the largest distributors of aviation parts for the commercial airline market and the defense industry. Kellstrom is a global provider of supply chain management services, logistics support and third party provisioning for commercial and defense customers. Since the Inverness acquisition, Kellstrom has expanded its product offering in its core commercial and military markets, as well as enter the marine and power generation distribution markets. Additionally, Kellstrom has significantly expanded its distribution relationships and geographic reach with a presence in 36 countries. Kellstrom is headquartered in Miramar, FL and has approximately 200 employees. Following is a summary of this investment’s development:

• July 2002, Inverness invested $40 million (including $9.5 million directly from two of the Fund’s limited partners, $7.5 million of which was subsequently repurchased by Inverness) for the acquisition of Kellstrom through a pre-packaged bankruptcy plan as a new platform investment

• February 2006, Kellstrom acquired a repair facility with internal capital to strengthen the Company's repair and overhaul capabilities

• January 2010, Kellstrom completed a dividend of $17.5 million for its shareholders

PAYMENT ALLIANCE INTERNATIONAL (“PAI”) provides third-party credit and debit card processing services to retail, restaurant and professional service merchants and is the largest processor of ATMs in the US. Since the Inverness acquisition, PAI has significantly expanded the Company’s product offerings, customer base and distribution channels, both organically and through acquisition. PAI is headquartered in Louisville, KY and has approximately 250 employees. Following is a summary of this investment’s development:

• September 2005, Inverness invested $40 million for the acquisition of Electronic Data Resources from private investors, forming the Payment Alliance platform investment

• 2006 - 2010, Inverness invested an additional $23 million (including $10 million directly from one of the Fund’s limited partners) as PAI completed 9 acquisitions in the ATM and merchant processing space