IPOs/recent issues: Sequoia Software –

Columbia, Md.

Went public 5/12/2000 at $8 apiece

Filing Range: 4.2 mil. shares @ $8 to $10

Shares Outstanding: 27.19 mil. shares

Underwriters: Lehman Brothers

Fidelity Capital Markets/SG Cowen Securities Corp./Wit Soundview

Company Counsel: Piper & Marbury

Manager Counsel:Skadden, Arps, Slate, Meagher & Flom

Auditor:Ernst & Young LLP

The Company:

Develops document imaging and management. Sequoia develops Sequoia Interchange98, the XML-based backoffice solution for healthcare.

Venture Backers:

Flanders Language Valley Fund

Baker Capital Corp.

divine interVentures

Mid-Atlantic Venture Funds

Anthem Capital LP

Maryland Venture Capital Trust

Financing Rounds

Number of Round Amt.

Round # Round Date Stage Investors ($ thousands)

1 10/01/1996 2 Early Stage $2000.0

2 04/10/1998 2 Early Stage 1334.0

3 07/01/1998 1 Early Stage 3000.0

4 02/15/1999 4 Early Stage 6500.0

5 05/11/1999 6 Expansion 25151.0

6 08/13/1999 1 Expansion 500.0

7 12/07/1999 5 Expansion 33000.0

FINANCIALS

(Data in $ millions)

3 MOS.

03/31/00

Total Revenues: $11.4

Net Loss: -16.0