Letter To Angel Investors’ LPs –

Dear Limited Partners of Angel Investors II, L.P. and Angel (Q) Investors II, L.P.:

We are following up the email we sent to you last week regarding the winding up of the fund this year.

We have successfully negotiated and signed a merger agreement with CSFB Strategic PartnersII L.P. to sell Angel Investors II, L.P. and Angel (Q) Investors II, L.P. for $900,366.37 and $6,886,231.13, respectively. A portion of these funds will be placed in an escrow reserve. The escrow reserve for Angel Investors II, L.P. and Angel (Q) Investors II, L.P. will be $120,048.85 and $918,164.15, respectively, and any amount not subject to claims will be paid out one year from the closing of the sale. In addition to theproceeds from the sale of the funds, we haveapproximately $250,000 and $1,950,000 available for Angel Investors II, L.P. and Angel (Q) Investors II, L.P., respectively, from reservesand the sale of securities that will be distributed.

There are two attachments to this email, one is an Information Statement detailing the transaction and the other is a Written Consent Form that you need to return by fax to us as promptly as possible. We would like to get your approval as soon as possible so your response is important. In addition to these attachments we will be sending another email with related documents.

We are STRONGLY in FAVOR of this transaction. Selling the fund allows us to distribute the cash on hand and the proceeds from the sale of the portfolio (excluding the escrow) in the near future. We find this attractive since it will save several years of additional expenses, allowing us to maximize your return.

We believe this transaction is in the best interest of our investorssince continuing to spend money on expenses, audit/accounting fees, and salaries will just erode the cash remaining in the fund.

Please vote “For”all matters stated in the attached fax Written Consent Form by checking the boxes marked “For”, sign and date the consent form, and fax it back to Shannon Rose at 650-745-1296 as soon as possible. The 2/3 majority vote required for this transaction means we will have to call you if we don’t receive your return fax consent form in a timely manner.

We will issue a K-1 for 2005 (which will include a majority of the pass through tax losses) and a K-1 for 2006 for the final distribution.

In addition to this email, these documents and consent form are being mailed to you via US Postal Service.

Sincerely,

Ronald Conway

Bob Bozeman

Casey McGlynn

FYI: EMAIL SENT TO INVESTORS ON 4-13-05

Dear Angel Investors, LP, Fund II Investors:

Please find attached the Audited Financial Statements for 2004 for Angel Investors II. These financials and this letter are confidential please do not pass them on to anyone.

Without a doubt the greatest accomplishment of 2004 was the liquidity of Google! Like all startups it was a “long haul” but it was worth the wait. Many of our investors have reminded us that early on we predicted that Google could be “it” and “it was”! We are pleased to say that we are still assisting Google on strategic projects and the management of the company is well aware of our contributions.

Including the Google distributions we have returned 52% of the funds paid in capital.

We cannot over emphasize our desire to have returned 100% or more of the fund; yet we are thankful for the returns we have produced considering this is a 1999 vintage fund and according to Thomson Financial our returns are in the second highest quartile of 1999 vintage VC funds.

We predict that the balance of returns will be very low (approximately $5M) since the remaining companies in the portfolio that are doing well have had subsequent financings whereby we have suffered significant dilution in ownership and loss of liquidity preferences.

As the fund approaches its end of life we are finalizing plans for winding-up the fund this year and we have signed a letter of intent with a secondary fund buyer who will buy our remaining portfolio companies and allow us to distribute the cash on hand and the portfolio sale price in the near future. We find this attractive since it will save several years of additional expenses thus allowing us to maximize your return.

Once we sign a definitive agreement to sell the fund we will be asking you to approve this transaction which we believe is in the best interests of our investors since continuing to spend money on expenses, audit/accounting fees, and salaries will just erode the cash and value remaining in the fund.

Once again, we appreciate you support and patience over the years.

Shannon Rose

Controller

Angel Investors

PO Box 60940

Palo Alto, CA 94306

v 415-652-8732

f 650-745-1296

shannon@svangel.com