How is the fund structured?

• The fund is a "C" corporation, just like most all other public companies. By its structure the fund can accept a wide range of investors at the fund's minimum investment of $14,500 (10,000 shares). Investors in the fund do not have to be "accredited" or meet any other financial qualification criteria.
• Most all other venture capital funds are private partnerships. They are limited in the way they can seek investors and typically seek investment from institutions (pension funds, insurance companies, and the like) in amounts well over $100,000 per investor. Individual investors, if any, are typically "accredited" investors, people with over $1 million in net worth, or meet other qualification requirements.

How do I earn a return on my investment?

• Returns will stem from appreciation of stock price. The fund does not anticipate paying dividends to shareholders. It plans on reinvesting the proceeds from gains in its holdings into new, promising companies. These gains will increase the book value of the stock. Also, the prospect of future gains should also be reflected in the stock price.

How can I sell my shares?

• As a public company, the shares are fully tradable. A shareholder is free to sell his shares at any time. The fund will perform the task of correctly documenting the transfer of share ownership. Contact us if you are selling (or buying) shares to (from) an individual.
• The fund is very small by the measure of most public companies: the WPACF has fewer than 85 shareholders as of September 1999. Thus, the shares are not "listed", nor is there an active "market maker" for its shares.
• If you have a desire to sell your shares you can contact the fund, and we may know of current shareholders or others who have a desire to buy. Previous trades have occurred in this manner.

Can I co-invest with the fund?

• The fund encourages its shareholders to co-invest with the fund. In most cases the fund notifies shareholders when it is about to finalize an investment and invites shareholders to meet with the company and invest on the same terms as the fund.
• Co-investors essentially delegate most of the exploration or due diligence on the worthiness of an opportunity to the fund. The terms of the investment will be evaluated or set by the fund. And the fund will make sure the legal details are in order. Thus, the fund is often thought as a credible screener and evaluator of deals, and it relieves administrative burden for the individual investor.
• In the recent past, shareholders (in aggregate) of the fund have invested four or five times the funds $100,000 investment in a company.
• See investments matrix.

Does the fund invest along side venture capital funds?

• The fund is investing for the same kind of future returns that venture capital firms seek, typically +30% return rate per year.
• The fund invests on the same terms as those shareholders who chose to co-invest; other private investors the company may find; and with venture capital funds.
• The fund's initial investment was co-invested with venture capital funds at NeoLinear, CoManage, Allegheny Child Care Academy, and Signal Internet.
• Venture capital firms invested after the fund's investment in Precision Therapeutics and Webmedx. New venture funds subsequently invested in Allegheny Child Care Academy and CoManage.
• See investments matrix.

Has the price per share of any of the fund's investments increased?

• The fund follows the conservative accounting practice of not increasing the carrying value of its investments until significant and material events have occurred and have been confirmed by substantial transactions with other external parties.
• Consequently at the date of the September 10, 1999 offering, all investments are carried at original cost value.
• The increase in the market value of the fund's shares to $1.45 reflects favorable events within the fund's portfolio companies including sales of securities by Webmedx, CoManage, and Signal Internet to subsequent investors at per share prices higher than the Fund paid, as well as other favorable developments within portfolio companies.