Smith Media, LLC
In November 2004, Fund VI partnered with the Smith family and management to recapitalize Smith Media and provide liquidity to certain shareholders. Smith Media comprises six network-affiliated television stations located in Alaska, California, New York, and Vermont. Smith Media represented an opportunity to acquire under-managed stations at an attractive price. Boston Ventures believes that the newly appointed management team will be able to leverage the existing strong market position and technical facilities of Smith Media’s stations to increase market share and revenues. Additionally, the Firm has helped build value and increase margins by working with the Company to execute a joint services agreement with another station in one of its markets. In the coming years, Boston Ventures will look to expand the Company’s footprint and build additional value through selective acquisitions and other joint services opportunities.

Backyard Broadcasting Holdings, LLC
In April 2002, Fund VI formed Backyard Broadcasting with CEO Barry Drake to acquire radio properties with superior technical facilities in small-to-medium sized markets in the United States. Boston Ventures hired senior management and dedicated ample resources to pursue growth through acquisitions of stations with strong cash flow and sound technical facilities. Today, the Company owns and operates 27 stations across six markets. Boston Ventures believes that the performance of these properties can improve through better management, more creative programming, and local sales execution. Consistent with this thesis, Backyard Broadcasting experienced strong local revenue growth in 2004 in a substantial majority of its markets.

Decision Resources, Inc.
Boston Ventures’ investment in Decision Resources continues the Firm’s strategy of investing in companies with market-leading positions, serving large industries with significant information requirements. Decision Resources is a provider of research, decision support tools, and consulting services sold on a subscription basis to end users within the pharmaceutical and biotechnology industries. Boston Ventures expects to build equity value through a combination of internal growth initiatives and acquisitions. In 2004, Boston Ventures worked with Decision Resources’ management to acquire HealthLeaders, a complementary information provider in the managed healthcare industry.

Rave Reviews Cinemas, LLC
In December 1999, Boston Ventures partnered with CEO Tom Stephenson to build stadium cinemas in underserved markets in the United States. Stadium cinemas, compared to sloped-floor cinemas, improve the customer experience by offering unobstructed sight lines, larger screens, better projection quality, and more comfortable seating. Currently, Rave Reviews operates just under 300 screens in 18 theaters across nine states. Since Boston Ventures invested in Rave Reviews, the movie exhibition industry has stabilized, as larger players have focused on rationalizing older plants and generating growth. Boston Ventures believes that recent theater merger and acquisition activity indicates further industry consolidation is likely and that a broad universe of buyers exists for attractive movie theater exhibition assets.

Vista III Media Holdings, LLC
In October 2001, Boston Ventures and CEO Neil McHugh founded Vista III Media to consolidate underdeveloped cable systems in secondary and tertiary markets. Through a series of five acquisitions, Vista III Media has consolidated approximately 33,000 cable subscribers located in northern Mississippi and western Alabama. A recent upgrade of the cable system enables Vista III Media to offer a full suite of advanced services over its cable network, including digital cable, high-speed Internet access, high definition television, and digital telephony. The Firm anticipates that these new services will drive continued positive financial performance and will enhance the long-term value of the company.