Chad Waite of OVP Venture Partners Elected to Board of Directors of National Venture Capital Association.

Business Editors/High-Tech Writers

SEATTLE--(BUSINESS WIRE)--May 13, 2004

For the first time in more than a decade, the Pacific Northwest has representation on the board of the National Venture Capital Association (NVCA). OVP Venture Partners today announced that the NVCA unanimously elected General Partner Chad Waite to serve a four year term on the country's premiere venture capital association as a Director. The election took place at the Association's 2004 Annual Meeting in San Francisco.

"Over the next two decades, our industry is going to see major technology shifts in mobility, video processing, the digital home, as well as nanotechnology, networks and embedded software," said Waite. "All of these arenas are Pacific Northwest strengths supported by global heavyweights who live in our backyard -- organizations that include Intel, Microsoft and Linux. It is my privilege to have been nominated to serve and bring our regional perspective to the NVCA board."

Waite has more than 24 years of experience in both the management and investment sides of emerging growth companies and brings deep understanding of key technology drivers. He has successfully invested across the range of technology businesses, from software to communications to life sciences.

Over the years, Waite has helped 21 companies achieve successful IPO's and closed numerous other mergers and acquisitions. Included are: Boston Beer (NYSE:SAM), SignalSoft (Nasdaq:SGSF), Verity (Nasdaq:VRTY), WatchGuard Technology (Nasdaq:WGRD), and Rosetta Inpharmatics (Nasdaq:RSTA). In 2003, Waite was voted MVP of the Seattle venture community.

"Chad has persevered through two boom and bust cycles in our industry and brings a wealth of experience to the table on how the venture industry works -- in good times and bad," said Mark Heesen, President of the NVCA. "Chad and the other newly nominated board members are a unique and dedicated group of individuals who will be a tremendous asset and voice of our industry."

The NVCA Board also announced seven other new Directors who will each serve four year terms: Peter Barris, New Enterprise Associates; Michael Cronin, Weston Presidio; Joanna Rees Gallanter, Venture Strategy Partners; Robert Ketterson, Fidelity Ventures; Mark Klopp, Eastman Chemical; Gilman Louie, In-Q-Tel; and Ted Schlein, Kleiner Perkins Caufield Byers. In addition, the NVCA board is made up of Directors from firms that include Morgan Stanley, Charles River Ventures, Foundation Capital, Summit Partners, Mobius Ventures, Venrock and others.

Waite has been in the venture business since 1983, having started in Hambrecht & Quist's Venture Group in San Francisco. He joined Olympic Venture Partners, (now called OVP), in Seattle in 1987.

Waite received his B.A. from Kenyon College and an M.B.A. from Harvard Business School. Currently, he is on the boards of Airgo Networks, Action Engine, SafeHarbor and Verity. He is also a Board member on the Washington Technology Alliance and a Trustee at Kenyon College in Gambier, Ohio and The Overlake School in Redmond, WA.

About NVCA

The National Venture Capital Association (NVCA) represents 470 venture capital and private equity organizations. NVCA's mission is to foster the understanding of the importance of venture capital to the vitality of the U.S. and global economies, to stimulate the flow of equity capital to emerging growth economies by representing the public policy interests of the venture capital and private equity communities at all levels of government, to maintain high professional standards, facilitate networking opportunities and to provide research data and professional development for its members. For more information, visit www.nvca.org (http://www.nvca.org/).

About OVP Venture Partners

OVP is the leading venture firm in the Pacific Northwest and has more than $500 million in capital under management. The firm has raised six venture funds with an investment focus in pre-revenue software, communications, and electronics companies. OVP is led by four investment partners. Chad Waite, Gerry Langeler, Dave Chen and Lucinda Stewart lead or co-lead all deals. Over the past 20 years, OVP has invested in almost 80 start-up companies. OVP institutional investors include: Oregon Public Employees Retirement Fund, the Washington State Investment Board, CALPERS (Grove Street), Nationwide Insurance, Western Metal, Dow Chemical, Meyer Trust, and a number of university endowments. OVP VI closed in 2002 at $185 million. OVP also has a Technology Advisory Board which includes leading CIO and CTO's who work or have worked at Intel, Microsoft, Nike, Morgan Stanley, Aventis, General Electric, Apple Computer, Deutsche Bank, Providence Health Systems and TCI. For more information, please go to: www.ovp.com (http://www.ovp.com/).