Crimson has recently exited approximately 90% its position in Elite Laser with a gross return multiple of 4.7x.  Elite Laser is the leading outsourced laser diode packaging company in Greater China focusing on the high growth market for recordable DVD devices. The company supplies Japanese electronic companies such as Sony, Mitsubishi, Toshiba and Hitachi. July 2007  http://www.elaser.com.tw/p1.htm Crimson recently sold 100% of its position in Airoha, generating a gross return multiple of 4.2x.  Airoha is an Asia-based manufacturer of radio frequency components used in wireless devices. The company’s solutions are lower cost, smaller, and more energy efficient than competing products and Airoha’s customers include industry leaders such as Microsoft, Cisco and Sony. July 2007 http://www.airoha.com/ Crimson’s portfolio company Etelecare completed an initial public offering on the NASDAQ in March 2007 in an underwriting led by Morgan Stanley.  Etelecare provides premium-priced call center services to large multi-national customers.  Crimson maintains its position in the company and now holds public shares (NASDAQ: ETEL). March 2007 http://www.etelecare.com/about/news/news90.htm Capitalist Tools, Time Magazine, April 2005 China Strategy is Key for U.S. Buyout Firms, Wall Street Journal, November 10, 2004 Going to China Has Become a Competitive Imperative, Corporate Board Member Magazine, May/June 2004 Offshoring Goes on the Offensive, McKinsey Quarterly, 2004 Number 2 Working Paper, Capturing the Real Value of Outsourcing in Asia (McKinsey Quarterly Working Draft), 2004 Crimson's Tide Sends Holdings Overseas to Boost Market Share, LA Business Journal, September 2004 eTelecare: At 2 a.m. in Manila, It's Time to Break For a Midday Snack, Wall Street Journal, October 20, 2003