The Lynde and Harry Bradley Foundation, Inc.

Alternative Investment Opportunities

Name of Fund:

General Partners:

Sponsor Organization:

Offering Size:

Minimum Investment:

First Close:

Second Close:

Management Fee:

Distributions:

UBTI:

Objective:

Comment:

Mason Wells

Bio Medical Fund I

Mason Wells Biomedical Partners I

Mason Wells Private Equity

$75 million

$1,000,000

July, 2000 ($29 M)

October, 2000	($11 M)

3% of first $25 million of committed capital; 2.5% if committed capital is at $75 M

Return of capital to investors and then an 80/20 split

Minimize potential for UBTI

Achieve capital appreciation and a net annual return of at least 20% on invested capital in companies in the biomedical industry. Geographic preference is Midwestern U.S.

Major investor is State of Wisconsin Investment Board with $20 M commitment. NML has committed $2.5 M Raised $40 M to date.

Third closing in March 2001.

Mason Wells

Leveraged Buyout Fund II, L.P.

Mason Wells Partners II, L.P.

Mason Wells Private Equity

$250 million

$5,000,000 (Lower amounts subject to approval of general partner)

Second quarter 2001

2% of aggregate commitments

Return of capital plus 8% preferred return. Then 80/20 split

Invest not more then 25% of commitments in transactions

subject UBTI

Investments in buyout transactions of middle market companies revenues of ($25 million to $250 million) operating in three target industry sectors; specialty packaging and printing, engineered products and materials and information services and software. Primary geographic area is the Midwestern U.S.

Bradley Foundation has $5,000,000 investment in Mason Wells Leveraged Buyout Fund I, L.P. This fund has a IRR of 17.56% through January 31, 2001.