1998 VENTURE CAPITAL INVESTMENTS CONTINUE 1997'S RECORD PACE

Price Waterhouse recently announced that venture capital investments in the first quarter of 1998 hit $3.6 billion, just slightly below the all-time high of $3.7 billion set in the fourth quarter of 1997. Compared to the first quarter of 1997, investments increased 54%. These findings were released in the Price Waterhouse Venture Capital Survey, a quarterly report of venture capital investments throughout the United States.

The following listing shows the amount of venture capital dollars invested by region in the first quarter of 1998 by Region, Investment Amount, and % of Total:

Region Investment

Amount % of

Total Silicon Valley 821,396,000 22.8% New England 544,042,000 15.1% New York Metro 293,911,489 8.2% Midwest 280,236,000 7.8% Southeast 240,908,000 6.7% LA/Orange County 238,510,000 6.6% Philadelphia Metro 202,356,000 5.6% DC/Metroplex 181,327,000 5.0% Texas 172,465,000 4.8% San Diego 163,739,000 4.5% Colorado 143,549,000 4.0% Northwest 82,890,000 2.3% North Central 74,765,000 2.1% South Central 57,040,000 1.6% Southwest 52,008,000 1.4% Upstate New York 27,369,000 0.8% Sacramento/N. California 24,000,000 0.7% Alaska/Hawaii/Puerto Rico 0 0.0% Total $3,600,511,489 100.0% Silicon Valley:N CA, Bay area and Coastline

New England: ME, NH, VT, MA, RI, and CT (excluding Fairfield County)

NY Metro: Metropolitan NY area, N-NJ, and Fairfield County, CT

Midwest: IL, MO, IN, KY, OH, MI, and western PA

Southeast:AL, FL, GA, MS, TN, SC, and NC

LA/Orange County: Los Angeles, Ventura, Orange & Riverside Counties

Philadelphia Metro: Eastern PA, Southern NJ, and DE

DC/Metro: Washington DC, VA, WV, and Maryland

Northwest: WA, OR, ID, MT, and WY

North Central: MN, IA, WI, ND, SD, and NE

South Central: AKS, OK, AR, and LA

Southwest: UT, AZ, NM, and NV

Upstate NY: Northern NY except Metro NY City area

Sacramento/N CA: Northeastern CA

A total of 703 companies received financing in the first quarter compared to 572 companies a year ago, a 23 percent increase.

Technology-based companies also set a record in the first quarter. As a group, companies in the classifications of Biotechnology, Communications, Computers & Peripherals, Electronics, Environmental, Medical Instruments, Semiconductors, and Software & Information accounted for 65% of all investments in terms of dollars and 68% in terms of number of companies -- $2.34 billion and 479 companies.

More information on the survey results can be located on the web at http://www.pw.com/vc. A breakout of state investments by industry can be obtained from SSTI by calling 614/421-SSTI (7784).