ENGELHARD CORPORATION

Engelhard Corporation, Pension Arm is a corporate pension fund that has $400 million assets under management. The fund's alternative investment strategy focuses primarily on venture capital. Engelhard Corporation, Pension Arm will commit from $2 million to $10 million per partnership and has a net internal rate of return target of 25%. The fund allocates a maximum of 5% or about $20 million of its total assets to alternative investments. It was formed in 1994 and is based in Iselin, New Jersey.