FTII NAV Increases to $13.28 per Share on December 31, 2006

We are pleased to report that our Net Asset Value per Share increased to $13.28 on December 31, 2006. This represents a gain of 32.8% over 1.5 years for our first investors who invested at $10.00 per share.

Our Strategy

These early results help validate our strategies of:

• Generating exceptional gains by investing early in technology companies,
• Actively working with the CEO and boards in our investee companies, and
• Being fair to our investors by keeping costs low and paying performance on realized gains.

Outlook and Plans for 2007

The overall technology equity market continues to improve. We believe this could be the beginning of a sectoral rotation out of resources, real estate and income trusts with some of those recent gains moving into tech.

During 2007, we are looking forward to expanding our portfolio of promising, early-stage tech companies.

Our team is working hard to generate what we hope will be outstanding returns for our shareholders.

Please call or e-mail us anytime if you have questions, comments or suggestions.