Form 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |X| Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2002 |_| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from _______ to _______ Commission File Number 000-21552 ATEL Cash Distribution Fund IV, L.P. (Exact name of registrant as specified in its charter) California 94-3145429 ---------- ---------- (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 235 Pine Street, 6th Floor, San Francisco, California 94104 (Address of principal executive offices) Registrant's telephone number, including area code: (415)989-8800 Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_| DOCUMENTS INCORPORATED BY REFERENCE None 1 Part I FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS. 2 ATEL CASH DISTRIBUTION FUND IV, L.P. BALANCE SHEET SEPTEMBER 30, 2002 (Unaudited) ASSETS Cash and cash equivalents $1,938,955 Accounts receivable, net of allowance for doubtful accounts of $24,383 102,587 Investment in leases 1,244,349 --------------- $3,285,891 =============== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 98,656 Unearned operating lease income 80,138 --------------- Total liabilities 178,794 Partners' capital: General Partner 233,846 Limited Partners 2,873,251 --------------- Total partners' capital 3,107,097 --------------- $3,285,891 =============== See accompanying notes. 3 ATEL CASH DISTRIBUTION FUND IV, L.P. INCOME STATEMENTS NINE AND THREE MONTH PERIODS ENDED SEPTEMBER 30, 2002 AND 2001 (Unaudited) Nine Months Ended Three Months Ended September 30, September 30, ------------- ------------- Revenues: 2002 2001 2002 2001 ---- ---- ---- ---- Lease revenues: Operating $ 375,883 $ 491,177 $ 72,732 $ 176,164 Direct financing 632,939 507,781 207,512 219,166 Gain on sales of assets 138,108 19,149 127,977 21,065 Interest income 9,489 19,718 2,536 6,119 Other 11,903 1,193 11,610 11 ----------------- ----------------- ----------------- ----------------- 1,168,322 1,039,018 422,367 422,525 Expenses: Cost reimbursements to General Partner 232,221 445,163 96,555 193,879 Depreciation and amortization 339,619 360,895 96,595 111,517 Other 72,920 82,065 17,924 20,797 Interest 10,431 31,749 - 7,898 Professional fees 30,676 26,197 1,036 122 ----------------- ----------------- ----------------- ----------------- 685,867 946,069 212,110 334,213 ----------------- ----------------- ----------------- ----------------- Net income $ 482,455 $ 92,949 $ 210,257 $ 88,312 ================= ================= ================= ================= Net income: General Partner $ 4,825 $ 929 $ 2,103 $ 883 Limited Partners 477,630 92,020 208,154 87,429 ----------------- ----------------- ----------------- ----------------- $ 482,455 $ 92,949 $ 210,257 $ 88,312 ================= ================= ================= ================= Net income per Limited Partnership unit $0.06 $0.01 $0.03 $0.01 Weighted average number of units outstanding 7,487,350 7,487,350 7,487,350 7,487,350 STATEMENT OF CHANGES IN PARTNERS' CAPITAL NINE MONTH PERIOD ENDED SEPTEMBER 30, 2002 (Unaudited) Limited Partners General Units Amount Partner Total Balance December 31, 2001 7,487,350 $ 3,331,557 $ 229,021 $3,560,578 Distributions to limited partners (935,936) - (935,936) Net income 477,630 4,825 482,455 ----------------- ----------------- ----------------- ----------------- Balance September 30, 2002 7,487,350 $ 2,873,251 $ 233,846 $3,107,097 ================= ================= ================= ================= See accompanying notes. 4 ATEL CASH DISTRIBUTION FUND IV, L.P. STATEMENTS OF CASH FLOWS NINE AND THREE MONTH PERIODS ENDED SEPTEMBER 30, 2002 AND 2001 (Unaudited) Nine Months Ended Three Months Ended September 30, September 30, ------------- ------------- 2002 2001 2002 2001 ---- ---- ---- ---- Operating activities: Net income $ 482,455 $ 92,949 $ 210,257 $ 88,312 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 339,619 360,895 96,595 111,517 Gain on sales of assets (138,108) (19,149) (127,977) (21,065) Changes in operating assets and liabilities: Accounts receivable 90,666 2,033,678 28,671 48,055 Bank overdrafts - (230,243) - - Accounts payable, General Partner (48,454) (32,722) - - Accounts payable, other (10,583) (51,970) (6,151) (79,396) Accrued interest (2,123) (2,949) (1,460) (397) Unearned operating lease income 36,919 (10,298) 80,138 (37,915) ----------------- ----------------- ----------------- ----------------- Net cash from operations 750,391 2,140,191 280,073 109,111 ----------------- ----------------- ----------------- ----------------- Investing activities: Proceeds from sales of lease assets 1,102,822 166,285 701,782 (14,505) Reduction of net investment in direct financing leases 46,562 331,859 18,989 90,637 ----------------- ----------------- ----------------- ----------------- Net cash provided by investing activities 1,149,384 498,144 720,771 76,132 ----------------- ----------------- ----------------- ----------------- Financing activities: Distributions to limited partners (935,936) (1,331,182) - - Repayment of non-recourse debt (294,396) (461,975) (202,463) (54,826) ----------------- ----------------- ----------------- ----------------- Net cash used in financing activities (1,230,332) (1,793,157) (202,463) (54,826) ----------------- ----------------- ----------------- ----------------- Net increase in cash and cash equivalents 669,443 845,178 798,381 130,417 Cash and cash equivalents at beginning of period 1,269,512 55,445 1,140,574 770,206 ----------------- ----------------- ----------------- ----------------- Cash and cash equivalents at end of period $1,938,955 $ 900,623 $1,938,955 $ 900,623 ================= ================= ================= ================= Supplemental disclosures of cash flow information: Cash paid for interest $ 12,554 $ 34,698 $ 1,460 $ 8,295 ================= ================= ================= ================= See accompanying notes. 5 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2002 AND 2001 (Unaudited) 1. Interim financial statements: The unaudited interim financial statements reflect all adjustments which are, in the opinion of the general partners, necessary to a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited interim financial statements should be read in conjunction with the most recent report on Form 10K. 2. Investment in leases: The Partnership's investment in leases consists of the following: Depreciation Expense or Reclass- December 31, Amortization ifications & September 30, 2001 of Leases Dispositions 2002 ---- --------- - ------------- ---- Net investment in operating leases $1,835,915 $ (331,739) $ (930,938) $ 573,238 Net investment in direct financing leases 1,325,813 (46,562) (33,776) 1,245,475 Initial direct costs, net of accumulated amortization of $104,778 in 2002 and $111,629 in 2001 18,387 (7,880) - 10,507 Reserve for losses (584,871) - - (584,871) ----------------- ----------------- ----------------- ----------------- $2,595,244 $ (386,181) $ (964,714) $1,244,349 ================= ================= ================= ================= At September 30, 2002, equipment on operating leases consists of the following: Balance Balance December 31, Acquisitions, Dispositions & Reclassifications September 30, ---------------------------------------------- 2001 1st Quarter 2nd Quarter 3rd Quarter 2002 ---- ----------- ----------- ----------- ---- Transportation $ 2,810,685 $ (615,914) $ (109,859) $ (141,657) $1,943,255 Manufacturing 457,670 - - - 457,670 Materials handling 318,012 - - - 318,012 Construction equipment 1,756,195 - - (1,519,738) 236,457 ------------------- ----------------- ----------------- ----------------- ----------------- 5,342,562 (615,914) (109,859) (1,661,395) 2,955,394 Accumulated depreciation (3,506,647) 132,240 (35,146) 1,027,397 (2,382,156) ------------------- ----------------- ----------------- ----------------- ----------------- $ 1,835,915 $ (483,674) $ (145,005) $ (633,998) $ 573,238 =================== ================= ================= ================= ================= All of the equipment on operating leases was acquired during 1992, 1993, 1994, 1995 and 1996. 6 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2002 AND 2001 (Unaudited) 2. Investment in lease assets (continued): At September 30, 2002, the aggregate amounts of future minimum lease payments are as follows: Direct Operating Financing Total Three months ending December 31, 2002 $ 88,648 $ 226,500 $ 315,148 Year ending December 31, 2003 418,017 906,000 1,324,017 2004 - 595,199 595,199 ----------------- ----------------- ----------------- $ 506,665 $1,727,699 $2,234,364 ================= ================= ================= 4. Related party transactions: The terms of the Agreement of Limited Partnership provide that the General Partners and/or Affiliates are entitled to receive certain fees for equipment acquisition, management and resale and for management of the Partnership. The General Partners and/or Affiliates earned the following fees and commissions, pursuant to the Agreement of Limited Partnership as follows: 2002 2001 ---- ---- Cost reimbursements to General Partner $ 232,221 $ 445,163 ================= ================= 5. Partner's capital: The Fund is authorized to issue up to 7,500,000 Units of Limited Partnership interest in addition to the Initial Limited Partners. The Fund's Net Profits, Net Losses and Tax Credits are to be allocated 99% to the Limited Partners and 1% to the General Partner. As more fully described in the Partnership Agreement, available Cash from Operations and Cash from Sales or Refinancing shall be distributed as follows: First, 5% of Distributions of Cash from Operations to the General Partner as Incentive Management Fees. Second, the balance to the Limited Partners until the Limited Partners have received aggregate Distributions, as defined, in an amount equal to their Original Invested Capital, as defined, plus a 10% per annum cumulative (compounded daily) return on their Adjusted Invested Capital, as defined. Third, the General Partner will receive as Incentive Management Fees, the following: (A) 10% of remaining Cash from Operations, as defined, (B) 15% of remaining Cash from Sales or Refinancing, as defined. Fourth, the balance to the Limited Partners. 7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Capital Resources and Liquidity Our primary sources of liquidity during the first nine months of 2002 and 2001 were operating and direct finance lease rents. Liquidity will vary in the future, increasing to the extent cash flows from leases exceed expenses, and decreasing as distributions are made to the Limited Partners and to the extent expenses exceed cash flows from leases. We currently have available adequate reserves to meet contingencies, but in the event those reserves were found to be inadequate, we would likely be in a position to borrow against our current portfolio to meet such requirements. We envision no such requirements for operating purposes. As of September 30, 2002, we had borrowed approximately $38,342,000, all of which has been repaid. Borrowings are to be non-recourse to us, that is, the only recourse of the lender will be to the equipment or corresponding lease acquired or secured with the loan proceeds. We do not expect that there will be additional borrowings in the future. As of September 30, 2002, we have made no commitments of capital. If inflation in the general economy becomes significant, it may affect us in that the residual (resale) values and rates on re-leases of our leased assets may increase as the costs of similar assets increase. However, our revenues from existing leases would not increase, as such rates are generally fixed for the terms of the leases without adjustment for inflation. If interest rates increase significantly, the lease rates that we can obtain on future leases will be expected to increase as the cost of capital is a significant factor in the pricing of lease financing. Leases already in place, for the most part, would not be affected by changes in interest rates. 2002 vs. 2001: Nine months: During the first nine months of 2002 and 2001, our primary source of operating cash flows was operating and direct financing lease revenues. Our total lease revenues increased by $9,864 in 2002 compared to 2001. In 2001, direct financing lease payments were our most important source of financing cash flows. In 2002, the most significant source cash flows from investing activities was the proceeds from the sales of assets. Our proceeds from asset sales are not comparable to prior periods nor are they expected to be comparable to future periods. Direct financing lease rents decreased by $285,297 compared to 2001. We had no sources of cash from financing activities in 2002 or in 2001. The cash we used to repay non-recourse debt has decreased due to scheduled debt reductions. We changed the frequency of our distributions to the Limited Partners effective January 1, 2001. Previously, most of the Limited Partners received distributions on a monthly basis. The rest of the Limited Partners received distributions on a quarterly basis. We are now making distributions on an annual basis based on the amount of cash which becomes available for that purpose. As a result, the amounts of cash distributed to the Limited Partners has decreased in 2002 compared to the amount in 2001. Three months: Our primary source of cash from operations for the third quarter was lease rents. These lease rents have decreased from the prior year as a result of asset sales during the preceding twelve months. In 2002, our largest source of cash from investing activities was proceeds from the sales of lease assets. Our primary source of cash flows from financing activities in 2001 was rents from direct financing leases. We had no sources of cash from financing activities in 2002 or in 2001. Repayments of debt decreased for the same reasons as noted above for the nine month period. We made no distributions to the limited partners in the third quarters of 2002 or 2001. Results of Operations Our operations in 2002 resulted in net income of $482,4552 for the nine month period and $210,257 for the three month period. In 2001, our operations resulted in net income of $92,949 for the nine month period and $88,312 for the three month period. 8 2002 vs. 2001: Our operating lease revenues have decreased due to sales and reclassifications of leased assets during the last twelve months. Direct financing lease revenues increased as a larger portion of the lease rents were included in income , as opposed to being accounted for as a recovery of the net investment in direct finance leases. Depreciation expense is directly related to the amounts of operating lease assets and has decreased from 2001 to 2002 as a result of sales of operating lease assets over the last year. Internal Controls As of September 30, 2002, an evaluation was performed under the supervision and with the participation of the Partnership's management, including the CEO and CFO of the General Partner, of the effectiveness of the design and operation of the Partnership's disclosure controls and procedures. Based on that evaluation, the Partnership's management, including the CEO and CFO of the General Partner, concluded that the Partnership's disclosure controls and procedures were effective as of September 30, 2002. There have been no significant changes in the Partnership's internal controls or in other factors that could significantly affect internal controls subsequent to September 30, 2002. PART II OTHER INFORMATION Item 1. LEGAL PROCEEDINGS. No material legal proceedings are currently pending against the Partnership or against any of its assets. On December 31, 1997, Quaker Coal Company (the Debtor), one of the Partnership's lessees, requested a moratorium on lease payments from January through March 1998. No lease payments were made by the lessee through June 1998, and as a result, the General Partner declared the lease in default. Subsequently, the lessee cured the outstanding payments and eventually satisfied substantially all lease payments due under the lease; however, the General Partner refused to waive the default and insisted on contractual damages. The General Partner filed a suit against the lessee for its contractual damages in the U.S. District Court of Northern California (the "Court"). On June 16, 2000, the lessee filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The amounts of these damages have not been included in the financial statements included in Part I, Item 1 of this report. The Partnership obtained a stipulation for relief from the automatic bankruptcy stay to allow the Court to issue its ruling, and filed a request to participate on the Official Committee of Unsecured Creditors in the bankruptcy proceedings. The Partnership succeeded upon securing the return of its equipment, which has been liquidated. The Court issued a ruling on March 4, 2001, denying the Partnership's claim for damages. The Debtor subsequently filed a claim against the Partnership, for reimbursement of its legal expenses. The General Partner believes the Court's decision is erroneous as a matter law, and has filed an appeal of the decision in the U.S. District Court of Appeals. The Debtor filed a plan of reorganization, which was objected to by several large creditors, including the General Partner. These creditors were also seeking a formal role on the creditors committee or formation of their own committee. Upon the termination of the Debtor's exclusivity period, competing plans were filed by other creditors to the plan, and voting on the competing plans occurred October 8, 2001. The results of the vote were that, another of the creditor's, American Electric Power's ("AEP") Plan of Reorganization ("AEP Plan") was successful. Under the AEP Plan, the claim of the Partnership has been assigned to a liquidating trustee for resolution and satisfaction from the Debtor's estate. In January 2002, ATEL attended an appellate settlement conference seeking to resolve the outstanding disputed claim. A reserve has been set aside by the Debtor's liquidating trustee in the amount of $1.2 million in partial satisfaction of the Partnership's claim, although this claim amount remains in dispute. Currently, the likelihood of recovery of amounts above the payment of the lease rent and the liquidation of the equipment already received remains speculative and highly uncertain. Item 2. CHANGES IN SECURITIES. Inapplicable. Item 3. DEFAULTS UPON SENIOR SECURITIES. Inapplicable. Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Inapplicable. 9 Item 5. OTHER INFORMATION. Inapplicable. Item 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) 1. Financial Statements Included in Part I of this report: Balance Sheets, September 30, 2002 and December 31, 2001. Income statements for the nine and three month periods ended September 30, 2002 and 2001. Statement of changes in partners' equity for the nine month period ended September 30, 2002. Statements of cash flows for the nine and three month periods ended September 30, 2002 and 2001. Notes to the Financial Statements 2. Financial Statement Schedules All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted. (b) Report on Form 8-K None 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 7, 2002 ATEL CASH DISTRIBUTION FUND IV, L.P. (Registrant) By: ATEL Financial Corporation General Partner of Registrant By: /s/ DEAN L. CASH ----------------------------------- Dean L. Cash President and Chief Executive Officer of General Partner By: /s/ PARITOSH K. CHOKSI ----------------------------------- Paritosh K. Choksi Executive Vice President of Managing Member and Principal financial officer of registrant By: /s/ DONALD E. CARPENTER -------------------------------------- Donald E. Carpenter Principal accounting officer of registrant 11 CERTIFICATIONS I, Paritosh K. Choksi, certify that: 1. I have reviewed this quarterly report on Form 10-QSB of ATEL Cash Distribution Fund IV, LP; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: November 7, 2002 /s/ PARITOSH K. CHOKSI - ---------------------------------------- Paritosh K. Choksi Principal financial officer of registrant, Executive Vice President of General Partner 12 CERTIFICATIONS I, Dean L. Cash, certify that: 1. I have reviewed this quarterly report on Form 10-QSB of ATEL Cash Distribution Fund IV, LP; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: November 7, 2002 /s/ DEAN L. CASH - ---------------------------------------- Dean L. Cash President and Chief Executive Officer of General Partner 13 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly report on Form 10QSB of ATEL Cash Distribution Fund IV, LP, (the "Partnership") for the period ended June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), and pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, I, Dean L. Cash, Chief Executive Officer of ATEL Financial Services, LLC, general partner of the Partnership, hereby certify that: 1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 ; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. Date: November 7, 2002 /s/ DEAN L. CASH - ------------------------------- Dean L. Cash President and Chief Executive Officer of General Partner CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly report on Form 10QSB of ATEL Cash Distribution Fund IV, LP, (the "Partnership") for the period ended June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), and pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, I, Paritosh K. Choksi, Chief Financial Officer of ATEL Financial Services, LLC, general partner of the Partnership, hereby certify that: 1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 ; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. Date: November 7, 2002 /s/ PARITOSH K. CHOKSI - ------------------------------- Paritosh K. Choksi Executive Vice President of General Partner, Principal financial officer of registrant 14