February, 2010
Despite a very difficult economy, Stonebridge’s investment portfolio has performed very well by paying down a significant amount of debt and achieving strong earnings. Combined EBITDA increased 17% from 2007 to 2008, and 7% from 2008 to 2009. Alpha Packaging and Durcon Laboratory Tops, which are Fund III’s largest portfolio companies, had record performances in 2009.
The following chart presents the combined performance and debt leverage levels of the Stonebridge portfolio companies from 2004 to 2009E.
Combined Performance of the Stonebridge Portfolio Companies (Funds I, II and III)

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