Greg White Returns To PRIM

MAY 2004
- Named To Board By Romney - Governor Mitt Romney has named Gregory White to replace Alex Aikens
as his non-state employee appointee on PRIM's Board of Directors.

a Belmont resident, is more than familiar with PRIM. He was a member of
the Board as a Governor William Weld appointee in 1992. At that time,
White was a vice-president of UNC Partners Inc., a Boston venture
capital firm.

In December 1994 he
became director of PRIM, following Paul Doane's resignation. In
September 1997 White resigned to join TA Associates, a private equity

Shortly after, TA purchased
40% of ValueQuest, a Marblehead firm headed by Catherine McGrath.
ValueQuest, which was managing $330 million of PRIM's money in a large
capitalization value style, was then renamed ValueQuest/TA.

that time ValueQuest had been on PRIM's "watch list" because of an
unsatisfactory performance, which was 2.5% less than its benchmark over
a five-year period.

In June 1998, ValueQuest/TA announced that Greg White had been made managing director and chief operating officer.

July 1998, the PRIM Board voted to terminate ValueQuest/TA and place
the $330 million in a S&P 500 index fund, pending a search for a
new large cap value manager.

On May
13, 2002, Thomas Weisel Asset Management, a subsidiary of Thomas Weisel
Partners LLC, announced its acquisition of ValueQuest, which was then
managing $500 million in assets.

is currently a partner at Thomas Weisel Partners LLC, an asset
management and private equity firm headquartered in San Francisco, with
additional offices in New York, Boston and London.

Aikens was one of our most active Board members and will be missed,"
said Board member Ralph White. "He served on the recent search
committee, which resulted in the hiring of Mike Travaglini. Whatever
the issue, he brought a lot of savvy to the table. Alex had no personal
agenda - he just wanted to help." Aikens, who lives in Wellesley, is a
business professor at Brandeis University.