ITS Tubular Services

According to an Annual Report filed with the SEC in 2012: "In 2012, ITS  through its indirect non-U.S. subsidiaries International Tubulars FZE and International Tubular Services Kish Company may have engaged in transactions or dealings with an entity or entities owned or controlled, directly or indirectly, by the Government of Iran by providing equipment and related services pursuant to contracts in Iran.  Fund V is not aware of gross revenues and net profits, if any, attributable to that activity.  Fund V has been informed by ITS that ITS’ subsidiaries have stopped supplying equipment and related services into Iran and are winding down all operations related to Iran."