X0202 4 2006-07-10 0 0001084750 NAVISITE INC NAVI 0001251902 ATLANTIC INVESTORS LLC 20 EAST 66TH STREET NEW YORK NY 10021 0 0 1 0 8% Promissory Note 2.81 2006-07-10 4 P 0 3754244 3754244 A 2006-07-10 2011-07-10 Common Stock 1336030 3754244 D The 8% Promissory Note (the "Note") including principal and accrued interest on the Note became convertible on July 10, 2006 as a result of the nonpayment of the Note by such date. The amount of the derivative security reported herein represents the principal and accrued interest as of December 17, 2006. The number of underlying shares of Common Stock into which the Note may be converted will increase as interest accrues daily under the terms of the Note. Atlantic Investors LLC, By: Madison Technology LLC, Mng Mbr, By: /s/ Arthur Becker, Mng Dir 2006-12-28