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Starfish Ventures Announces Launch of New Technology Fund at AUD $62.5 Million

Thursday, 12 February 2004
Starfish Ventures Announces Launch of New Technology Fund at AUD $62.5 Million

Starfish Ventures Announces Launch of New Technology Fund at AUD $62.5 Million 13.02.04

Melbourne, Australia, 13 Feb. 2004:- Starfish Ventures Pty Ltd, a leading Australian technology investor, today announced the first close of the Starfish Technology Fund I, LP ("STF") at AUD$62.5 million.

"This is an exciting milestone for Starfish Ventures and encouraging news for the Australian technology sector", said John Dyson, Investment Principal at Starfish Ventures. "The fundraising is gaining momentum and we are on track to achieve the target fund size of at least AUD$100 million," Dyson added.

The STF is being raised to invest in innovative Australian companies across all fields of technology including information technology and the life sciences. "The establishment of the Starfish Technology Fund is the perfect compliment to our existing Pre-seed Fund", continued Dyson. "This gives us the ability to work with technology companies at all stages of development, right from ideas through to profitable businesses."

At the first close the STF has received support from Australia's leading private equity investors including Development Australia Fund, Macquarie Funds Management, Quay Partners and Westscheme as well as from international investor Mitsui & Co. Starfish Ventures is continuing its fundraising efforts and expects to welcome additional domestic and international investors shortly. The STF is the first venture capital fund to be established under the new Venture Capital Limited Partnership (VCLP) structure. The VCLP structure was introduced by the Australian Federal Government in late 2002 to remove a key barrier to attracting international investors to the Australian private equity market. By utilising the new structure Starfish Ventures has been able to approach international investors knowing it is competing on a level playing field.

The STF will focus on investments in private companies that display an outstanding management team, are commercialising innovative technology and are capable of becoming a global market player.

About Starfish Ventures
Established in 2001, Starfish Ventures is a new Australian owned venture capital fund manager seeking superior returns through active investment in innovative technology companies. The Starfish Ventures team established its track record supporting such Australian technology success stories as Compumedics, Moldflow, Preston Aviation Solutions, Resmed and Sirtex Medical.

Malcolm Thornton, Starfish Ventures
T: +61 3 9654 2121