Hawkesbridge Enterprise Trust Makes New Investment In Smarttrack Pty Limited

Information Release, 13 August 2003

Hawkesbridge Limited (as trustee of the Hawkesbridge Enterprise Trust) (HET) is pleased to announce that it has made a $2.24 million investment in Smarttrack Pty Ltd (Smarttrack). The investment, comprising a $600,000 cash payment and simultaneous sale by HET of its 100% interest in the assets of Mantacom Technology Limited (MTL), entitles HET to receive a fully diluted 29% equity interest in Smarttrack.

Smarttrack has developed a true “plug and play” asset-tracking product that allows asset owners to install the hardware in any asset and to use the web browser based technology to monitor and communicate with that asset. By integrating it with GPRS telecommunications they have produced a service that is far more cost effective than other rival services. This has been evidenced by the quality of their client base that includes Boral and a state fire service.

The integration by Smarttrack of MTL’s proven data acquisition, control and management systems for harsh and hazardous environments, allows Smarttrack to enhance and expand the functionality of its exiting products and provide Smarttrack access to new market segments.

The above transaction, whilst adding Smarttrack to the investment portfolio of HET, also preserves HET’s initial investment in MTL. The transaction is a clear example of Hawkesbridge’s capacity to work closely and actively with its investee companies.

HET is a venture capital fund with a focus on early stage direct investment. Hawkesbridge Limited, the manager, seeks to invest in companies developing technologies that deliver material benefits to traditional industries.