Hawkesbridge Private Equity exits RecruitASP for 40% IRR

Information Release, 28 February 2006

Hawkesbridge Private Equity is pleased to announce that it has exited its investment in RecruitASP via a trade sale. This transaction results in Hawkesbridge generating a 40% IRR on its original $1 million investment made in November 2004.

RecruitASP's software manages and streamlines the entire recruitment process from requirement to hire. The software reduces the time and cost to hire staff and enables customers to attract and track the best quality candidates. Customers include the Victorian and Queensland Governments, Suncorp, PricewaterhouseCoopers, Mallesons, Air New Zealand and the UK National Health Service.

David Plumridge, Investment Director of Hawkesbridge, said that "this exit demonstrates the Hawkesbridge team's ability to successfully exit investments and is a credit to the RecruitASP management team."

Kim Scott, Managing Director of RecruitASP, commented that "Hawkesbridge's investment came at an important time in the company's development. In addition to supplying capital, the Hawkesbridge team assisted us with the development of our business plan and financial controls, finding a chairman and recruiting key staff. I'd recommend Hawkesbridge as a financial and strategic partner for expanding companies."

Hawkesbridge is a leading provider of private equity funds to Australian companies. Hawkesbridge targets management buyout and expansion capital opportunities, investing A$5 million to A$10 million in companies and management with a demonstrable track record.

For more information please contact David Plumridge on (02) 9233 7200 or go to www.hawkesbridge.com.au