Devonshire Capital
Seoul 18th November 2002

PRESS RELEASE

VENTURE CAPITAL, a new 10 billion won "Venture M&A Fund".

The Korea Venture Forum Association (the "Forum") together with Devonshire Korea, Inc. today announced the launch of a highly specialized 10 billion won Korean Venture Mergers & Acquisitions Fund to help assist and promote domestic private venture capital and investment organizations.

The Forum said that it would establish a "Venture M&A Fund" (10 billion won) with Devonshire Korea and the funds will be gathered from both domestic and international venture capital investors. Devonshire Korea CEO, Joo Hyung Han said "We are looking forward to working with the Forum and planning to hold a joint conference for investment and securing membership companies next month"

For this plan, the Forum has created a supporting section for M&A investment, with Eung Jin Lee, Devonshire Korea Managing Director, as the Chairman of this section, and Jin Whan Bae, Team Chief at KTB Network, as the Executive Secretary. As discussed at a meeting with Devonshire Korea recently, the details of the conference for venture capital companies and investment organizations will be announced shortly.

"This is a significant time to establish a fund by private investment companies" said Jin Whan Bae "with the ongoing discussion about Mergers & Acquisitions of venture investors and the general venture industry, the Funds structure and investment focus will be discussed in detail by all participating members of the Forum"

The Ministry of Commerce and the Small and Medium Business Association (SMBA) had recently announced its plan to progress the establishment of a professional fund to promote M&A among venture companies. Sae Ki Oh, a director of the Korean Venture Forum Association said, "As the venture industry shows a downward trend, venture capital and venture companies have been unable to achieve normal returns or raise additional sources of investment. The promotion of M&A funds are, and will continue to be discussed, in order to improve the liquidity of the venture industry."

Digital Times, www.dt.co.kr

Choi Kyung Sup 19 November, 2002