--- NOT FOR DISTRIBUTION IN THE USA ---

Hamburg, Munich, and Menlo Park, Calif., (May 16, 2006). Early stage investor Earlybird reports 6 exit events in the last 9 months. NoemaLife is the newest of five successful IPOs out of the Earlybird portfolio at four different European stock exchanges. In addition, Earlybird announced the sale of its portfolio company Identify to BMC Software.

NoemaLife, is a software company focusing on supporting clinical processes inside healthcare organizations. Since its first day of trading on May 10th, 2006, on the Expandi segment of the Milan Stock Exchange, shares of Bologna-based NoemaLife SpA, advanced by 39% at the close of yesterday´s trading. The initial public offering was oversubscribed by a factor of six. In 1999, Earlybird provided a first round of Venture financing to GMD Gesellschaft für Medizinische Datenbearbeitung. In 2002 the company merged with NoemaLife´s predecessor. Today, the “e-health solutions” software family that NoemaLife acquired with the merger represents the growth driver for NoemaLife`s business.

On April 12th, 2006 Entelos (Foster City, CA, USA), a life sciences company developing predictive computer models of human disease, announced the first day of trading of its Shares on the AIM market of the London Stock Exchange.

In March 2006, Earlybird announced the sale of its portfolio company Identify Software (Petach-Tikva, Israel) to BMC Software (Houston, USA) for USD 150m.

In 2005, within a two-week period Earlybird listed three of its portfolio companies on European stock exchanges. On September 29, 2005, Interhyp (Munich) and Esmertec (Zurich) were first quoted on the stock exchanges in Frankfurt and Zurich, respectively. Tipp24 (Hamburg) followed on October 12, 2005, on the Frankfurt stock exchange.

Interhyp was the most successful new issue out of 22 IPOs in 2005 in Germany with an 81% increase in share price since the first day of trading until year end according to Deutsche Börse and Ernst & Young. Tipp24 is also recognized by Silicon Valley based Red Herring magazine as one of the top 10 worldwide venture-backed tech IPOs in 2005.


About Earlybird:
Earlybird with offices in Germany (Hamburg and Munich) and the U.S. (Menlo Park, California) invests primarily in early stage companies, in Europe and the US, within the Software/IT, Communications and Healthcare industries, as well as in the area of Convergent Technologies. The company was established in 1997 and currently has approximately US$ 300 million of capital under management. Earlybird identifies companies that are capable of global success in their respective industries while utilizing the best worldwide resources to do so. Most Earlybird companies are active in areas of technology where Europe plays a leading role and at the same time offers investors better initial valuations than in the U.S. Many of Earlybird’s portfolio companies have established subsidiaries across the Atlantic and in Asia. In some cases, company headquarters have relocated to the U.S. to take advantage of market locale, entrepreneurial leadership talent, expansion, and exit opportunities.

In addition to their financial competence, Earlybird’s partners and staff possess extensive operating and management experience, enabling them to provide comprehensive support for their portfolio companies. A network of experienced industry specialists serves on Earlybird´s advisory board and assists Earlybird and its portfolio companies in providing strategic advice and operational support.



For further information, please contact:
Daniela von Wedel
vonwedel@earlybird.com
Van-der-Smissen-Str. 3
22767 Hamburg
Tel.: +49-40-4329 41-0
Fax: +49-40-4329 41-29
www.earlybird.com

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This press release is not an offer of securities for sale in the United States. No securities may be offered or sold in the United States absent registration or an exemption from registration, and any public offer of securities to be made in the United States will be made by means of a prospectus that may be obtained from the respective issuer. Such prospectus will contain detailed information about the issuer and its management, as well as its financial statements. This press release is not being made and may not be distributed or sent into USA, Australia, Canada or Japan.