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3i builds Cambridge track record selling UbiNetics stake to CSR

28 July 2005 -- 3i, Europe's leading venture capitalist, is selling its stake in UbiNetics to Cambridge Silicon Radio (CSR), the international short-range wireless company, which 3i backed in 1999 and helped float on the London Stock Exchange in April 2004.

The deal, at $48m, along with the sale of the UbiNetics' test and measurement business to Aeroflex in May 2005, delivers an 80% IRR for 3i in less than 18 months. This is the fourth successful exit for 3i in the last 12 months locally, showing 3i as clear leader in the Cambridge market. As the founding venture capital investor in both businesses, 3i made the initial introductions which led to CSR's acquisition of the UbiNetics business.

'The sale of UbiNetics to CSR marks a new trend in VC investing. To be successful in venturing one must really understand the shape of the technology markets you are investing in. 3i's knowledge of CSR and its roadmap made us realise that the UbiNetics handset business would be a fantastic fit for CSR, making the deal a real win-win situation. We remain a substantial investor in CSR and have genuine belief in what the management team are creating. It feels great to be helping to shape the Cambridge landscape.' said Laurence Garrett, partner, venture capital, 3i.

This successful purchase of a VC-backed start-up by another major VC-backed public firm demonstrates the value 3i can bring via its network of contacts and the success of 3i's mobility sector theme-based investing approach.

The deal also builds on 3i's strong track record in Cambridge, a global technology centre of excellence, through its investments in: Datanomic, Cachelogic, Domantis, Metalysis and others as well as successful exits: UbiNetics, Arakis, Trigenix and historically CSR. 3i's total investment in the region currently stands at over 75m.

About 3i
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.

In the year to March 31, 2005, 3i invested 962m, including co-investment funds. 3i's Buyouts business operates primarily on a pan European basis, investing in businesses with a transaction value of up to €1 billion. In the year to March 31, 2005, Buyouts invested 532m. During the same period, its Growth Capital business, which focuses on high growth companies expanding organically or through acquisition, invested 274m across Europe and Asia. 3i's Venture Capital business invested 144m in the year to March 31, 2005. The venture capital business invests in early stage technology companies throughout Europe and US.

Some of 3i's award-winning early stage portfolio include Vonage, US (VOIP), Udex US (RFID), The Cloud, UK (wireless), Microsulis, Scotland (medtech), Mobile 365, France (comms), Smart Fuel Cells, Germany (energy), Fractus, Spain (antennas), Sulake Finland (gaming) with successful IPO realisations through Cambridge Silicon Radio (CSR), e2v, Bookham Technology, Novuspharma (Italy) and many others. See

About UbiNetics
UbiNetics is a world leader in the supply of innovative 3G, 2.5G and 2G IP solutions for chipset and terminal manufacturers, and 3G Test and Measurement Equipment.
The company's WCDMA Test Mobiles, in use by 3G Infrastructure Manufacturers and Network Operators worldwide, have positioned UbiNetics at the centre of WCDMA interoperability testing. New products, such as the LG200 Load Generator and the TM500 Test Mobile, now being supplied for early HSDPA trials, are further strengthening this position. UbiNetics also provides 2G, 2.5G, 3G and HSDPA protocol software and physical layer IP for use by chipset and handset developers and manufacturers. The com

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