Ironbridge

15th April, 2005

Ironbridge today announced the sale of its investment in leading private hospital group Affinity Health.

Ironbridge Managing Partner Neil Broekhuizen originated and co-led the acquisition in late 2003. The management team, lead by Robert Cooke, have done an outstanding job over the past two years in improving the delivery of services to doctors and patients, as well as significantly enhancing earnings.

The transaction will generate a return for Ironbridge of over 3x capital invested and an IRR significantly in excess of 100%.

Neil Broekhuizen said "The management team at Affinity have delivered an outstanding outcome for the first investment by the Ironbridge Fund.

During our period of ownership:

Affinity has been successfully established as a stand-alone operating business;
Significant progress has been made in improving insurance arrangements; and
Earnings have grown, particularly as a result of the improvement in operating margins.
Affinity has invested in its hospital portfolio to develop brownfield locations and day surgery facilities.

Robert Cooke, the Chief Executive of Affinity Health, said "The private equity investors worked closely with management to support our commitment to improve the delivery of patient services and the growth of our business".

Contact
Neil Broekhuizen
Managing Partner
Ironbridge
Ph: +612 9250 8700