CORONA DEL MAR, Calif. -- August 8, 2001 -- Miramar Venture Partners announced completion of its initial closing with total capital commitments of $62 million. Miramar, formed earlier this year, will invest in early stage information technology companies, primarily in Southern California. Miramar's largest investor is Dr. Henry Samueli, co-founder, Co-Chairman and Chief Technical Officer of Broadcom Corporation. Miramar's other investors include technology executives, entrepreneurs and venture capitalists, as well as other business leaders, most of whom reside in or have strong ties to Southern California. Ultimately, Miramar expects its final fund size to be in the $100 million range. Miramar will operate from offices in Orange County and San Diego.

Miramar was formed and is managed by Bruce Hallett, Rick Fink and Bob Holmen. Prior to forming Miramar, Hallett and Fink were two of Southern California's leading emerging growth company attorneys, having worked with many of the region's most successful technology companies as senior partners at Brobeck, Phleger & Harrison. In addition, Hallett and Fink managed Brobeck's internal investment fund over the past three years. Holmen's career prior to Miramar stretched from software and hardware engineer to senior management roles in several technology companies. Most recently, Holmen served as a senior executive with First Consulting Group (Nasdaq: FCGI).

"We are extremely pleased and feel very fortunate, particularly as a first-time fund, to have achieved this level of success with fundraising in such a short period of time," said Fink. "It's no secret that the environment for venture capital fundraising is difficult. Miramar's success speaks volumes as to investors' belief in our market opportunity in Southern California. Venture capital has tightened up and high quality deals are chasing money again. Valuations have dropped dramatically and, being a new fund, we can spend all of our time on new opportunities without the distraction of an existing portfolio. We think this is a very interesting time to have fresh capital to invest."

Hallett added, "With world class universities, its history of technological innovation and its strong business infrastructure, Southern California is one of the world's leading regions for the development of emerging information technology companies. In 2000, Southern California was the fourth largest region in the country for venture investing. Notwithstanding this, our region has been chronically short of local venture capital. Based on data we have seen, in 2000 only 6% of venture capital invested in the Southern California area originated from venture funds based in the region. This presents a very attractive opportunity for a new local source of venture capital investment. Having deep roots and strong networks throughout Southern California, we are well positioned to address that opportunity. We also expect to work very hard on behalf of our portfolio companies."

Contact:
Los Angeles and Orange County:	San Diego:
Bruce R. Hallett, Managing Partner 949.760.4455 bhallett@miramarvp.com	Richard A. Fink, Managing Partner 858.759.0271 or 949.760.4454 rfink@miramarvp.com