Business Editors/Financial Editors

LONDON + NEW YORK----In the first
quarter of 2005, venture-capital investment into European companies
reached EUR 880. In addition, the capital invested in the
information-services segment nearly doubled from the first quarter of
2004 to reach EUR 40 million.
"The majority of information-services companies are
Internet-related, so the investment trend in this segment could
indicate we are entering Internet 2.0--with a resurgence of interest
in online businesses," said Gil Forer, global venture capital advisory
group leader for Ernst + Young. Newsletters published
by Dow Jones include Private Equity Analyst, VentureWire Professional,
and Daily Bankruptcy Review.S. According to Denning , "Gas prices will go up because refineries in
the Gulf may be partially damaged, or have to shut down for repairs.

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5 million in the same quarter of last year. Further information about Ernst + Young and its approach to
a variety of business issues can be found at www.

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Europe 's positive investment trend--which is the largest
amount invested in the first quarter in Europe since 2002--indicates
investors selectively are willing to back the most promising start-ups
and technologies. "There was particular attention for
Internet-related companies in mergers and acquisitions in Europe last
year, representing 10% of all venture-backed M+A deals last year,
including two of the year's largest--which may be the reason this
segment is garnering more investment activity .3 million later-round
deal for Zealand Pharma of Glostrup, Denmark--a developer of drugs for
cardiovascular and metabolic diseases."
Dan Denning is the editor of Strategic Investment, one of the most
respected "big-picture" investment newsletters on the market.

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By country, France held steady in terms of venture-capital
activity, with 38 deals this quarter--the same as occurred in the
first quarter of 2004. But investment in French companies decreased
slightly--by EUR 5 million--to EUR 106.
While such deals represented one-third of the investments made in the
first quarter of 2004 and continued to grow throughout last year, they
accounted for only 29% of the deal flow this quarter.

About VentureOne

VentureOne (www.

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3 million--a 19% increase over the amount invested in
the first quarter of 2004. Deals for communications companies declined 25%,
while investment in this segment dropped 37%.

.

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Much of
that increase was related to larger investments in first-round
deals--a median EUR 2."
By industry, the amount invested into European
information -technology (IT) companies climbed upward, reaching EUR
407.1 million--a 5% increase. But with summer driving season in the states set to wind
up with the Labor Day weekend, it wouldn't surprise me to see crude take a
quick and nasty fall in the next two weeks.

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Among the bright spots: The overall median deal size in Europe
reached its highest level in more than six years at EUR 3 million,
compared to EUR 1.9 million."
Meanwhile, venture-capital investment in health-care companies
grew considerably , while deals declined in a first-quarter comparison.1 million invested, a 58% increase.5 million. These venture capital statistics are for equity
investments into early-stage, innovative companies and do not include
companies receiving funding solely from corporate, individual, and/or
government investors.com/perspectives.

BALTIMORE, Wholesale gas prices have gone up
considerably since Hurricane Katrina went on its destructive path through the
Gulf of Mexico and the U.

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3 million --a 16% increase over this quarter a year ago.1 million invested. VentureSource, a
sophisticated electronic database on the venture capital industry, is
published by VentureOne. In addition to Dow Jones Newswires , Dow
Jones + Company (NYSE: DJ) publishes The Wall Street Journal and its
international and online editions, Barron's and the Far Eastern
Economic Review, Dow Jones Indexes, MarketWatch, and the Ottaway group
of community newspapers.S. And oil reached a high of almost $71 on Tuesday
before it fell back down to $69.

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However, deal flow dropped to less than 200
deals--a 27% decline from the same quarter a year ago--according to
the European Venture Capital Report released by Ernst + Young and
VentureOne . In the United
Kingdom, deal flow fell by one-third to 68 deals, but investment grew
to EUR 270 .djnewsletters.81.

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ventureone.com) real-time news for financial professionals in
the equities, fixed-income, foreign exchange and energy markets, and
also offers news for financial firms ' Web sites.

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Within the technology industry,
semiconductor companies fared well this quarter with deal flow that
was fairly steady compared to the first quarter of 2004, and an
investment level that tripled to EUR 121.4 million.
Mr. They also
accounted for only 20% of the capital invested , compared to 25% this
quarter a year ago.

Copyright (C) 2005, VentureOne.com), a unit of Dow Jones Newswires,
has been the leading provider of finance and investment data to the
venture capital industry for almost 20 years. On the other hand, refineries
are the chief source of demand for crude oil.

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The median size of
later-round deals grew to EUR 4 million, compared to EUR 2 million in
the first quarter of last year. Deal flow also was down
18% for the category's largest segment: biopharmaceuticals. Dow Jones is co-owner with Reuters Group of
Factiva, with Hearst of SmartMoney and with NBC Universal of CNBC
television operations in Asia and Europe.

The Daily Reckoning: Lingering Damages from Katrina Could Mean Higher Gas Prices and Lower Oil Prices

The hurricane, which has killed at least 100 people, shut down nearly all
oil production in the Gulf of Mexico. Of course , this froth is partially the result of a long-term
increase in demand.

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declined
this quarter.

With 53 deals,
software activity declined 30% but the investment level held steady at
EUR 160 . The category was responsible for
one of the quarter's largest deals--the EUR 26. However, they still represented slightly more
deals than second-round financings. Denning agreed,
"There is tremendous 'froth' built into crude prices, to borrow a term from
Alan Greenspan.

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4 million invested this quarter ,
and Ireland, which posted eight deals and EUR 42. Dow Jones also provides news
content to CNBC and radio stations in the U."
Analysts say that even if Katrina did less harm than feared, its effects
would tighten the availability of scarce refined products.

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S.6 million, also the highest amount since 1999,
when VentureOne began tracking the data.8 million, while deal flow decreased 28% to 26 deals. That
means interruptions in the nation's gas supply.

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The investment figures included in this release are based on
aggregate findings of VentureOne's proprietary European research. Its 100,000 people in
140 countries around the globe pursue the highest levels of integrity,
quality, and professionalism to provide clients with solutions based
on financial , transactional, and risk-management knowledge in Ernst +
Young's core services of Audit, Tax, and Transaction Advisory
Services.
Brought to you by Agora Financial, and written by the NY Times best-
selling authors, Bill Bonner and Addison Wiggin, The Daily Reckoning is a
daily, free e -letter that weaves information about the financial world,
investing and everyday life into an educational and entertaining format that
has been engaging their readers for over six years.

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This
data was collected by surveying professional venture capital firms,
through in-depth interviews with company CEOs and CFOs, and from
secondary sources.ey.
Not so, says energy expert and frequent Daily Reckoning contributor Dan
Denning. Repairs and shutdowns will have
the quite natural effect of lowering demand for crude.

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"
By industry, the median-round sizes also were at their highest
level on record, with EUR 3 million for IT deals and EUR 3.
One venture-capital trend that appeared to grow in 2004 fell back
this quarter: the investment activity in seed- and first-round deals.djnewswires .

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European Venture-Capital Investment Climbs in First Quarter Of 2005; Ernst + Young/VentureOne Quarterly European Venture Capital Report Finds Median Deal Sizes

Ernst + Young refers to all the members of the global Ernst + Young
organization.

.

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VentureOne is a unit of Dow Jones Newswires and the
publisher of VentureSource. "In addition, the fact that first-round deals are also
getting larger shows that the VCs are optimistic about the growth
potential of the current wave of new start-ups in Europe . However,
the capital invested in biopharmaceutical companies increased by 44%
over the first quarter of last year. In Germany, investment was steady
at EUR 141. The
other European countries most active in venture capital include
Sweden, which had 17 deals and EUR 61.

About Dow Jones Newswires

Through its Dow Jones Newswires unit, Dow Jones
(www.

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The electronics and
information -services segments each posted one more deal than occurred
this quarter last year. Most reports say that this could drive
oil prices above $80 and is the worst-case scenario the oil industry has been
fearing.

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This is the highest median for later
rounds since the third quarter of 2000. No statement herein is to be construed as a
recommendation to buy or sell securities or to provide investment
advice. And then a short-term correction
in the long upward climb.

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In comparison, both deal flow and investment in the U.
"Clearly, venture capitalists are directing their investments into
those companies that seem to have the brightest future potential, as
we are seeing fewer deals but larger amounts invested into those
deals," said Steve Harmston, director of international research for
VentureOne. However,
IT deal flow was down 21%. The medical-devices segment
posted 21 deals this quarter--the same number as a year ago--and EUR
43.com) produces focused, sector-specific online
databases, newsletters and industry events as well as providing
(www. A former
specialist in small-cap stocks, Dan has been at the helm of Strategic
Investment since 1999 - where, drawing from his network of global contacts, he
has designed an investment strategy that takes into account global political
and economic trends .

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3 million
for health-care deals this quarter. Forer added, "The larger amount invested per deal is evidence
of the need for European companies to go global much earlier in their
life cycle.
For example, deal flow was down 18% for health-care companies overall,
but investment was up 42% to EUR 377 million.

About Ernst + Young

Ernst + Young, a global leader in professional services , is
committed to restoring the public's trust in professional services
firms and in the quality of financial reporting.

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