SEQUOIA FINANCIAL GROUP LTD — Capital/Financing Update 2004

Dec 9, 2004

GROUP LIMITED

ASX/NZSE Release 10 December 2004

CommSoft Group Limited Market Update

CommSoft Group Limited ("CommSoft") is a public company listed on the ASX and NZSE and its shares are currently suspended from trading. Today CommSoft entered into a conditional Heads of Agreement for the proposed scrip for scrip acquisition of the MDSnews Group. MDSnews Group owns MDSnews.com, a business of providing real time comprehensive news and avote services to the financial markets for retail and corporate clients. Enterina into a binding agreement to purchase the MDSnews Group is subject to satisfaction of a number of conditions precedent, including the completion of due diligence by all parties and compliance with regulatory requirements of the ASX, NZX and ASIC. It is anticipated that CommSoft will undertake a capital raising pursuant to a prospectus in tandem with the An Extraordinary General Meeting (EGM) of members will be proposed acauisition. specifically called once, and if, all of the requisite due diligence is satisfactorily completed.

Shareholders are encouraged to attend the Company's AGM scheduled for 17 January 2005 where the MDSnews Group proposes to provide a demonstration of the MDSnews.com In the interim, interested parties are free to visit the website at technology. www.mdsnews.com.

Proposed Timetable

Comms It

Subject to ASX and NZX Listing Rules and Corporations Act requirements and satisfaction of all the conditional elements of the proposed transaction, including the planned capital raising pursuant to the issue of a prospectus and obtaining CommSoft shareholder approval, the Company anticipates completion of the aforementioned transactions in accordance with the following fimetable (which is subject to change by the Company in consultation with its advisors):

January 2005	Collective due diligence finalised
February 2005	Despatch of Notice of EGM to CommSoft shareholders and issue ofa Prospectus
March 2005	CommSoft shareholder EGM and closing of Prospectus offer
March 2005	Complete Share Purchase Agreement with MDSnews shareholdersand issue consideration shares to MDSnews shareholders
April 2005	Re-admission of CommSoft securities to trading

Further enaulries should be directed to Jeff Zulman, Chairman, CommSoft Group Limited Tel: (612) 9251 7944 Fax: (612) 7948 or email: jzulman@coyne.biz or Garth Grundy, Director, CommSoft Group Limited Tel: (612) 9251 7947 Fax: (612) 7948 or email: ggrundy@coyne.biz.