San Francisco (April 19, 2000) The Walden International ("WI") is pleased to announce the successful initial offering of one of its portfolio companies, SINA.com. The shares of SINA.com were traded on April 13, 2000 at NASDAQ at a listing price of US$17 per share. A total of 4 million shares were offered to the public raising a total of US$68 million. Morgan Stanley Dean Witter was the lead underwriter of the worldwide offering.

SINA.com is a leading Chinese-focused Internet company bringing a comprehensive, user-friendly and fun online experience to the 1.3 billion people of Chinese descent worldwide. It offers a Chinese-language portal network of four localized Web sites targeting China, Taiwan and Hong Kong and overseas Chinese in North America. It grants free access to local and international content and features covering topics of interest to the global Chinese community. In addition, it also offers proprietary software products that enable users to more easily access Chinese Internet content. By leveraging its brand, user base and proprietary technologies across its localized destination sites, it has created a global online Chinese community where Chinese people can come together to read news, find information, exchange ideas, establish relationships and conduct business.

SINA.com's total average daily page views have grown from approximately 2.6 million in February 1999 to approximately 16.6 million in February 2000. The company was rated the most favorite Chinese web site in several 1999 surveys conducted by China Internet Network Information Centre, China's Internet authority, and www.consult, the leading Australian-based Internet research and consulting group.

"We are very proud of the management team," said Lip-Bu Tan, Chairman of Walden International. "The success of the company really lies in the ability of their cross-cultured teams to scale the company beyond China and build the site to become the leading Chinese-language network for Chinese users worldwide," he added.

WI was instrumental in the merger of two of the largest Chinese-language web sites in the world, Sinanet.com in the U.S. and SRS International Ltd. in China, as well as structuring the largest round of private investment ever made in the Chinese Internet market by bringing in major investors like Goldman Sachs, Flatiron Partners, Economic Development Board of Singapore in October 1999.

WI is an international venture capital group with over US$1 billion in funds under management. WI's international network of investment professionals are located in the United States, Singapore, Hong Kong, Taiwan, Malaysia, the People's Republic of China, Philippines, Indonesia, India and Australia.