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VinaGame receives funding from IDG Ventures and launches swordman online

HANOI, VIETNAM – June 1st, 2005: VinaGame announced today that the company has received a significant investment from IDG Ventures. “This is the largest investment IDG Ventures has made in Vietnam thus far” remarked Nguyen Bao Hoang, the Managing General Partner of IDG Ventures Vietnam, who will join VinaGame’s Board of Directors to provide full support for VinaGame’s upcoming activities.

Established in September 2004, VinaGame is the first company in Vietnam to focus on Massively Multiplayer Online Games (MMOGs), a popular form of recreation worldwide. MMOGs have only recently taken hold in Vietnam since the introduction of broadband Internet access one and a half years ago. In late 2004, VinaGame signed an exclusive licensing agreement with KingSoft, the largest software developer in China, to launch KingSoft’s flagship title “Swordman Online” in Vietnam. After six months of adapting the title to the Vietnamese market, VinaGame is ready to officially launch “Swordman Online” June 11, 2005.

“We are pleased to have IDG Ventures as an investor as well as a partner. Online gaming is an exciting market and an attractive business to be in but it takes significant human and financial resources to compete effectively. The funding will assist us with the build up of our international-standard hosting facilities in Ho Chi Minh City and the launch of our next online game title at year’s end.” said Mr. Le Hong Minh, VinaGame’s Chairman, who continued: “As gamers ourselves, we’re committed to bringing the best titles here, carefully adapting them to the culture and language of Vietnam, and providing world-class quality service.”

Remarked Mr. Patrick Mc Govern, the Chairman of IDG: “IDG sees online games as a much-needed stimulus, helping to generate demand for computer purchases and driving broadband adoption, both of which are crucial to the development of Vietnam’s IT and Telecom sectors.”

VinaGame is partnered with VDC, Vietnam’s largest Internet Service Provider who will provide VinaGame with the broadband Internet connection and hosting solutions.

VinaGame’s first online game title “Swordman Online” is based on popular Chinese chivalry novels. The game became an instant success in China and is one of “10 Most Popular Online games in China in 2004”. Swordman Online received numerous awards, among them “Best Online Game in China in 2004” from the China Game Association and China PC Game Magazine. Swordman Online has attracted 17 million registered users in China and is currently available in China, Taiwan, Malaysia and Vietnam.

The Close Beta Testing of “Swordman Online” Vietnamese edition in April 2005 attracted 121,000 registrations in 48 hours. The official launch of “Swordman Online” Vietnamese edition is expected on 11 June 2005. More information and registration is at the official game website: www.volam.com.vn

About IDG Ventures

IDG Ventures is a global venture capital firm with more than $1 billion under management and a portfolio of over 125 companies built over the past 12 years. The fund pursues investment opportunities across a broad array of technology industry sectors including enterprise software, communications software, Internet enabling software, wireless technologies and services, IT-related technologies and services, media, and biotechnology. With offices in Boston, London, San Francisco, Seattle, and throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm’s limited partner, International Data Group (IDG), is the world’s largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, please visit www.idgventures.com.

For further information, please contact:

Nguyen Que Anh
IDG Ventures Vietnam
84-4-220 0348 – Hanoi office
84-8-827 8888 – Hochiminh City office

About VinaGame

Founded in September 2004 by a group of young and passionate gamers, VinaGame is the first company in Vietnam focused on Massively Multiplayer Online Games. VinaGame couples world-class talent with extensive local partnerships. VinaGame is headquartered in Ho Chi Minh City, in the commercial heart of Vietnam.

For more information about VinaGame or Swordman Online (Vo Lam Truyen Ky), please contact:

Mr. Le Hong Minh
VinaGame HCMC Office
381 Dien Bien Phu, District 3, HCMC
Email: info@vinagame.com.vn
Tel: +84 8 834 0343
Fax: +84-8-8328425