(SAN FRANCISCO, CA, April 2, 2001) Walden International, a leading global venture capital firm, today announced the final closing of its most recent fund, Pacven Walden Ventures V, L.P. (Pacven V) and parallel funds. Operating as a single entity under Pacven V, these new funds will provide seed and start-up capital for promising high-growth technology enterprises located primarily in Asia and the United States. Pacven V will target the communications, software, Internet, semiconductors, electronics, implementation services and life sciences sectors.

This announcement follows Walden International's successful year in 2000, with more than 20 portfolio companies completing IPOs or acquisitions, including Centillium, iAsiaWorks, Accelerated Networks, EndWave, MediaRing, Promatory, SINA.com, Sonoma Systems, WebEx, Tsqware and Transmeta.

"Today's economic slowdown creates excellent opportunities for early stage investing," said Walden International's Executive Chairman, Lip-Bu Tan, who will lead the fund's management team. "We expect to see a return to more reasonable valuations within realistic timeframes, making this the ideal environment to identify and invest in solid companies with long-term growth potential."

Citing the firm's consistently high returns and strong confidence in Walden International's domain and geographic expertise, most of Walden International's previous limited partners returned to invest in Pacven V. "Over the years, we have seen Walden International continue to refine its focus on early stage, international investing," said Kevin Delbridge Managing Director of HarbourVest Partners. "The firm's deep industry and local knowledge uniquely position Walden International to capitalize on the opportunities made available in today's global technology marketplace."

In addition to HarbourVest Partners, other investors in Pacven V include leading investment and financial institutions located in the United States and overseas. Select investors to serve on the advisory board include Commonfund Capital, HarbourVest Partners, Harvard Management Company, Massachusetts Institute of Technology, NIB Capital Private Equity, Pantheon and Verizon.

Pacven V has also been successful in attracting key strategic corporate and financial investors including Adaptec, AOL Time Warner Ventures, CSFB, DBS Bank, Goldman Sachs, GIC Special Investments Pte Ltd., Morgan Stanley Dean Witter, Robertson Stephen's BAYVIEW 2000, L.P., Sumitomo and Temasek Holdings.

"We are very proud of our investors, having retained a majority of them from our previous Pacven III and Pacven IV funds," said Lip-Bu Tan. "In a true testament to our international scope, we have attracted additional partners from Europe and the Middle East to balance our capital resources throughout the major global markets."

Pacven V will be managed by an experienced team of 15 partners who offer significant investment, industry and venture capital expertise across international borders stretching from the United States to Asia. "The team has been working together for several years across international boundaries and represents a strong chemistry focused on results," said C.C. Tang, Managing Director for Walden International. "We plan to continue our solid pace and focus into Pacven V." This strength combined with offices in nine geographies - the United States, Taiwan, Singapore, Philippines, Malaysia, Japan, India, Hong Kong and China - gives Walden International the local contacts and networks to help start-ups scale globally.

The typical investment in each company will range from US$5 to US$25 million with a particular concentration on early-stage companies. Keeping with its preferred investment style, Walden International expects to retain a board position and maintain an active role in its investments. Through its global offices and board level participation, Walden International intends to help secure partnerships, relationships, and business opportunities for its portfolio companies.

About Walden International

Walden International is a leading global venture capital firm, providing early stage technology companies with the advantage of an unrivaled global network since 1987. The firm's international venture capital funds comprise more than US$2 billion in committed capital as of April 2, 2001. Walden International's globally organized network of multi-cultural investment professionals spans the United States, Taiwan, Singapore, Philippines, Malaysia, India, Japan, China and Hong Kong. For more information please visit www.waldenintl.com.