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Walden International Announces Closing of Bridge Fund: WIIG Communications Partners, L.P.

San Francisco (July 11, 2000) Walden International (WI) today announced the closing of its US$158 million communications fund, WIIG Communications Partners, L.P. and associated funds. The fund will primarily invest in early-stage U.S. companies across five rapidly evolving communication sectors: systems, services, components, software and implementation services.

"Ongoing change and explosive growth in the communications markets have made this particular area one of the world's largest investment opportunities," said Lip-Bu Tan, founder and chairman of WIIG and a principal of WIIG Communications Partners, L.P. "With our solid team of industry experts and global reach, WIIG is strategically positioned to create value for the communications-related businesses in our portfolio and to generate an excellent return for our investors."

Investors in WIIG Communications Partners, L.P. include GE Capital, US West, Morgan Stanley Dean Witter, Goldman Sachs, Grove Street Advisors for CalPERS, Creative Technologies, AXA Asset Management, Citigroup/Travelers, Vertex Management, Korean Technology Bank, ECICS, Lexington Partners and the Government of Kuwait. Other top-tier investment firms and corporations from around the world are also included.

The fund is managed by a strong team of world-class principals with decades of experience in the communications arena, and who are skilled in identifying and enhancing successful business models. The communications fund's management team, led by Lip-Bu Tan, includes K.O. Chia, Andrew Kau, Danial Faizullabhoy, Brian Chiang, Rakinder Grover, Hock Voon Loo, Tzu Hwa Hsu and Paul Chau. The advisory board is comprised of technology industry luminaries, including Kamran Elahian, Raymond Lin, Jeff Matros, Jim Sha, K.B. Chandrashekar and Edward Keible.

Pacven IV, WI's regional fund, has allocated $15 million to invest in tandem with WIIG Communications Partners. Both funds are expected to fully invest simultaneously, thus creating a launching pad for WI's larger fund, Pacven V. It will be a global fund, targeting investment opportunities in Asia and the United States, with a particular focus on telecom products and services.

About Walden International

Walden International is a leading Silicon Valley-established 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$1 billion in committed capital. Walden International's globally organized network of multi-cultural investment professionals spans the United States, Taiwan, Singapore, Hong Kong, Malaysia, China, the Philippines, India, Japan and Australia. For more information please visit www.wiig.com.