San Francisco (February 9, 1999) - Walden International ("WI") is pleased to announce the successful initial public offering of one of its portfolio companies, Eagle Brand Holdings Ltd. ("Eagle Brand"). The shares of Eagle Brand began trading on February 8, 1999 on the Stock Exchange of Singapore. A total of 230 million shares were offered at US$0.19 per share. DBS Bank is the lead underwriter of the offering.

Based in Foshan, the ceramic capital of China, Eagle Brand capitalizes on the region's unique resources to produce premium quality ceramic tiles and bathroom fixtures. Coupled state-of-the-art production technology with an extensive distribution network, Eagle Brand products are sold throughout China. The company is a leading producer in China of high quality bathroom fixtures and large tiles of up to one-meter square. In addition, the company is also one of the global pioneers in the production of curved-tiles, which are used for columns and curved walls

Eagle Brand annually produces more than 1.4 million pieces of bathroom fixtures and more than 9 million square meters of ceramic tiles. In 1998, turnover is estimated to grow 14% to reach US$133 million, while net profit is estimated to soar 64% to reach US$29 million.

The underlying success of Eagle Brand is its commitment to keeping up with leading edge technology, attaining international quality standards, developing a comprehensive product range and ensuring effective distribution. Eagle Brand is an ISO9002 quality assured firm. Over the years, the company has been uncompromising in the pursuit of excellence in innovation, product quality and customer satisfaction.

Established in 1987, WI is an international venture capital firm with over US$850 million 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, the Philippines, Thailand, Indonesia, India, and Australia.