San Francisco (November 30, 1999) - Walden International ("WI") is pleased to announce the successful initial public offering of one of its portfolio companies, MediaRing.com, after a one-year initial investment. MediaRing is the first Internet company listed on the Singapore Stock Exchange (SES), and its initial public offering was over-subscribed by retail investors by roughly 41 times.

The shares of MediaRing (Symbol: MR) began trading on November 19, 1999 on the Singapore Stock Exchange. A total of 150 million shares were offered at S$0.53 per share, raising approximately S$75 million (US$45 million) to the company. The offering was underwritten by SG Securities, Bear, Stearns & Co., Inc., and DBS Bank.

MediaRing is a leading provider of Internet voice communication services which enable users to make high quality calls worldwide from a sound-enabled personal computer to another personal computer ("PC-to-PC") free of charge, or to a traditional telephone ("PC-to-Phone") at a low cost relative to traditional long-distance telephone charges.

The company's services are provided through its software application, MediaRing Talk, which was formally launched in November 1998. The company also leveraged its expertise in PC-to-PC and PC-to-Phone voice communication to expand its service offerings through the introduction of its VoizMail service, which enables users to send voicemail messages and TalkZone, which facilitates PC-to-PC calls between participants within certain interest groups.

"We are pleased with the team's technical expertise and its ability in executing the company's strategy in a timely manner," said Lip-Bu Tan, Chairman of Walden International and a Director of MediaRing.com. "As the lead investor, WI was instrumental in bringing a group of strategic investors including Creative Technology Ltd. and Pacific Century Group to the company," he added.

Established in 1987, WI is an international venture capital firm with over US$950 million in funds under management. WIIG's international network of investment professionals are located in the United States, Taiwan, Singapore, Hong Kong, Malaysia, the People's Republic of China, the Philippines, Indonesia, India, Australia, and Thailand.