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Press Release

Innovation Works Demonstrates Innovative Investment Model

at First Anniversary

------ Twelve Investment Projects and Nearly Two Hundred Staff

(Beijing, September 8, 2010) Today, Dr. Kai-Fu Lee, Chairman and CEO of

Innovation Works, along with the core team and the leaders of twelve investment

projects, presented the accomplishments of Innovation Works in its first year at the

first anniversary celebration of the company.

Founded in September 2009 in Beijing, by four founders led by Dr. Lee,

Innovation Works is an investment company focusing on making early-stagehigh-tech investments, coaching young entrepreneurs, and providing complete

services to help these start-ups. To date, Innovation Works has invested in twelve

projects, focusing on the areas of mobile Internet, consumer Internet, e-commerce,

and cloud computing. During the past year, the number of staff of Innovation Works

and its investment projects has increased from five people to about two hundred

today.

Innovation Works offers a highly valuable set of services to entrepreneurs

including: funding, business plan optimization, technology guidance, marketing,

human resources, legal assistance and staff training, Innovation Works helps start-up

companies to achieve a smooth launch and fast growth in the early stage. Innovation

Works has made twelve investments, including: Tapas: An Internet smart-phone operating system (based on Android)

tailored for Chinese users.

Wonderpod (Wandoujia): An easy-to-use software assistant for Android phones. With it, one can download applications, videos, and music without

consuming expensive mobile bandwidth, and securely manage and back up

personal information.

Umeng: An analytics tool for mobile developers in China. Photo Wonder: An international mobile phone software for enhancing and

sharing photos.

Ascending Cloud: A game publisher built on proprietary technology fordeveloping and publishing social and web games for the over 30 countries.

Innovation Works has raised funds from an elite group of investors, with the lead

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investor being WI Harper Group founded by Mr. Peter Liu. Among the investors,

there are Fortune 100 companies, well-known venture capital funds, and investors

from both the U.S. and China, including Foxconn Technology Group led by Mr. Terry

Gou, Legend Holdings led by Mr. Liu Chuanzhi, New Oriental Education &Technology Group led by Mr. Yu Minhong, and Mr. Steve Chen who is a co-founder

of YouTube. Innovation Works has also received support from Silicon Valley Bank,

Foundation Capital, Chunghwa Telecom, MediaTek Inc. and many top investors from

the U.S., Europe and Asia. Their investments will strengthen Innovation Works, and

more importantly, their active participation and involvement will inspire and develop

our young entrepreneurs.

Innovation Works and the staff of the investment projects consist of

extraordinary talents. There are not only professionals from well-known

multinational and Chinese companies and Chinese serial entrepreneurs, but also

returnee experts from the Silicon Valley and reputable multinational technology

companies in China. Apart from many outstanding graduates from computer science

departments of domestic universities, many start-up teams have attracted prominent

alumni of top overseas universities including Stanford, Harvard, Yale, Oxford, UC

Berkeley, Chicago, and MIT. Innovation Works has indeed been a magnet for young

entrepreneurs who are passionate about technology innovation.

Pleased with Innovation Works progress over the past year, Dr. Kai-Fu Lee said,

Our talent acquisition and project developments have exceeded our expectations.

Some projects have been in development for just a few months, yet already acquiredmany users. Targeting different types of entrepreneurs, we have started three major

entrepreneur-development and company-building programs: the Jump-Start Program,

the Acceleration Program, and the Entrepreneur-in-Residence (EIR) Program. We

shall join forces with these young entrepreneurs to create innovative products and

services"

Together with the young Chinese entrepreneurs, Innovation Works aspires to

develop innovative products that solve real user problems, innovative technologies

that advance the state-of-the-art, and innovative programs that help develop future

entrepreneurial leaders.