China-Based Video Site Secures Funding

BEIJING, March 7: UUSee, an online video platform in China
whose content partners include CCTV, has raised $23.5 million in new financing,
led by Draper Fisher Jurvetson Growth Fund and Highland Capital Partners,
alongside Steamboard Ventures, the venture capital arm of The Walt Disney
Company.

Steamboat Ventures is joining as a new investor. The
financing round also includes additional participation from existing investors
Sequoia Capital China and SIG. In conjunction with the financing, Barry Schuler
of DFJ Growth Fund and Dan Nova of Highland Capital Partners have joined
UUSee's Board of Directors.

"This financing represents further endorsement of our
progress to date and the very large market opportunity that has emerged for
broadband media in China," said Zhu Li, the CEO and co-founder of UUSee.
"DFJ Growth Fund, Highland and Steamboat Ventures are top-tier firms that
have relevant expertise, relationships and capital to help us achieve further
growth and expand our leadership in the market."

Through partnerships with CCTV, Beijing TV and CSAT, among
others, UUSee provides users with a library of licensed content including news
programs, drama series, sports, and movies. The company has also partnered with
SMG to deliver live Internet broadcasts of premium sports events. UUSee
broadcasts nearly 60 channels of live TV programming and 350 channels of
commercial video content, along with video-on-demand features, downloading
services to mobile devices, and specialized services for Internet cafe users.
In addition, approximately 25 regional broadband portals from China Telecom
(CT) and China NetCom (CNC) have partnered with UUSee to offer this broadband
video programming to their users.

"The company and management team have made significant
progress to date securing key partnerships and developing a unique platform
that is already serving millions of online viewers," stated Dan Nova, the
managing general partner with Highland. "With its proprietary
technologies, including a robust peer-to-peer streaming network, UUSee is
making online video distribution of licensed content a reality."

"UUSee is China's leading Internet TV operator and
peer-to-peer video network, and we're thrilled to be partners with them,"
added Barry Schuler, the MD of DFJ Growth Fund and former chairman and CEO of
AOL. "UUSee has developed a large and loyal audience that continues to
grow very rapidly. We look forward to helping them become China's most
successful broadband media company by forging partnerships with the world's top
studios, programmers, and advertisers who want to reach this enormous
audience."