SINA.com Press Center

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SINA and NCsoft Enter Definitive Agreement to Form Online Game Joint Venture in China
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Joint Venture to operate and market Lineage, one of the most successful online games in the world with over four million subscribers

Shanghai & San Mateo, California.--(BUSINESS WIRE)—November 22, 2002-- SINA (Nasdaq:SINA), a leading online media company and value-added information service provider for China and global Chinese communities today announced the signing of a definitive agreement with NCsoft Corp. (KOSDAQ: 36570.KQ), the World’s leading online game developer and publisher to form a joint venture to operate and market NCsoft’s flagship Lineage game in China. Lineage is the most successful online game in Asia and the most popular game in the world with over four million subscribers and nearly $200 million in gross revenue in 2001.

Online games, which generate revenue from the subscription fees paid by players, is one of the fastest growing sectors of the interactive entertainment industry in the world. In particular, Massively Multi-Player Online Role Playing Game (or “MMORPG”) is the “stickiest” form of online games in which hundreds of thousands of players interact with one another concurrently online. This type of games focuses less on eye-hand dexterity and more on interaction with real human players in real time. The games create loyal followings with significant network effects as more and more gamers form communities and relationships with one another. According to Forrest Research, the market for online game constituted about 5% of the total game software market in 2001. However, it is expected to grow at a much faster pace than the rest of the game industry and to reach $5.3 billion in market size by 2005.

In Asia, the total online game market was estimated to be $450 million in 2001with most subscribers concentrated in Korea, Taiwan and Japan. However, in recent months, China, with its fast growing Internet population (already at 45.8 million users according to CNNIC’s July survey) is expected to become the largest market in the region in a relatively short period of time. According to CCID, a consultancy under China’s Ministry of Information Industry, the number of online game players will reach 9.7 million by the end of 2002 and 14.3 million by the end of 2003.

“Online game has already become one of the fastest growing sectors of the Internet economy in China. As the leading Internet portal, we are honored to partner with the number one online game company in the world to bring the best online games to China,” said, Daniel Mao, CEO of SINA. “ With this joint venture, SINA has further transformed from a leading Internet portal into a truly diversified leading online media, entertainment and value added service company with multiple revenue sources from advertising, subscription and fees”

“SINA is a progressive company,” said Tack Jin Kim, CEO of NCsoft. “It is listed on the NASDAQ exchange and a strong advantage and determination to become the number one player in the online game business in China. We believe SINA is the best partner for us to enter the Chinese market. We look forward to a relationship which will introduce a new and exciting era of online gaming to China.”

Introduced in September 1998, Lineage quickly became a blockbuster hit in Korea and has won multiple awards in Korea and the world. After its successful introduction in Korea, Lineage has been introduced into other Asian markets including Japan, Taiwan, Hong Kong and the US. In Korea and Taiwan, two of the most mature online game markets in Asia, Lineage controls close to half of the total markets. In 2001, Lineage grossed nearly $200 million in revenue.

“We are very excited to introduce Lineage to China. The online game enthusiasts here have been eagerly awaiting the launch of this game for a long time,” said, Yan Wang, President of SINA. “SINA has long been recognized for operating the leading game channel in China. With our unsurpassed strength in online game marketing and NCsoft’s superior game operations and development capabilities, we are bringing the leading online game in Asia to China, and are providing the best service with qualities that will exceed all of our competitors.”

About NCsoft

Headquartered in Seoul, South Korea, NCsoft Corp. is the world’s leading developer and publisher of online games. Established in 1997, NCsoft quickly turned its flagship product, Lineage™, into a blockbuster hit. The game currently commands a 42% market share and attracts the greatest number of concurrent users in the world. NCsoft has offices located in Tokyo, Hong Kong and operates its North American business out of Austin, Texas. NCsoft is a public company and its stock is traded on the KOSDAQ Korean stock exchange. More information about NCsoft can be found at www.ncsoft.net.

About SINA

SINA.COM (NASDAQ:SINA) is the leading online media and value-added information service ("VAS") provider for China and for global Chinese communities. With a branded network of 15 localized web sites targeting Greater China and overseas Chinese, SINA operates three major business lines including SINA.com (online media and entertainment service), SINA Online (consumer fee-based online and wireless VAS) and SINA.net (Small and medium-sized enterprises VAS), providing an array of services including online portals, premium email, wireless short messaging, virtual ISP, search, classified information, online games, e-commerce, e-learning and enterprise e-solutions.
To learn more about SINA, please logon to our corporate website at http://corp.sina.com

Safe Harbor Statement

This announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Securities and Exchange commission on forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, uncertain growth rate of online game market in China, any failure to successfully launch the Lineage game service in China, users’ acceptance of the Lineage game service, SINA historical and future losses, limited operating history, uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results, the Company's reliance on online advertising sales for a significant portion of its revenues, and any failure to successfully develop and introduce new products. Further information regarding these and other risks is included in SINA's prospectus, 10K, 10Q and in its other filings with the Securities and Exchange Commission.