RIOT ENTERTAINMENT RECEIVES AN ADDITIONAL USD 15 MILLION IN FINANCING AND REINFORCES ITS POSITION AS A LEADER IN GLOBAL WIRELESS ENTERTAINMENT

Riot Entertainment (RIOT-E), the leader in wireless entertainment, today announced that it received an additional 15 million USD from an international group of investors. This second round of financing was led by Carlyle Internet Partners Europe (CIPE), the European venture arm of The Carlyle Group, one of the largest global private equity firms. Existing investors, Nokia Ventures and Softbank UK Ventures, and new investors, CDB WebTech, Stratos Ventures, and Lago Ventures, also participated in this round of funding.

Riot Entertainment is a wireless content company that specializes in the development and distribution of wireless gaming, communication and commerce anytime, anywhere. RIOT-E's SMS and WAP products feature a unique combination of strong branding and powerful storylines based on some of the most renowned names in the international entertainment industry. RIOT-E has strategic partnership agreements to develop wireless entertainment content and services with, among others, 20th Century Fox and Marvel Enterprises Inc.

Jean-Bernard Tellio, Managing Director of CIPE, who will be joining Riot-E's Board of Directors said: "We believe Riot-E is emerging as the leading producer and distributor of wireless entertainment and is the best possible partner for existing media players who want to reach their existing communities through Riot-E's vast operator network."

Riot Entertainment is aggressively rolling out its services globally, with major telecom partners in Spain, Italy, France, the United Kingdom, the Philippines, and Hong Kong to a combined user base totalling over 50 million subscribers. These services are being launched in conjunction with the release of the X-Men movie and marketed jointly with 20th Century Fox. RIOT-E is also focusing on bringing its services to the United States where the market for wireless entertainment is rapidly emerging.

Commenting on the new equity funding, Jan Wellmann, CEO:
"Our business focus will remain in wireless entertainment publishing. This requires global partnerships with leading operators, media companies, content owners and developers. The recent group of investors, led by Carlyle, represents for us an ideal, complementary pool of expertise and networking power in our mission to become a global leader in the wireless entertainment sector."

Lori Belcastro of Carlyle Internet Partners Europe commented:
"Wireless entertainment is becoming a key priority for operators as they start to capitalize on data services. We believe that Riot-E's differentiated offering will help operators capture this market opportunity."

Karim Abouzahr of Softbank UK Ventures commented:
"As a pioneer in wireless entertainment, Riot demonstrates Softbank's continued commitment to building leading new economy companies. This investment also leverages Softbank UK Ventures' relationship with epartners, the venture capital arm of News Corporation. This financing round is a strong endorsement of Riot's continued success and prospects."

Antti Kokkinen stating for Nokia Ventures:
"Creation of Mobile Information Society is driven by availability of new high quality content. Riot Entertainment is at the forefront of reformatting wireless entertainment concepts, and therefore a great partner for Nokia Ventures in the expanding wireless entertainment arena."

Nadim M. Nsouli of Lago Ventures commented:
"Over the past six months we have reviewed the wireless entertainment sector and met with numerous companies in the space. Our decision to invest in Riot-E was based on our belief that the Company has the potential to remain a leader in its space. Its top notch management team and innovative approach of forming partnerships with leading entertainment companies, such as Marvel Enterprises, position it to capitalize on the many opportunities in the fast growing wireless entertainment sector."

Kai Karttunen, Managing Partner commenting for Stratos Ventures:
"We invested in Riot-E, as we believe in its strong management team and vision of delivering co-branded entertainment content to the mobile users. The dominant brands will be in best position to catch audiences also within the mobile space. In addition, Riot-E's exclusive mobile content deals with global partners such as Marvel Enterprises will provide interesting revenue opportunities for Riot-E, its content partners and mobile operators." Notes to editors:

Riot Entertainment
RIOT-E develops and distributes entertainment services and games for mobile devices in partnership with leading international entertainment and telecommunication companies. RIOT-E was established in February of 2000 and currently has offices in Helsinki, Singapore, and New York. RIOT-E currently employs 90 people, with an executive team drawn from backgrounds in film, music, game production, and New Media.

The Carlyle Group
The Carlyle Group is one of the largest global private equity investment firms. The firm currently has more than $10 billion of capital under management dedicated to buyouts, strategic minority investments, venture capital, telecommunications services and real estate. Carlyle has been present in Europe since 1996 and currently has offices in London, Milan, Munich and Paris. Carlyle Internet Partners Europe (CIPE) is Carlyle's pan-European venture fund dedicated to Communications Technology and Services, Wireless-based Services, Information Technology and Internet businesses in the development stages from start-up to IPO. CIPE has committed capital in excess of Euro 730 million managed by a team of 10 investment professionals. Additional information on The Carlyle Group can be found at www.thecarlylegroup.com

CDB WebTech
CDBWebtech is a listed private equity company founded by Carlo De Benedetti focusing on communication technology (infrastructure, applications and services) with emphasis on wireless Internet. The company invests worldwide in premiere communications venture capital funds. In addition to investing through funds, it also makes selective direct investments in privately held companies alongside its partner funds. The company provides access to its portfolio of 20 companies and 40 funds in USA, Europe, Israel, Asia and India to the Italian and European communications markets. As of today CDBWebtech has committed Euro 400 mm in selected funds and private companies.

Stratos Ventures
Stratos Ventures is a European early-stage venture capital fund that invests in leading information and communication technology companies with substantial global growth potential. Stratos Ventures focuses its investments on selected clusters within mobile communications and mobile Internet. Stratos Ventures has offices in Helsinki, London and San Diego.

Lago Ventures
Lago Ventures is a venture capital firm focused on investment opportunities in the telecommunications and technology fields with a focus in the following areas: Telecommunications, Broadband, Wireless Technology, esolutions and Enabling Infrastructure. The Lago network consists of regional affiliates, portfolio companies, senior level individuals and a number of strategic partners who are committed to supporting entrepreneurs in taking their entrepreneurial endeavors to the next level.

Softbank UK Ventures
Softbank UK Ventures (SBUKV) is a $450 million venture capital fund dedicated to investing in and building the best new economy companies in the UK and Ireland; key investment areas include the Internet, new media, and wireless. SBUKV's lead investors are Softbank Corp, one of the worlds leading Internet investors and a stakeholder in over 400 Internet companies, and ePartners, the venture capital arm of News Corporation. Softbank UK Ventures brings to its portfolio companies the international networks of its lead investors and the expertise which help leading internet brands Yahoo!, E*Trade and Zdnet to the global market.

Nokia Ventures
Based in Menlo Park, California, Nokia Ventures L.P. is a US$100 million venture capital fund formed in 1998 to invest in early stage, high-growth companies in the areas of e-commerce, information technology and communications. Nokia Corporation has invested in the fund with the intention to gain exposure to new markets, business models and technologies beyond the reach of Nokia's current business unit strategies. Nokia Ventures seeks partnerships with leading-edge companies attacking high-growth market opportunities that will benefit from the combined resources, experience and contacts of the Nokia Ventures team and from the association with a world-class brand. For more information, visit www.nokiaventures.com.