Smith School Announces Partnership with ChinaCast

Singapore & College Park Md., November 30, 2004 - The University of Maryland's Robert H. Smith School of Business and ChinaCast Communication Holdings Limited ("ChinaCast"), a leading provider of e-learning solutions in China, today announced that they have signed a memorandum of understanding ("MOU") to deliver education courses and programs to students in the People's Republic of China. ChinaCast continues to expand its lead position in the e-learning business in China and has already helped more than a dozen Chinese universities build nationwide e-learning networks.

Until now, a world-class business education has not been available to students outside of China's Tier 1 cities, said Mr. Ron Chan, CEO of ChinaCast. Through this partnership, however, ChinaCast will help bring the Smith School's courses and programs to students throughout China. The University of Maryland's Smith School is one of the finest business schools in the world and we are confident that Chinas students will greatly benefit from its quality courses and programs.

This agreement represents an exciting marriage of communications technology and world-class educational content, added Howard Frank, dean of the Robert H. Smith School of Business. As the leader in providing satellite-based broadband services in China, ChinaCast has the logistical means, the technical know-how, and the geographic reach to assist the Smith School in bringing our world-class programs to a broad audience in China beyond that of our existing EMBA programs in Beijing and Shanghai.

The Robert H. Smith School of Business is one of the world's top ranked business schools with a world-class faculty and extensive experience delivering high quality business education in China. The degree and non-degree business courses offered by the Smith School through the ChinaCast partnership will be made available to the public via open enrollment programs, and to employees or members of sponsoring organizations via sponsored programs.

ChinaCast and the Smith School intend to offer a general management course ("Advanced Management Certificate" or "AMC") and a bank management course ("Advanced Bank Management Certificate" or "ABMC") in the initial phase of this strategic partnership. Other programs in the pipeline include courses in education management, healthcare/hospital management, insurance management, and hospitality management. These will also be offered by way of both open enrollment programs and sponsored programs. Courses will be delivered by satellite and held at university campuses and educational facilities throughout China. Based on a market study done by Sinotrust Consulting, the size of the corporate e-learning market in China is expected to reach $600 million by the end of 2004.

In addition to providing turnkey e-learning systems and services via its nationwide broadband satellite network, ChinaCast will provide the remote campuses, marketing and sales activities, and call center services to assist the Smith School in administering its relationship with Chinese students and organizations offering sponsored programs.

Financial Impact 
The contract is not expected to contribute significantly to ChinaCast's earnings in the financial year ending December 31, 2004. None of the directors of the company has any interest, direct or indirect, in the University of Maryland, the Smith School, or the aforesaid MOU.

About ChinaCast 
Established in 1999 and headquartered in Beijing, ChinaCast provides satellite-based broadband Internet solutions to educational institutions, government agencies, enterprises and multinational companies throughout China and is today one of the leading privately held satellite-based services group in China.

ChinaCast offers its Education and Training solutions to universities and primary and middle schools (K-12). These services include broadband satellite network services, interactive distance learning applications, multimedia education content, educational portals, as well as IT certification and management training courses.

ChinaCast's Enterprise Networking solutions are targeted at large corporations, government agencies and multinational companies that require data, video and voice communications between their head office and branch offices throughout China. ChinaCast offers cost-effective and reliable network services on a full turnkey basis including network design, systems integration, network management and maintenance.

About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research for the digital economy. One of 13 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, Executive MBA, PhD, and executive education programs, as well as outreach services to the corporate community. In addition to its programs in North America and Europe, the Smith School provides custom MBA and open enrollment programs in China, with Executive MBA programs offered in Beijing and Shanghai. More information about the Robert H. Smith School of Business can be found at www.rhsmith.umd.edu.