Perfect World Co., Ltd. (’’Perfect World’’ or the ’’Company’’), a leading online game developer and operator in China, today announced that it has entered into a new licensing agreement with IP E-Game Ventures Inc., a well-known online game operator in the Philippines, on June 12, 2008. IP E-Game Ventures Inc. will license Perfect World’s ’’Zhu Xian’’ game in the Philippines.

’’Zhu Xian’’ is based on a popular internet fantasy novel with the same name. The game has been well-received among domestic online game players since its launch in May 2007. On May 28, 2008, Perfect World launched ’’Samsara in the Six Realms’’ expansion pack and propelled a new round of enthusiasm for the game. The new expansion pack introduced new features to the game, including a brand new ’’Ghost’’ school and the ’’Pet System.’’ These latest features will be included in the English version that will be licensed to the Philippines.

Steve Tsao, President and Chief Operating Officer of IP E-Game Ventures Inc., commented, ’’’Zhu Xian’ is a popular online game in China and we are very pleased to enter an agreement with Perfect World to license it in the Philippines. Given Perfect World’s extensive international experience and our operating capabilities in the Philippines, we believe gamers in the country will greatly enjoy ’Zhu Xian.’’’

Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World, added, ’’We are very happy to add the Philippines to the list of countries to which ’Zhu Xian’ has been licensed. Successful overseas licensing is an indicator of our rapid growth in international expansion, and we believe our continued success in exporting our portfolio of games to markets outside of China demonstrates quality and adaptability of our games. I believe we will see impressive results from ’Zhu Xian’ through our joint efforts with IP E- Game Ventures Inc.’’