For Immediate Release

Contact: Jennifer Charette, Federated Media Publishing

415.332.6955

Beth Raia, Panorama Capital

650.234.1432

Federated Media Publishing Closes Series A Financing

Sausalito, CA, March 15, 2006 – Federated Media Publishing Inc., a Sausalito, CA-based Internet publishing business, announced today the completion of its Series A financing.

The financing was led by JPMorgan Partners (JPMP), and included Federated Media’s previous seed investors: Omidyar Network, The New York Times, Mitchell Kapor, Andrew Anker, Mike Homer, and Tim O’Reilly.

Joining Federated’s Board is Chris Albinson, a partner at JPMP and one of the five founding partners of Panorama Capital, a venture capital firm being formed by the JPMP venture team. Before joining JPMP, Albinson was Chief Strategy Officer for Digital Island [NASDAQ: ISLD]

“I’m thrilled to have Chris and JPMP on our team,” said John Battelle, founder and chairman of Federated Media. “Their network of relationships and extensive business experience have already paid significant dividends for our young business.”

“After founding Wired and then the Industry Standard, John Battelle has now founded a company that will help redefine the publishing industry,” said Albinson. “Audiences are increasingly moving toward the genuine, fresh and powerful voices that can be heard in the blogosphere today. By bringing together author-centric blogging and branded media, Federated Media enables authors, audiences and advertisers to engage in a dynamic conversation that is radically changing the traditional publishing model. We are energized to work with John again on this newest and most exciting venture.”

Federated Media represents “best of breed” independent publishing sites, with a focus on high quality authors catering to influential and highly engaged audiences. Through its advertising, technology, publishing, and business development services, FM connects independent weblog authors, marketers and influential audiences in an ongoing conversation that feeds everyone involved. The sites in FM’s network include BoingBoing.net, Buzzmachine.com, Digg.com, Dooce.com, Fark.com, GigaOm.com and more than 25 others.

J.P. Morgan Partners, LLC (JPMP) is a leading private equity firm with approximately $10 billion in capital under management as of December 31, 2005. Since its inception in 1984, JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare, hardware and software companies. With more than 75 investment professionals in five principal offices throughout the world, JPMP is an experienced investor in companies with worldwide operations.

As previously announced, the JPMP team will become independent from JPMorgan Chase later in 2006 and will establish two separate, more highly focused platforms. The venture team is forming a new firm, Panorama Capital (www.panoramacapital.com), and will continue to focus on technology and life sciences investments. The buyout/growth equity team is also forming a new firm, CCMP Capital, which will focus exclusively on lead buyout and growth equity investments primarily in its six targeted industry sectors in the U.S. and Europe. JPMP Asia, now known as CCMP Capital Asia, closed a new fund in 2005. It continues to invest in the Asia/Pacific region and will maintain its affiliation with the buyout professionals of CCMP Capital. ###