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MICHAEL PHELPS AND 505 GAMES TO COLLABORATE ON NEW VIDEOGAME PROJECT

Multiple Titles to be Developed by 505 Games' New U.S. Operations for Distribution Worldwide

LOS ANGELES, CA (December 15, 2008) --- Michael Phelps, the most decorated Olympian of all time, and global videogame publisher, 505 Games, announced today a new partnership to develop next generation console and iPhone videogames. The first title is scheduled to release in spring 2010 and will be developed by 505 Games’ newly formed U.S. operations in Los Angeles. 505 Games also has European offices in the UK, and distribution partners around the world.

“505 Games is proud to partner with Michael Phelps to create innovative new game play experiences that celebrate active lifestyles, the spirit of competition and the inspirational dream of becoming a champion,” said Adam Kline, president of 505 Games U.S.“Through swimming, Michael has become an international superstar and role model for people of all ages. With 505 Games’ global reach, we look forward to leveraging the powerful digital entertainment medium to bring Michael’s passion for sports and competition to new audiences around the world.”

505 Games and Phelps are currently in the development stages for the first-of-its-kind videogame that may also include some of his teammates. In addition, 505 Games will donate a portion of the videogame proceeds to the Michael Phelps Foundation.

“I am really excited to partner with 505 Games and work with them to develop a game that is reflective of my personality, lifestyle and competitive nature,” said Phelps.“I believe this will be a tremendous opportunity to help continue my quest to raise the profile for the sport of swimming.”

Phelps, who is represented by Octagon, was recently profiled by CBS News’“60 Minutes”, named Sports Illustrated’s“Sportsman of the Year” and released his third book entitled NO LIMITS: The Will to Succeed.

About 505 GAMES (U.S.)

Based in Los Angeles, CA, 505 Games (U.S.) is the North American division of 505 Games, a global videogame publisher. The U.S. operations launched in May, 2008 to bring quality interactive entertainment to North America on all game platforms including Microsoft Xbox 360™, Sony PlayStation? 2, PlayStation? 3, PSP, Nintendo Wii™ and DS, as well as PC, online, and mobile. The company’s management team hails from the leaders in global entertainment including major motion picture studios, videogame publishers and leading game development studios. With the company’s deep experience and proven success in interactive entertainment worldwide, 505 Games is looking to drive the industry forward with innovative game experiences that integrate next generation game play, immersive stories and integrated brands that can take the business to a new level. The company offers a broad selection of videogame titles in all genres for players of all ages.

About Michael Phelps Foundation

The Michael Phelps Foundation is a Non-Profit Corporation that was established in August of 2008 by 14-time Olympic Gold Medalist, Michael Phelps. The Foundation’s purpose is to operate exclusively for charitable educational, and scientific purposes; and to promote healthy, active lives, especially for children, primarily by expanding opportunities for participation in the sport of swimming, both nationally and internationally.

About Octagon

Octagon, named the“2008 Sports Agency of the Year” by the Sports Business Journal, is the world’s largest sports and entertainment representation and marketing agency with global expertise in consulting, athletes&personalities, event management, property representation, marketing solutions, licensing and merchandising and talent procurement. As part of The Interpublic Group (NYSE:IPG), one of the world’s leading organizations of advertising agencies and marketing services, Octagon employs more than 1,000 people in 60 offices around the world. For further information please visit: www.octagon.com.

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CONTACTS:

For 505 Games (U.S.)

Dana Henry

Bender/Helper Impact

310-694-3130

dana_henry@bhimpact.com

For Michael Phelps/Octagon

Drew Johnson

Octagon

703-905-4338

drew.johnson@octagon.com

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