CFA Institute, the 76,000-member, non-profit professional association that administers the Chartered Financial Analyst(R) (CFA(R)) curriculum and examination program worldwide and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry, today selected VCampus Corporation to create and deliver online courseware in support of a new certification program that will teach investment professionals the intricacies of investment performance analysis and reporting.

The program is based, in part, on the Global Investment Performance Standards (GIPS(R)) that are sponsored by CFA Institute and 23 other investment organizations and were most recently revised in February 2005. The new Certificate in Global Investment Performance Standards (CGIPS(TM)) fills a void in the marketplace for a professional credential specifically focused on performance evaluation and presentation.

VCampus will play a dual role in the CGIPS

 project designing and developing interactive, online training courses and serving as project lead, managing a team of providers that includes Avectra, a leading technology solutions vendor that will provide Association Management System (AMS) services, and Pearson VUE, a vendor that will provide the electronic testing component of the CGIPS Program.

"With VCampus at the helm of the CGIPS project, the combined talents of VCampus, Avectra, and Pearson VUE will provide a global solution to the investment performance community's growing demand for professional excellence," said Philip Lawton, CFA, Director of the GIPS Certification Program. "It is our goal to offer CGIPS candidates an effective interactive tool that facilitates acquiring the knowledge, skills, and abilities required for competent practice. After analyzing our requirements and exploring the e-Learning marketplace, we concluded that VCampus was the right company to work with in this endeavor."

"We are delighted to be leading the CGIPS project, under our Select Partner(TM) Program, for such a prestigious organization as CFA Institute," said Christopher Nelson, VCampus CFO. "We look forward to working with CFA Institute for the next five years, under the terms of our exclusive agreement, to serve the needs of the investment performance community."

The specialized, practice-oriented program is designed for practitioners employed by investment management organizations, firms engaged in verifying claims of compliance with the GIPS standards, investment consulting firms, and custodial banks and other third-party performance providers, as well as for plan sponsors, performance measurement software developers, and professional staff members of regulatory agencies.

CFA Institute, which for more than 40 years has managed and administered the rigorous CFA Program, will offer two sequential levels of examination toward the CGIPS designation: "Principles" and "Expert." The "Principles" exam will test candidates on the CFA Institute Code of Ethics and Standards of Professional Conduct, performance evaluation fundamentals (including rudimentary attribution analysis), and the provisions of the GIPS standards. The "Expert" exam will cover the CFA Institute Code and Standards, advanced performance analysis techniques, and the finer points of the GIPS standards and guidance statements. Each exam will be computer-based and three hours in duration. CFA Institute plans to make the first "Principles" exam available in the first half of 2006 and the first "Expert" exam in the second half of that year.

Upon completion of both exams and having met other requirements, candidates will receive a certificate and the right to use the CGIPS designation. Other requirements include having at least two years of professional experience in a performance-related position, participating in a mandatory continuing education program and adhering to the professional conduct program.

Interested candidates may view a free, 30-minute Webcast on the CGIPS program at https://www.cfainstitute.org/cgips/index.html. Questions about the credentialing program may be directed to cgips@cfainstitute.org.

About CFA Institute

CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst(R) (CFA(R)) curriculum and examination program worldwide and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. In addition to the CFA program, CFA Institute also develops and manages global standards for investment professionals such as the Asset Manager Code of Professional Conduct, Trade Management Guidelines and the Global Investment Performance Standards(R) (GIPS(R)). The GIPS standards were most recently revised in February 2005.

CFA Institute has more than 76,000 members in 119 countries. Its membership includes the world's 64,000 CFA charter holders, as well as 131 affiliated professional societies and chapters in 52 countries and territories. More information may be found at www.cfainstitute.org or by calling 1-800-247-8132 or 1-434-951-5499 in the U.S., 44-207-712-1719 in London or 852-2868-2700 in Hong Kong.

About VCampus(R)

VCampus Corporation (NASDAQ:VCMP), a provider of comprehensive e-Learning services, helps organizations that offer professional certifications and credentials unlock the value of their traditional branded course content. Through its innovative Select Partner(TM) Program, VCampus repurposes value-added training content for online delivery to enhance and support professional development programs. The Select Partner Program provides custom course development, publishing, hosting, e-commerce, reporting, account support and marketing services. With over a decade of e-Learning experience, VCampus has delivered 2.9 million courses to 920,000 desktops/users in associations, non-profits, corporations, government agencies and credentialing organizations. VCampus distributes a courseware library of more than 5,000 web-based courses. VCampus Corporation is headquartered in Reston, VA. For more information, call 800-915-9298, or visit the VCampus Web site at www.vcampus.com. "VCampus" is a registered trademark and "Select Partner" is a trademark of VCampus Corporation.

This press release contains forward-looking statements within the meaning of the federal Private Securities Litigation Reform Act of 1995. Statements contained herein that are not statements of historical fact are forward-looking. Without limiting the foregoing, references to future growth or expansion or scheduled product launch dates are forward-looking, and words such as "anticipates," "believes," "could," "estimate," "expect," "intend," "may," "might," "should," "will," and "would" and other forms of these words or similar words are intended to identify forward-looking information. You should read statements that contain these words carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. There might be events in the future that we are not able to predict accurately or control, and any forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include: (1) our history of losses, projection of future losses and our need to raise additional capital; (2) market acceptance of our new and future products; (3) uncertainties regarding the successful implementation of our Select Partner Program or the timely release of products; (4) growing competition; and (5) our ability to maintain and manage our growth. For additional information regarding risk factors that could affect our future results, please refer to the discussions of "Risk and Uncertainties" in our Annual Report on Form 10-K for the year ended December 31, 2004, as amended, and other SEC filings.

特许财务分析师协会（CFA Institute）是一家非盈利机构，拥有76000名会员，管理特许财务分析师® （Chartered Financial Analyst®，CFA®）全球课程和考试项目，并为投资行业制订自律准则、职业道德准则、专业操守和业绩报告标准。该协会今天选择VCampus公司（VCampus Corporation）制作并发布在线课件，为一项新的认证计划提供支持。通过该计划，专业投资人士可了解投资业绩分析和报告的详细情况。

此项计划部分依托于特许财务分析师协会和23家其它投资机构赞助的全球投资业绩标准（Global Investment Performance Standards，GIPS®），最近一次修订标准是在2005年2月进行的。新的全球投资业绩标准认证填补了市场空白，提供侧重于业绩评估和报告的专业资历证明。

VCampus将在“全球投资业绩标准认证”（CGIPS）项目中扮演双重角色，一方面设计开发互动在线培训课程，另一方面，领导项目的开展，管理供应商团队。团队中包括Avectra——一家领先的技术解决方案供应商，提供协会管理系统（Association Management System，AMS）服务，以及Pearson VUE——一家为CGIPS计划提供电子测试组件的供应商。

特许财务分析师协会GIPS认证计划总监Philip Lawton说，“VCampus领衔的CGIPS项目，结合了VCampus、Avectra和Pearson VUE三家的实力，将为投资业绩领域提供全球化解决方案，满足该领域对于优秀专业人才的不断增长的需求。我们的目标是，为CGIPS申请人提供有效的互动工具，方便他们了解知识、掌握技巧、获得能力，达到实际竞争环境的要求。在分析自身需求，调查研究了远程教学市场之后，我们认为，VCampus公司是这项尝试的最佳合作伙伴。”

VCampus公司首席财务官Christopher Nelson说，“很高兴我们能够负责CGIPS项目，依靠我们的Select Partner™(选择伙伴)计划，为特许财务分析师协会这样的著名机构提供服务。根据双方签署的排它性协议条款，我们期望在接下来的五年内与特许财务分析师协会合作，满足投资业绩领域的需求。”

该计划专业性强，面向实际运用，专为实际运作人士设计，适合在投资管理机构、从事GIPS标准一致性认证的公司、投资咨询公司、保管银行（custodial bank）和其它第三方业绩信息提供机构工作的人士，以及提供退休金计划的企业雇主（plan sponsor）、业绩评测软件开发人员和监管机构的专业人员参与。

“特许财务分析师”计划要求严格，特许财务分析师协会监管该计划已达40余年之久。协会将提供两个相互衔接的CGIPS认证考试级别，称为“基本原理”（Principles）和“专家级”（Expert）。“基本原理”考试测试的内容为：特许财务分析师协会职业道德准则和专业操守标准（CFA Institute Code of Ethics and Standards of Professional Conduct），业绩评估基础（包括基本的成因分析）以及GIPS标准的条款。“专家级”考试将覆盖特许财务分析师协会的准则和标准、高级业绩分析技巧、GIPS标准和指引的细节内容。两种级别都是计算机化考试，考试时间为3个小时。特许财务分析师协会计划在2006年上半年推出首次“基本原理”考试，06年下半年将第一次提供“专家级”考试。

完成两项考试且符合其它要求，申请人将获得证书，并有权使用CGIPS称号。其它要求包括：在业绩相关职位至少两年的专业经验、参加一项强制性的继续教育计划、遵守职业操守计划。

申请者感兴趣的话，可访问
https://www.cfainstitute.org/cgips/index.html ，查看免费的30分钟网络视频，了解CGIPS计划。认证计划的相关问题可发至：
cgips@cfainstitute.org 。

关于特许财务分析师协会（CFA Institute）

特许财务分析师协会（CFA Institute）是一家全球性的非盈利联盟，管理特许财务分析师® （Chartered Financial Analyst®，CFA®）全球课程和考试项目，并为投资行业制订自律准则、职业道德准则、专业操守和业绩报告标准。除了“特许财务分析师”计划之外，特许财务分析师协会还为投资专业人士制订并管理多项全球标准，例如：资产管理人员专业操守准则（Asset Manager Code of Professional Conduct）、贸易管理指引（Trade Management Guidelines）和全球投资业绩标准（Global Investment Performance Standards，GIPS®），标准最近一次修订是在2005年2月进行的。

特许财务分析师协会在119个国家拥有76000余名会员。其中包括全球64000位特许财务分析师执照持有人，以及分布于52个国家和地区的131家附属专业协会和分会。欲知更多信息，可访问www.cfainstitute.org或致电1-800-247-8132或 1-434-951-5499 （美国）、 44-207-712-1719（伦敦）、852-2868-2700（香港）。

关于VCampus®公司

VCampus公司（VCampus Corporation）（纳斯达克股票代码：VCMP）提供全面的网络教育服务，帮助专业认证和资历证明机构释放其传统知名课程内容的价值。借助新颖的Slect Partner™（选择伙伴）计划，VCampus公司调整增值培训内容的目标，使其适合在线推广，从而改善专业开发计划并为计划提供支持。“选择伙伴”（Select Partner）计划提供了课程自定制开发、发布、主机支持、电子商务、报表和财务支持以及营销服务。VCampus公司拥有十余年的网络教育经验，已向协会、非盈利机构、公司、政府机构和资历证明机构的92000个电脑终端/用户提供了290万次课程。VCampus发布的课件库拥有5000多套基于网页的课程。VCampus公司总部位于弗吉尼亚州雷斯顿。欲知更多信息，请致电800-915-9298或访问VCampus公司主页： www.vcampus.com 。“VCampus”和“Select Partner”(选择伙伴)分别为VCampus公司的注册商标和商标。

本新闻包含联邦政府颁布的《1995年私人证券诉讼改革法案》中所指的前瞻性表述。本文所含的非历史事实性表述即为前瞻性表述。对后期发展不做限制，涉及未来增长或扩张或产品预期上市日期的表述属前瞻性表述；诸如“预测”、“相信”、“能够”、“估计”、“期望”、“视图”、“可能”、“也许”、“应该”、“将”、“将会”这样的字眼，这些词的其它形式或类似的字眼均可视为提供前瞻性的信息。您应小心阅读含有这些字眼的表述，因为这些表述讨论的是我们的未来预期，包含了对于我们未来经营绩效或未来财务状况的预测，或者表达其它前瞻性的信息。未来可能发生我们无法准确预测或控制的事件，任何前瞻性表述都将受到风险和不确定因素的影响，可能导致实际结果发生较大变化。这些风险和不确定因素包括：（1）亏损历史、对未来亏损的预测和筹集更多资本的需求；（2）市场对于我们的新产品或未来产品的接受程度；（3）与成功实施“选择伙伴”（Select Partner）计划或适时发布产品相关的不确定因素；（4）不断加剧的竞争；（5）我们保持并管理增长的能力。关于可能影响我们未来绩效的风险因素，欲知更多相关信息，请参考我们2004年11月31日结束的财年提交并修订的年度报告中10-K表中“风险和不确定因素”部分的讨论，以及其它向证券交易委员会呈报的文件。

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