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Internet Capital Group Makes Largest Acquisition to Date with $657 Million Stake in RightWorks

NEW YORK--(BUSINESS WIRE)--March 8, 2000--

Leading Software Company That Powers Digital
Marketplaces Will Be a Pivotal Component of ICG`s
Business-to-Business E-Commerce Network

Internet Capital Group (Nasdaq:ICGE), a leading


business-to-business (B2B) e-commerce company, today announced that it has agreed to acquire a majority interest in privately-held RightWorks of San Jose, Calif., for $22 million in cash and approximately $635 million in ICG common stock, subject to completion of the exchange offer.

RightWorks is a leading provider of e-procurement software that powers B2B exchanges, which are at the core of digital marketplaces across the Internet. Customers include both vertical market makers and corporate market makers, such as Aspect Development, CSC, i2`s TradeMatrix.com, ShopNow.com, VerticalNet and Wells Fargo.

The acquisition of RightWorks underscores Internet Capital Group`s commitment to building digital marketplaces across the top 50 global industries.

"We believe RightWorks has the best technology on the market today for enabling online trading communities," said Mary Coleman, managing director of operations for ICG who will be joining the RightWorks board. "RightWorks is the emerging industry standard to operate B2B exchanges, and we have joined forces with RightWorks to accelerate the adoption of its technology by market makers worldwide."

Since its inception in 1996, Internet Capital Group has acquired and built two types of companies: market makers that bring buyers and sellers together by creating Internet-based marketplaces for the exchange of goods, services and information; and enabling service providers and infrastructure companies, which sell software and services to businesses engaged in e-commerce.

As an ICG partner company, RightWorks will gain access to ICG`s strategic expertise and operational support while its technology will increase the value of the entire ICG network.

"This agreement is a tremendous confirmation of our decision to focus on the needs of digital marketplaces," said Vani Kola, CEO and founder of RightWorks. "We are excited that, as the leader in B2B e-commerce, ICG shares our vision and sees the same potential we do for RightWorks to become the global industry leader in B2B exchanges and e-procurement."

According to the Gartner Group, worldwide B2B e-commerce is expected to experience dramatic growth with trade figures expected to total $7.3 trillion by 2004.

"As an ICG partner company, we appreciate what this alliance can mean in terms of strengthening RightWorks` ability to execute in today`s fast-paced marketplace," said Dean S. Sivley, senior vice president e-commerce and product development at VerticalNet, which uses RightWorks technology to operate 56 industry-specific B2B web sites.

"The combination of RightWorks` technology for powering digital marketplaces, with the talent and resources already amassed within the ICG network, only strengthens our commitment to both RightWorks and ICG."

The transaction is subject to customary closing conditions, including the expiration of the Hart Scott Rodino waiting period.

About RightWorks

Founded in 1996, RightWorks is a leading provider of e-procurement software for powering the B2B exchanges that lie at the heart of digital marketplaces across the Internet.

RightWorks offers an extensive range of capabilities that are being adopted by both vertical market makers and corporate market makers, as well as corporations implementing e-procurement solutions -- all of which are available as in-house or hosted solutions.

RightWorks 5.0, the latest release of the company`s flagship product, is architected to take advantage of the dynamic and distributed nature of the Internet with innovations such as an open "many-to-many" trading platform, Universal Network Content(TM), and Business Personalization(TM).

RightWorks customers represent a wide range of markets and include companies such as Aspect Development, CSC, ShopNow.com, Trade Matrix.com, VerticalNet, Wells Fargo Bank and others.

Based in San Jose, Calif., RightWorks can be reached at www.rightworks.com.

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Internet Capital Group (ticker: ICGE, exchange: Nasdaq) News Release - Wednesday, March 08, 2000

Internet Capital Group Hosts Its First B2B Investors Forum; ICG and 18 of its Partner Companies Highlight New Initiatives and Open Market Infrastructure
NEW YORK--(BUSINESS WIRE)--March 8, 2000--More than 350 leading investors, analysts and entrepreneurs gathered today as Internet Capital Group (Nasdaq:ICGE) hosted its first investor conference on business-to-business (B2B) e-commerce and announced new strategic initiatives. "We were pleased to meet face-to-face with analysts, investors and media to discuss the pace and success with which we are executing our strategy," said Walter Buckley, president and CEO of Internet Capital Group. "What today showed was the competitive advantage that our partner companies experience by being a part of the collaborative network that is Internet Capital Group." Buckley welcomed DuPont Chairman and CEO Charles Holliday, Jr. who outlined the joint venture launched last month by DuPont and Internet Capital Group, called "CapSpan". CapSpan specializes in facilitating the building of digital marketplaces for industrial sectors. In addition, other market maker partner companies gave presentations, including asseTrade.com, e-Chemicals, USgift.com, Autovia, eMerge Interactive, CommerceQuest, ComputerJobs.com, NetVendor, Logistics.com, Start-Cite, ICG Commerce, Syncra Software, United Messaging, Vivant!, Benchmarking Partners, Breakaway Solutions, and Bidcom. B2B e-commerce allows companies to buy and sell goods, make orders and payments and conduct other transactions online. Analysts at the conference said the speed, capability and functionality of e-commerce will enable companies to boost productivity and reduce costs. "Internet Capital Group is setting the standard for others going after the B2B market, even for independent software companies," said Bruce Richardson, an analyst with AMR Research, who attended today`s conference. "The great stuff they`re doing with large organizations like DuPont is a brilliant strategy. You`ll see other traditional firms playing catch-up." The two major announcements during today`s conference: the launch of Pennsylvania-based ICG Commerce, the world`s first complete online procurement service for businesses; and Internet Capital Group`s $657 million stake in RightWorks, a privately-held e-procurement software company based in San Jose, Calif. "A key to winning the lion`s share of B2B e-commerce is creating open trading and procurement platforms," said Sam Jadallah, managing director at Internet Capital Group. "Internet Capital Group partner companies are emerging as the leaders in their respective industry sectors. Today`s announcements reflect our focus on providing robust solutions to our market makers and Global 2000 partners."

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Internet Capital Group (ticker: ICGE, exchange: Nasdaq) News Release - Wednesday, March 08, 2000

Internet Capital Group and Hutchison Whampoa Form Two New Companies to Tap Tremendous B-2-B E-Commerce Potential in Asia
HONG KONG--(BUSINESS WIRE)--March 8, 2000--Internet Capital Group (Nasdaq:ICGE), the leading business-to-business e-commerce company, and Hutchison Whampoa Ltd. (Hutchison), a US$ 65 billion Hong Kong based multi-national conglomerate, today announced that they have joined forces to sharply accelerate the pace of B-2-B e-commerce in Asia. Together, they will launch two businesses, ICG AsiaWorks, which will incubate, acquire and build e-commerce market makers and B-2-B infrastructure companies, and an e-procurement services joint venture that will become a leading e-commerce buying and selling portal for companies in the Asia region. Both of these companies will leverage the brand, visionary leadership, business networks, assets, and technology of Internet Capital Group (ICG) and Hutchison to encourage the growth of B-2-B e-commerce businesses. Both companies will be headquartered in Hong Kong. "We believe there is enormous potential in Asia and we are honored to be partnering with Hutchison Whampoa to help Asian businesses tap into the world-wide power of the Internet," said Kenneth Fox, co-founder and managing director of ICG. "Together through the formation of our e-procurement services joint venture, we will create the leading portal for entrepreneurs and large corporations to buy and sell products and services globally, reducing their procurement costs and growing their revenues. In addition, the formation of ICG AsiaWorks will bring the knowledge and resources of ICG to Asian companies and provide a platform for our US and European based companies to expand to Asia." According to Gartner Group, worldwide B-2-B e-commerce will experience explosive growth, totaling US$7.3 trillion by 2004. Approximately US$1 trillion will be generated in Asia. "We are very excited about our new partnership with Internet Capital Group, the clear leader in the B-2-B Internet space in the United States," said Canning Fok, Hutchison Whampoa group managing director. "We believe ICG`s success and impressive market capitalization of US$37 billion, is indicative of the tremendous potential of B-2-B e-commerce in Asia. With the powerful combination of Hutchison`s extensive network and resources, and ICG`s management and technical expertise, I am confident that we can repeat this success here in Asia." ICG AsiaWorks ICG, Hutchison, and Li Ka Shing Foundation Limited are acquiring a combined controlling stake in a listed company on the Hong Kong Stock Exchange, Harbour Ring International Holdings (HK: 715), and renaming it ICG AsiaWorks Limited. ICG will be the majority shareholder. Closing is conditional upon the approval of the transaction by the shareholders of Harbour Ring (if required by the Hong Kong Stock Exchange or the Securities and Futures Commission, the independent shareholders,) listing approval from the Hong Kong Stock Exchange and the granting of a whitewash waiver from the Securities and Futures Commission, as well as certain other conditions. ICG AsiaWorks will acquire and build leading Asian-based B-2-B market makers and infrastructure companies, such as digital exchanges, consulting firms, software companies, and outsourced service providers. In addition, ICG AsiaWorks will operate several business incubation centers in Hong Kong and Greater China that will serve as a platform for bringing Internet Capital Group`s market makers and partner companies to Hong Kong and Greater China. The incubation centers will also start new Asian-based companies. ICG AsiaWorks will accelerate the development of these companies by providing strategy, technology and executive recruiting, in addition to the global operational expertise of ICG`s executive team and 55 partner companies. E -Procurement services company In addition to ICG AsiaWorks, ICG, Hutchison and Cheung Kong have signed an agreement to establish an e-procurement services company that will be the definitive neutral B-2-B buying and selling portal in Asia. Closing is expected in April, 2000. The founding partners plan to bring additional large corporations into the joint venture, which initially will tap into the buying power of Hutchison, Cheung Kong and their network of companies, and the leading e-procurement know-how of ICG and its partner network. "We are confident that this e-procurement services company will capture a large portion of the B-2-B e-commerce activities in the region, and believe that the company could some day be a candidate for a public offering," said Fox of ICG. About Hutchison Whampoa Limited Hutchison Whampoa Limited (http://www.hutchison-whampoa.com), with a current market capitalization of US$62 billion, is a Hong Kong-based conglomerate with origins dating back to the 1800s. Hutchison is part of the Li Ka-shing group of companies, which together represent 16% of the total market capitalization of the Hong Kong stock market. Hutchison`s Internet related operations have been growing rapidly. The Company has teamed up with Global Crossing to further expand its global connectivity and to pursue fibre optic broadband network opportunities in the Greater China Region. Cooperation with NTT DoCoMo, which owns 19% of Hutchison`s mobile communications businesses in Hong Kong, offers its customers advanced mobile Internet opportunities. Hutchison has recently entered into an alliance with Priceline.com to introduce the buyer-driven e-commerce system to Asia. It has also teamed up with DLJdirect to bring on-line investment services to the region. With over 80,000 employees worldwide, Hutchison operates five core businesses in 26 countries: ports and related services; telecommunications and Internet; property and hotel development and investments; retail, manufacturing and other services; and energy and infrastructure.


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