CMGI - Strong Buy - Pru look at 1stUp.com 2/23/00 - 500 Beiträge pro Seite

[investor_007]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[investor_007]

By: rnawayjm
Reply To: None Wednesday, 23 Feb 2000 at 11:24 AM EST
Post # of 74578


U.S. Bancorp Piper Jaffray reiterated a strong buy rating on CMGI (CMGI:Nasdaq), writing that "all signs point toward a terrific quarter." Rashtchy wrote that he expected a strong pipeline of CMGI companies going public in the coming months, further international expansion and the proliferation of its Engage Technologies (ENGA:Nasdaq) advertising network. He wrote that based on its revenue potential, the stock was "undervalued" despite recent big run-ups, but would continue to appreciate as the new catalysts unfold. U.S. Bancorp Piper Jaffray has not done underwriting for CMGI. The stock was lately up 7 7/32, or 6.9%, at 111 31/32.

[investor_007]

As of today’s close, the company’s public portfolio is worth $19,514,558,977.75

The portfolio is available at
http://money.altavista.com/s?spage=fc/portfolio/main.htm&pfl…

thank`s to zen_warrior from RB

investor_007

[investor_007]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[investor_007]

1stUP.com Now has the Largest Dial-up Network in the U.S. and
Canada <CMGI.O>


1stUP.com Now has the Largest Dial-up
Network in the U.S. and Canada

SAN FRANCISCO--(BUSINESS WIRE)--April 3, 2000--
Now With More Total Dial-up Numbers
Than AOL, 1stUp.com Also Announces Addition of Fee-based, Private
Label Access Offering
1stUp.com Corporation, a leading provider of sponsor-supported
Internet access solutions and a majority-owned operating company of
CMGI, Inc., today announced it has assembled an ISP network of more
than 4,000 dial-up numbers in the U.S. and close to 100 dial-up
numbers in Canada, giving 1stUp.com the largest ISP network in North
America, based on total dial-up numbers. Just over seven months after
launching its sponsor-supported Internet access offering, 1stUp.com
now has more dial-up numbers than AOL or any other free or fee-based
Internet access provider.
The Largest Dial-up Network in North America
1stUp.com provides patent-pending technology that enables its
distribution partners to brand, market and distribute high
performance, cost-effective Internet services to their consumers. More
than 70 free ISPs have launched through 1stUp.com, including leading
offerings from AltaVista, ExciteHome and Lycos. The 1stUp.com free
Internet solution currently supports more than 2.5 million end-users.
1stUp.com`s ISP network quickly has scaled to support these
offerings and efficiently manage network traffic growth of 40 percent
per month over the last three months. Aggregating the end-users of its
diverse range of free access brands, 1stUp.com benefits from economies
of scale and has one of the lowest cost networks in the industry. The
1stUp.com network provides coverage in all 50 states and 10 Canadian
Provinces, and has been built through relationships with leading ISPs,
including AT&T Canada, Cable and Wireless, GTE Internetworking, Level
3 Communications, NaviPath, PSINet, Splitrock Services and Ziplink.
"1stUp.com is committed to offering our distribution partners an
ISP network of unparalleled redundancy, coverage and reliability,"
said Charles Katz, president and CEO of 1stUp.com. "With more than
4,000 dial-up numbers, 1stUp.com`s ISP network is a strategic asset
that provides our distribution partners with the assurance they need
to launch a high-quality, branded Internet service."
New Paid Internet Access Solutions
1stUp.com today also announced that in response to distribution
partner demand it now offers a partner-branded, fee-based Internet
service that is free of ever-present banner advertisements. As a part
of its commitment to providing its distribution partners with leading
Internet enabling technologies, 1stUp.com now allows its distribution
partners to establish a constant online connection with consumers or
employees by offering a fee-based private label Internet access
service in addition to 1stUp.com`s popular, sponsor-supported free
access offering. 1stUp.com will continue to channel and scale
resources to free access, in addition to the partner-requested,
paid-for offering.
As a part of its new billable services offering, 1stUp.com now
also enables its distribution partners to offer corporate Internet
accounts for employees` home use. Both of these new billable services
allow distribution partners to take advantage of 1stUp.com`s
world-class network and patent-pending Internet access technology.
"As corporate and consumer demand for Internet access solutions
evolves, 1stUp.com is committed to offering tiered Internet access
solutions that meet a range of needs," said Bill Daniher, General
Manager of Billable Services for 1stUp.com. "While the demand for
free, sponsor-supported Internet access continues to grow rapidly,
businesses also are looking to brand and distribute a fee-based tier
of premium, cost-effective access, which 1stUp.com can easily deliver
through our reliable, low-cost dial-up network."
Steve Harris, senior research analyst at IDC remarked, "Private
label or Virtual ISP (VISP) services will be a huge new channel for
ISPs as businesses, organizations, and affinity groups come to realize
the value of offering branded Internet access in order to obtain a
closer relationship with their customers and members. A provider that
can deliver a vast, nationwide network and demonstrate previous
successful VISP service launches will have a substantial edge over
ISPs new to this market segment and with limited geographic reach."
1stUp.com now offers businesses a comprehensive solution for
branding and distributing both fee-based and free dial-up access,
featuring 1stUp.com`s extensive ISP network, patent-pending
technology, billing and administration, and customer support.
About 1stUp.com
1stUp.com, a majority-owned operating company of CMGI, Inc., is a
market leader in providing consumer-oriented businesses with
sponsor-supported Internet access solutions. 1stUp.com provides
patent-pending technology that enables its distribution partners to
brand, market and distribute leading edge, cost-effective Internet
services to their customers. The 1stUp.com free access solution
enables consumers to receive unlimited, free Internet access in
exchange for keeping a compact, sponsor-oriented navigation bar on
their computer screen. 1stUp.com also enables its distribution
partners to brand and distribute paid, premium Internet access
accounts to employees and consumers. Multiple leading ISPs support
1stUp.com`s extensive ISP network, which delivers free, reliable
Internet access to over 95 percent of the U.S. and Canada. Aggregating
the end-user bases of AltaVista, ExciteHome, Lycos and over sixty
additional distribution partners, 1stUp.com has the buying power of
multiple brands and is able to pass along the benefits of optimal
connectivity costs and advertising revenues to its distribution
partners.
For more information, visit www.1stup.com. 1stup.com Corporation
is located at 88 Kearny Street, Suite 800, San Francisco, CA 94108.
Telephone: [phone].
This release contains forward-looking statements which address a
variety of subjects including, for example, the expected benefits of
1stUp`s free and fee-based Internet access and related services. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: 1stUp`s products and technologies
may not successfully interoperate with those of third parties; 1stUp`s
business model is dependent upon advertising and may be adversely
affected by the adoption of new laws and regulations affecting the
provision of Internet advertising services, including laws and
regulations covering privacy, pricing and content; and increased
competition and technological changes in the markets in which 1stUp
competes. For a detailed discussion of these and other cautionary
statements, please refer to CMGI`s filings with the Securities and
Exchange Commission, including CMGI`s Annual Report on Form 10-K for
the most recently ended fiscal year.
--30--bh/bos*
CONTACT: 1stUp.com
Jennifer Giles, 415/293-4774
jgiles1stup.com
or
Manning, Selvage, and Lee
Graeme Slattery, 415/364-3819
gslattery1stup.com
TodINDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE HARDWARE
INTERNET SOFTWARE
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com


(c) 1998 Business Wire

[investor_007]

MyPoints.com Chooses 1stUp.com for Free Internet Access <MYPT.O>
CMGI.O>


MyPoints.com Chooses 1stUp.com for Free Internet Access
SAN FRANCISCO, April 4 /PRNewswire/ -- MyPoints.com (Nasdaq: MYPT), a
leading developer of Internet direct marketing services and loyalty
infrastructure, and 1stUp.com Corporation, a leading provider of sponsor-
supported Internet access solutions and a majority-owned operating company of
CMGI, Inc (Nasdaq: CMGI), today launched MyPoints Connect!(TM), a new free
Internet service from MyPoints.com that is powered by 1stUp.com technology.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991006/MPLOGO )
MyPoints Connect! is made possible through an agreement with 1stUp.com,
whose complete free access solution delivers MyPoints customers patent-pending
technology, reliable connectivity, round-the-clock customer service, and a
fully functional email account with file attachment and HTML capabilities.
"1stUp.com is a leading player in this space," said Steve Parker, senior
vice president of marketing for MyPoints.com. "We needed to work with a
provider who could scale as quickly as we are growing. 1stUp.com is that
partner."
"1stUp.com chooses to partner with the leaders and MyPoints.com is one of
the Internet`s most highly respected direct marketers, with a responsive
database of more than 7 million members," said Jonah Steinhart, vice president
of marketing at 1stUp.com. "MyPoints Connect! is a natural extension of their
loyalty program, as MyPoints.com will now be able to benefit from a constant
online connection with its members, made possible by the 1stUp.com solution."
MyPoints Connect! users earn Points for signing up for the service and
every month thereafter in which they spend at least 10 hours online. Points
earned through the MyPoints Connect! program are automatically added to each
member`s MyPoints account.
About MyPoints.com
MyPoints.com is a leading developer of Internet direct marketing services
and loyalty infrastructure. The Company`s database-driven direct marketing
service, MyPoints(R), enables businesses to identify, acquire and retain
customers through a unique program that integrates highly targeted email and
Web-based offers with incentive points to respond to those offers both online
and offline. MyPoints.com is also a leading developer of Internet loyalty
infrastructure, including MyPoints(R) Network and custom-branded rewards
programs based on the Company`s proprietary technology platform-the Digital
Loyalty Engine(TM). MyPoints.com has sales offices in cities nationwide. For
direct marketing and loyalty product information please call toll-free
800-890-9351, 212-699-8050, ext. 7702 from outside North America, or visit us
online at www.mypoints.com/company.
About 1stUp.com
1stUp.com, a majority-owned operating company of CMGI, Inc., is a market
leader in providing consumer-oriented businesses with sponsor-supported
Internet access solutions. 1stUp.com provides patent-pending technology that
enables its distribution partners to brand, market and distribute leading
edge, cost-effective Internet services to their customers. The 1stUp.com free
access solution enables consumers to receive unlimited, free Internet access
in exchange for keeping a compact, sponsor-oriented navigation bar on their
computer screen. 1stUp.com also enables its partners to brand and distribute
paid, premium Internet access accounts to employees and consumers. Multiple
leading ISPs support 1stUp.com`s extensive ISP network. The 1stUp.com network
is the largest in North America based on total dial-up numbers and delivers
reliable Internet access to over 95 percent of the U.S. and Canada.
Aggregating the end-user bases of over 70 different Internet access brands,
1stUp.com supports over 2.5 million registered subscribers and is able to pass
along the benefits of optimal connectivity costs and advertising revenues to
its distribution partners.
For more information, visit www.1stup.com. 1stup.com Corporation is
located at 88 Kearny Street, Suite 800, San Francisco, CA 94108. Telephone:
415-293-4700.
SOURCE MyPoints.com, Inc.
-0- 04/04/2000

/CONTACT: Nicole Sartin of MyPoints.com, 415-676-3700 or
[e-mail]; or Jennifer Giles of 1stUp.com, 415-293-4774 or
[e-mail]/
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991006/MPLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467/
/Web site: http://www.mypoints.com/

-- SFTU140 --
8746 04/04/2000 14:00 EDT http://www.prnewswire.com

Copyright PR Newswire 1998. All rights reserved.

[investor_007]

I N T E R N E T R E S E A R C H
April 12, 2000
CMGI, INC.
CMGI Summit Highlights the Network Model with a Spotlight on Healthy Web Growth & New Infrastructure Businesses. Buy Rated

Michael Graham [phone] [e-mail]
Robertson Stephens Robertson Stephens
CMGI CMGI $79 3/16 04/12/00
Industry: Internet Michael Graham 415 693 3514
CHANGE IN.. YES/NO WAS IS Paul Oppenheim 415 248 4739
...Rating: No BUY
...EPS 1998A: No $0.35 FY JUL 1998A 1999A 2000E
...EPS 1999E: No $4.60 EPS: 1Q $0.02 $0.19 ($0.54) A
...EPS 2000E: Yes ($4.40) ($6.13) 2Q ($0.04) $0.06 ($0.74) A

52 Week Range: 226-16 3Q $0.04 ($0.15) ($1.72)
FD Shares Outstanding (MM): 226.4 4Q $0.14 $2.13 ($2.09)
Market Cap: $17,925.8 Year $0.35 $4.60 ($6.13)
Avg Daily Volume (000): 3,163 P/E NM NM NM
1/00 Bk Value/Sh: $15.19 CY $0.44 $0.70 ($7.98)
1/00 Tot Debt/Tot Cap: 7% CY P/E NM NM NM
1999E ROAE: NM Revs($M): 1998A 1999A 2000E
Price/Book Value: 5.2x 1Q $25.1 $37.4 $123.7 A
Net Cash/Sh: $1.92 2Q $15.2 $39.0 $153.5 A
Dividend/Yield: 0% 3Q $18.1 $43.7 $197.0
3-Yr Sec Growth Rt: NM 4Q $25.9 $53.6 $283.0
Year $81.9 $173.6 $757.2
Mkt Cap/Rev 103.2x 23.7x

Key Points:
• CMGI is hosting its Summit Conference in New York, where it is outlining its goals for 2000
and spotlighting many of its portfolio companies We believe the key takeaways from the
conference include:

• CMGI is Becoming Really Big, Really Fast. We continue to be impressed with the size and
scope at which CMGI scales the Web investing in almost every sector. We also believe the
company is able to leverage its existing network to define and build new Web businesses.

• Internet Growth Across Sectors is Strong. Attending the presentations for CMGI`s
portfolio companies, we were amazed with the positive business momentum and growth
prospects across all segments of the Internet including eMarketing, eNetworks, Bandwidth
and Hosting, Enabling Technology, and B2B Verticals.

• Large Infrastructure Businesses on the Horizon. Beyond the well-known operating
segments, we believe several more large open-ended opportunities are emerging, including
yesterday`s formation of CMGion, a new Internet operating network.

• We are adjusting our model to reflect the recent closings of the Tallan, yesmail, and
ADTECH acquisitions.

• We believe that CMGI remains a proxy for Web growth and believe the stock is well
positioned to lead any recovery in technology stocks. Buy rated..Robertson Stephens 1

SUMMARY: CMGI is hosting its Summit Conference in New York, where it is outlining its plans for 2000 and
providing a deeper glimpse into the more than 60 companies which comprise its network.
We believe the key takeaways from the conference include:

• CMGI is Becoming Really Big, Really Fast. We continue to be impressed with the size and scope at which
CMGI scales the Web investing in almost every sector. We also believe the company is able to leverage its
existing network of companies to define and build new Web businesses. We believe these results are
highlighted in CMGI`s FYQ2:00 results where its Internet operations reported revenues of $115 million, up
35% sequentially from $85 million in Q1:00.

• Internet Growth Across Sectors is Strong. Attending the presentations for CMGI`s network of companies,
we were amazed with the positive business momentum and growth prospects across all segments of the
Internet including eMarketing, eNetworks, Bandwidth and Hosting, Enabling Technology, and B2B
Verticals. We continue to believe that CMGI remains a proxy for Web growth and believe the upbeat
presentations also point to strong fundamentals across our coverage universe.

• Three Large Infrastructure Businesses on the Horizon. We believe the growth opportunities for CMGI are
really as open-ended as the Internet itself. Beyond the well-known operating segments, we believe several
more large open-ended opportunities are emerging including, yesterday`s formation of CMGion , a new
Internet operating network. We also believe @Ventures-CMGI Solutions, a funding and servicing shop, and
iCast, the ultimate entertainment network, represent large open-ended opportunities.

CMGI Becoming Really Big, Really Fast
We believe CMGI is building out the Web with a focus on the end user, both consumers and businesses, and on
the infrastructure and services necessary to make the Web run. Also spurring the growth, we believe is
@Ventures, which helps identify new investments and alliances between current CMGI companies, and CMGI
Solutions, which provides both the talent and intellectual capital.

CMGI Covers The Web
Consumer: iCast
Business: MyWay
eMarketing
Engage, AdForce,
yesmail
eCommerce
Services
Vcommerce
Enabling Tech
1stUp, Navisite
B2B Infrastructure
The EC Company
Infrastructure
eNetworks
@Ventures and CMGI Solutions
CMG-ion Operating Network
Source: CMGI and Robertson Stephens estimates

Internet Growth Across All Sectors is Just Beginning
Attending the company presentations, we were really amazed with the positive business momentum across
CMGI`s network of companies. We believe this not only bodes well for CMGI, but also for Internet companies in
general, as CMGI has historically served as a good proxy for measuring Web growth. In particular, we believe
several focus points will set CMGI`s pace for 2000 including:

1) Building an eMarketing Powerhouse: Through Engage, AdForce, yesmail and other properties, we believe
CMGI will work to increase its market share in Internet advertising and direct marketing. We were impressed
with the amount of integration Engage has accomplished incorporating both Flycast AdSmart and
AdKnowledge into its model. In our opinion, yesmail has benefited from being part of the CMGI network as
it has more than doubled its registered user base to over 9 million since it was acquired by CMGI in
December. We also believe AdForce is working with activate.net to serve streaming Web based
advertisements as well as ads to alternate Web devices.

2) Finding the Right Balance of B2B: We believe CMGI is focused on finding the right balance in the B2B
space between the fast moving start-ups and the recently awakened Fortune 500 corporations. We believe
CMGI, with its strong balance sheet and network of companies, has the proper liquidity, technology, and
branding needed to identify winning B2B verticals and marketplaces. We were particularly impressed with
The EC Company, which works as an information intermediary enabling medium and small businesses to
manage transactions electronically. Similar to a credit card company managing the transaction process for
banks and merchants, The EC Company manages the information flow of electronic data through the back
office. We note the early traction to the model which generated 92,000 transactions in Q1:00 and the
company`s strategic financing partners which include CMGI, American Express, webMethods, and Ariba.

3) B2C Remains Healthy: Innovation for consumer Internet services remains strong, in our opinion,
highlighted by some of the most dynamic business models we saw all day. This included SnapFish, an online
photo service which combines traditional photo processing and development with the sharing and storing
photos on the Web. We note that SnapFish won the award for Most Innovative Business Model at last week`s
InternetWorld. Also equally impressive was alf.com, which like eBay. is a consumer-to-consumer
marketplace. Though unlike eBay, which is an auction marketplace and is known for having rare-hard to find
items, Half.com is a fixed price marketplace which focuses on non-scarce items. The company has a database
of all major UPC and ISBN codes which allows consumers and businesses to sell products at half price or
less, with Half.com receiving a 15% transaction fee. Since launching the site in January, we believe Half.com
has generated modest success with over 2MM product listings and reaching the top 30 shopping sites
according to Media Metrix.

4) Next Generation Enabling Technologies Emerge: Over the coming year we believe CMGI will become
extremely focused on this space which includes infrastructure software, application software, networking and communications, and content and commerce technology. In fact, we believe that CMGI`s recently launched
Technology Fund could represent the bulk of the company`s investments for the year. Within this space we
found NaviSite`s presentation well received and believe CMGion, which we profile below, has open-ended
potential, in our view.

5) Venture Capital Market Evolving With the Web: The venture capital market continues to be white hot as
a record amount of funding is being deployed over a record number of startups. Though, it is positive to note
that the quality of the top tier deals is much higher than in previous years. @Ventures, CMGI`s investing arm,
reviews an incredible 4,000 business plans per month and has begun to put money to work in its 4 new $1
billion funds (@Venture IV, Technology, B2B, and International). We also note that the actual capital itself is becoming only one of the determining factors for companies when looking for potential funding. Growing in
importance is “Smart Money” which includes the other “C`s”– Contacts and Customers. We believe this is
enhancing the popularity of the incubator model, which includes a full network of companies, contacts and
customers, in our opinion, making it much more of a determining success factor in the venture world.

6) New Web Models to Drive Usage: With only 3% of the world`s population online and approximately 1% of
the world`s media viewing time spent online (9% in the US), we believe the pure growth potential for the
Internet remains open-ended. We believe one of keys for tapping into this growth potential will be through
changing Web models which revolutionize the medium. We believe 1 st Up.com is well positioned to make
free Internet access work where others have failed by leveraging the CMGI network which includes low cost
hosting and access through NaviSite and NaviPath and targeted advertising through Engage. We believe
1st Up.com has a unique business model, where it is positioned to profit through an arbitrage opportunity. In
essence the company is purchasing bandwidth and access, which are falling dramatically in cost, while
providing advertising which is increasing in value as the targeted ads become the norm..

We See Several Large Infrastructure Opportunities Emerging for 2000 Beyond the well-known operating segments, we believe several more large open-ended opportunities are
emerging for CMGI including:

CMGion, Internet Operating Network: Considering all the technology and content at its disposal, we believe
CMGI can develop a new Web operating system, taking information delivery to a new level by distributing
targeted content to a variety of devices on a regional basis. CMGI announced the first step of this plan yesterday
with the formation of CMGion, ion standing for Internet Operating Network. CMGion will provide hosting,
caching, and targeted content and application delivery on a regional basis by leveraging the power of Engage,
NaviSite, NaviPath and strategic investors Sun Microsystems and Novell. This will include creating a set of data
centers that work in conjunction with Edge Servers such as Akamai and others to enhance hosting and serving for
the Web. We believe CMGion will begin to rollout the global data centers immediately with beta testing in the fall
of this year and then a full scale rollout in early 2001. Initially, we believe the plan is to begin with approximately
36 data centers in the highest traffic areas and then ramp to eventually around 60. We believe the key benefit from
CMGion is that it could provide secure caching and targeting of content and advertising on a regional basis,
providing data with a short, fast delivery.
@Ventures-CMGI Solutions: Together, we believe the two could provide a powerful one-stop shop for funding
and servicing new businesses. For new ventures, we believe the actually cash funding has become just one of the
necessities needed to start a successful business with other services including the infrastructure, the customers,
and the contacts becoming more important. We note @Ventures currently reviews over 3,000 business plans per
month and CMGI Solutions, through its recent acquisition of Tallan, is tracking at a 12 month revenue run rate of
$150 million. Over the coming year we believe there is the potential for CMGI to take either entity public.
iCast, The Entertainment Network: We believe iCast, which launched in the past week has the potential to
become a leading global entertainment network. We envision a future multi-media entertainment network, where
users will be able to listen to songs and watch movies on demand, pay with a CMGI-developed micro-payment
system, and eventually integrate the site with home entertainment systems. We believe this represents a large
opportunity for a comprehensive Web system to interface between home entertainment systems and the Internet,
linking output devices (TV, Stereo, etc.) in the home to a broadband content life line on the Web.

BUSINESS IMPACT: We are adjusting our model to reflect the recent closings of the Tallan, yesmail,
and ADTECH acquisitions. For Q3:00 we are increasing Cost of Goods to $172MM from $154MM,
R&D expenses to $57MM from $28MM, Sales & Marketing to $164MM from $127MM, and G&A to
$63MM from $33MM. We have also added $48.6MM In Process R&D and $238MM in Amortization.

Below the operating income line we have added $214MM in Other Income generated primarily through
the sale of Yahoo and Amazon.com shares during the quarter. Our new loss per share estimate is $1.72,
up from $1.34. While we believe CMGI is quickly evolving to an operating company, we believe EPS
as we have seen over the past several years will be lumpy as the company folds each acquisition into its
network and determines its funding needs and timing related to one-time gains on investments. We
continue to believe the company is well funded as we estimate CMGI`s marketable securities top $10
billion.

INVESTMENT IMPACT: We believe that CMGI remains a proxy for Web growth and believe the stock is well
positioned to lead any recovery in technology stocks. Buy rated.

THE COMPANY: CMGI is an incubator for Internet affiliates. The company has investments in over
60 companies, both wholly owned subsidiaries and venture investments made through its venture
capital arm, @Ventures. We believe that nearly all of the companies in the group are positioned to
benefit from CMG`s four investment themes: direct marketing via the Internet, Web communities,
Internet outsourcing, and e-commerce..Robertson Stephens 4

INVESTMENT THESIS: We value CMGI on an asset-value or sum-of-the parts basis, which we believe is far
more relevant than EPS for this stock. We believe management`s investment track record of finding hot new
companies has been strong, with more than half of the company`s investments achieving greater than 10x returns
and only one losing money. In our opinion, operating units generally appear to be on or ahead of plan.

INVESTMENT RISKS: Among the risks are that many of the portfolio companies are young and unproven, the
company has no earnings and the market may not value the security based on asset value, a sustained weak IPO
market could damage investor sentiment, and the stock is exposed to potential valuation swings based on price
changes of the public holdings that may be out of management`s control.

Robertson Stephens maintains a market in the shares of Amazon.com, Inc.; CMGI, Inc; eBay, Inc.;
Media Metrix, Inc.; NaviSite, Inc.; and Yahoo! Inc. and has been a managing or comanaging
underwriter for or has privately placed securities of eBay, Inc.; Media Metrix, Inc.; and NaviSite, Inc.
within the past three years
FOR ADDITIONAL INFORMATION, PLEASE CONTACT YOUR ROBERTSON STEPHENS
REPRESENTATIVE AT: Robertson Stephens
555 California Street, Suite 2600
San Francisco, CA 94104
Unless otherwise noted, prices are as of April 11, 2000.
FleetBoston Robertson Stephens Inc. (“Robertson Stephens”) is a wholly owned subsidiary of FleetBoston Corporation and is an NASD
member and a member of all major exchanges and SIPC.
The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although
opinions and estimates expressed herein reflect the current judgment of Robertson Stephens, the information upon which such opinions and
estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition,
opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and
uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause
such a difference include, but are not limited to, those discussed in "Investment Risks." Robertson Stephens from time to time performs
corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information
contained in this Report and the opinions contained herein are based on sources believed to be reliable, Robertson Stephens has not
independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, express or
implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and
opinions contained in this Report. Robertson Stephens, its managing directors, its affiliates, and/or its employees may have an interest in the
securities of the issue(s) described and may make purchases or sales while this report is in circulation. FleetBoston Robertson Stephens
International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private
customers.
The Fleet Specialist Division of Fleet Securities, Inc. (Member NYSE), an affiliate of FleetBoston Robertson Stephens, Inc., is the specialist
that makes a market in AutoNation, Inc., Cabletron Systems, Inc., Cash America International, Inc., Computer Associates International, Ethan
Allen Interiors Inc., FelCor Lodging Trust Inc., Foundation Health Systems, Inc., Harrah`s Entertainment, Inc., Hilton Hotels Corporation, The
Home Depot, Inc., International Game Technology, Jones Apparel Group, Inc., MGM Grand, Inc., National Semiconductor Corporation, Park
Place Entertainment Corporation, Scientific-Atlanta, Inc., Seagate Technology, Inc., Shurgard Storage Centers, Inc., Station Casinos Inc., The
Talbots, Inc., and Tommy Hilfiger Corporation, and at any given time, Fleet Specialist may have an inventory position, either “long” or
“short”, in this security. As a result of Fleet Specialist`s function as a market maker, such specialist may be on the opposite side of orders
executed on the floor of the Exchange in this security.
The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of Fleet Bank or BankBoston N.A.,
and are subject to investment risk, including possible loss of any principal amount invested.
Copyright . 2000 Robertson Stephens..Boston
Chicago
London
Los Angeles
Menlo Park
New York
San Francisco
Tel Aviv
www.rsco.com
Our Myresearch.com system will allow you to view
and print research reports, models and morning meeting notes.
You can also be e-mailed as soon as new research is made available.
For your convenience, our research is now available on the Web.
Using your Internet browser go to http://www.rsco.com
and hit the “Myresearch.com” icon.
Michael Graham
Before joining Robertson Stephens as an Internet
analyst, Mike founded the Internet research practice
at Raymond James & Associates, where he focused
on Internet commerce, data networking, and data
services. Mike received a BS degree in systems
engineering from the U.S. Military Academy at West
Point and an MBA in finance from the University of
North Carolina