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March 7, 2000

24/7 Media Reports Fourth Quarter Revenues of $37 Million; Full Year 1999 Revenue Reaches $90 Million

COMPANY PRESS RELEASE: 24/7 Media, Incone of the largest global Internet media and technology companies, today announced record financial results for the quarter and year ended December 31, 1999.

By CBR Staff Writer

Revenues totaled $37.1 million in the fourth quarter, representing 53% sequential growth from the third quarter of 1999 and 275% growth over the comparable period in 1998. For the full year, the Company’s revenues were $90.0 million, representing 331% growth over prior-year results.

For the quarter, the Company’s adjusted net loss, prior to amortization of goodwill and minority interest, was $7.5 million, or $0.34 per share. This compares to the year-earlier quarterly loss of $4.8 million, or $0.30 per share. For the full year, the Company’s adjusted net loss, prior to amortization of goodwill, write-off of acquired in process technology, and minority interest, was $24.9 million, or $1.25 per share, compared to a year-earlier loss of $14.7 million or $1.44 per share.

For the quarter, the Company reported a net loss of $13 million, or $0.58 per share. This compares to a net loss of $6.8 million, or $0.42 per share, for the prior-year quarter. For the full year, the Company reported a net loss attributable to common stockholders of $39.1 million, or $1.96 per share, compared to $25.4 million, or $2.48 per share, for the prior year.

Revenue growth was driven by continued strength across the Company’s network and email businesses. Network revenue grew 45% sequentially to $31.7 million in the fourth quarter, driven in large part by a 49% sequential growth in the number of ad impressions delivered to 10.7 billion across the Company’s global networks, including 3.9 billion impressions in December. According to Media Metrix, the 24/7 Media networks reached 57.9% of all U.S. Internet users, and 37.6 million unique users visited one or more of the Company’s Web sites in December 1999. This is among the highest reach figures in the Internet advertising industry.

Email revenues grew 120% sequentially to $5.4 million, driven by rapid growth in the number of permission-based email addresseses under management, which grew to 15 million by year-end and has subsequently grown to more than 20 million.

International revenue continued its dramatic growth as well, increasing 187% sequentially to $4.6 million, or 12% of total Company revenues.

1999 was an amazing year for 24/7 Media, said David J. Moore, president and chief executive officer. And all of the great strides that we made are just beginning to be reflected in our financial results. In 1999, we expanded our U.S. network business dramatically, and we also established the leading global presence among our competition by setting up offices in 34 cities in 26 countries across Canada, Europe and Latin America. We also became the first network business to recognize the power of combining banner advertising capabilities with email, and we aggregated the largest opt-in email database in the industry. These actions have positioned 24/7 Media as a leading force in the Internet media and technology space.

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Although in 1999 we amply demonstrated our ability to deliver strong results and implement our strategies, we are not resting on our laurels, continued Mr. Moore. We are in a highly competitive, fast-growing industry, and we will continue to aggressively, but measuredly, grow our company to ensure that we strengthen our leadership position, and deliver a complete suite of products and services to our advertisers and Web sites.

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