PCCW offizielle MELDUNG..

                      outstanding to 9,255 million. Assuming the option is exercised in
                      full, the total dilution will be 2.7% with 9,315 million shares
                      outstanding.

                      This is not the first time for CMGI and PCC to get together. A
                      September 1999 $2.7 billion (US$350 million) equity swap
                      began the two companies' relationship and gave CMGI 4.9% of
                      PCC, relegating original 60/40 PCC shareholder Intel to a
                      distant third place with less than 1%.

                      Though there are over 60 companies in CMGI's corral, at first
                      only four -- AltaVista, 1ClickCharge, iCAST, and Engage
                      Technologies -- will team up with CMGI Asia. Of the four, only
                      Engage is listed (Nasdaq: ENGA). Engage's operating expenses
                      have at best been more than two times its revenue and the
                      company has accumulated net losses of more than US$66
                      million in the past three years. CMGI Asia will hold 60% of
                      these sub-JVs with the individual operating company holding the
                      other 40%.

                      CMGI reported net income in 1998 and 1999. However, these
                      positive bottom lines were the result of non-operating income
                      sources with the company's operations alone bleeding money
                      (US$127 million for the fiscal year ending July 31, 1999 and
                      already US$275 million in the following quarter).

                      For PCC, its US$58 million investment in more than 25 internet
                      firms will be boosted by the possible addition of a range of
                      American internet companies which already have
                      well-established brand names. But the "company constructed of
                      companies" strategy, for both CMGI and PCC, still seems to
                      lack that one crucial factor that will eventually become
                      somewhat important: profit.