Bowman Capital and Pacific Century CyberWorks Announce Co-Investment Alliance; Companies to Co-Invest in Privately Held Companies With Growth Potential in Asian Markets.

Business Editors/High-Tech Writers

SAN MATEO, Calif.--(BUSINESS WIRE)--Feb. 23, 2000

Pacific Century CyberWorks Limited, the Hong Kong listed technology flagship of Pacific Century Group ("PCCW" 1186:HKSE) and Bowman Capital (www.bowmancapital.com) today announced an agreement to co-invest in selected expansion-stage, privately held technology companies with significant growth potential in Asian markets.

Bowman Capital will take primary responsibility for identifying these potential companies for investment. PCCW will employ its deep operational resources to assist these companies in formulating and implementing their Asian business strategies.

"Bowman Capital is very pleased to be working with PCCW, one of the fastest growing technology companies in Asia," said Lawrence Bowman, founder of Bowman Capital. "This relationship will further expand our resources and enhance the value that we offer to the companies in which we invest."

"Lawrence Bowman and his team have proven themselves to be adept at identifying an array of emerging technology leaders such as Sycamore Networks and Netcentives," said Alex Arena, Group Managing Director, PCCW. "We think PCCW can add complementary skills that will accelerate the development of Asian markets for these companies."

To date, Bowman and PCCW have made two joint investments in private technology companies.

About Bowman Capital

Bowman Capital is a premier investment management firm, specializing in both public and private technology growth companies. Founded in 1995 and located in Silicon Valley, the firm currently manages over $5 billion in assets. Bowman's investment philosophy is based on intensive, fundamental research of technology companies in various stages of the growth cycle: pre-IPO, aggressive growth, and mature growth. The firm's private equity investments focus on leading expansion-stage companies building the New Internet Economy.

Bowman Capital's private equity portfolio is broadly diversified among leading providers of business-to-business and business-to-consumer Internet solutions, as well as networking and communications companies. The following are a few of the private companies in which Bowman has recently invested: Arrowpoint Communications, ARTISTdirect, Asera, Broadbase Software (BBSW), Chemdex (CMDX), i3 Mobile, Jetstream Communications, Neoforma.com (NEOF), Netcentives (NCNT), Noosh, Optical Networks, PlanetRx (PLRX), RealNames, Support.com, and Sycamore Networks (SCMR).

About The Pacific Century Group

Pacific Century CyberWorks Limited (PCCW), the Hong Kong-listed technology flagship of the Pacific Century Group (www.pcg-group.com) is comprised of three main businesses: Pacific Convergence Corporation, CyberWorksVentures and the Cyber-Port project.

Pacific Convergence Corporation (PCC) plans to be the world's leading provider of broadband Internet services, to be initially launched in Asia and serving 130 million cabled households. PCC's NOW (Network of the World) will offer the world's first fully converged service with interactive digital video viewing and Web access beginning with the first phase in 2000.

CyberWorksVentures (CWV), PCCW's Internet incubator company, has invested in some 40 companies around the world, including technology enablers, e-commerce and content companies.

PCCW's strategic partners number among the world's leading Internet and technology companies, including Intel, the world leader in semiconductor design and manufacture, CMGi, America's foremost Internet incubator and Hikari Tsushin, Japan's second biggest Internet company.