CMGI Announces $500 Million Share Exchange with Cable & Wireless plc for Pacific Century CyberWorks Stock; Agreement follows PCCW's Successful Bid to Acquire Cable & Wireless HKT.

Business/Technology Editors

ANDOVER, Mass.--(BUSINESS WIRE)--Feb. 29, 2000

Following today's announcement that Richard Li's Pacific Century CyberWorks Limited ("PCCW") has agreed to acquire Cable & Wireless HKT from Cable & Wireless plc, CMGI, Inc. (Nasdaq:CMGI) has announced an agreement with Cable & Wireless plc to issue $500 million in shares of CMGI to Cable & Wireless plc in exchange for $500 million in shares of PCCW. Cable & Wireless will receive the shares upon completion of the Cable & Wireless HKT acquisition.

This latest stock swap extends the relationship between CMGI and PCCW initiated in the Fall of 1999, and is in addition to an earlier stock swap of $350 million completed by the two companies last September.

"The acquisition of Cable & Wireless HKT represents a historic milestone for Richard Li and his company, and only reinforces what I've believed since I first met Richard last year -- no other company is better positioned than PCCW to capitalize on the Asian Internet opportunity," said CMGI Chairman and CEO David Wetherell. "CMGI has already enjoyed significant gains on its investment of last year, and we look forward to even more promising opportunities as we extend our relationship with PCCW into the future."

About CMGI and CMGI @Ventures

With more than 60 companies, CMGI, Inc. (Nasdaq: CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies and a growing number of synergistic investments through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.

CMGI's majority-owned operating companies include Engage Technologies (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), 1ClickBrands, 1stUp.com, Activate.net, AdForce, Adsmart, AltaVista, CMGI Solutions, Equilibrium, Flycast, iCAST, MyWay.com, NaviNet, SalesLink, and Tribal Voice. The company's venture capital affiliate, CMGI @Ventures, has ownership interests in Lycos, Inc. (Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), Silknet (Nasdaq: SILK), Chemdex (Nasdaq: CMDX), MotherNature.com (Nasdaq: MTHR), Vicinity (Nasdaq: VCNT), Asimba.com, AuctionWatch.com, Aureate Media, blaxxun, BizBuyer.com, Boatscape.com, buyersedge.com, CarParts.com, CraftShop.com, eCircles.com, eGroups.com, EXP.com, FindLaw, FoodBuy.com, Furniture.com, Gamers.com, Half.com, HotLinks, Industria, INPHO/HomePriceCheck.com, Intelligent/Digital, KnowledgeFirst, KOZ.com, Mondera.com, MyFamily.com, NextMonet.com, NextOffice.com, NextPlanetOver.com, Oncology.com, OneCore.com, PlanetOutdoors.com, Productopia, SnapFish.com, Speech Machines, ThingWorld.com, Virtual Ink, Visto, Vstore and WebCT.

CMGI and CMGI @Ventures Corporate headquarters are located at 100 Brickstone Square, Andover, MA 01810. Telephone: [phone]. Fax: [phone]. CMGI @Ventures also has offices at 3000 Alpine Road, Menlo Park, CA 94028; 650-233-0333. Additional information is available on the company's Web sites at http://www.cmgi.com and http://www.ventures.com.

This press release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed discussion of these and other cautionary statements relating to CMGI, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's Annual Report on Form 10-K for its most recently ended fiscal year.