TownPagesNet.com plc Announces Public Offering in the UK of Its BuyersGuide plc Subsidiary.

Business Editors

ALTON, England--(BUSINESS WIRE)--July 24, 2000

TownPagesNet.com plc (AMEX: TPN), which provides Internet, new media and advertising related services to both businesses and consumers through its subsidiaries, today announced that its BuyersGuide subsidiary has applied for admission to trade on the Alternative Investment Market ("AIM") of the London Stock Exchange following the raising of approximately (US)$7.5 million at an offering price of approximately (US)$0.44 per share.

The shares of BuyersGuide are expected to commence trading on AIM on August 7 with an initial market capitalization of approximately (US)$38 million. Collins Stewart Limited has been appointed advisor and broker to BuyersGuide. BuyersGuide, under the brand Buyers Marketplace, will use the funds raised in the offering to develop local government and public services for specific online marketplaces aimed at facilitating purchasing by the government sector over the Internet.

Following the offering and listing, TownPagesNet.com plc which acquired the business of BuyersGuide in October 1999, will own approximately 65% of the company's approximately 87.25 million issued ordinary shares. In addition, Internet investment company, ci4net.com, inc., will have a 15% interest in the issued ordinary shares of BuyersGuide, having acquired shares in the company at the offering price, prior to the offering. Both companies will be providing services to BuyersGuide to assist in the implementation of its strategy.

BuyersGuide has entered into a contract with the systems development arm of ci4net.com inc. to provide it with intelligent exchange software necessary to operate Buyers Marketplace, based in part on ci4net's proprietary internet-based transaction technology. It is intended that the Buyers Marketplace will be operational before the end of this year.

Commenting on the offering and listing, Howard Flight MP, Non-executive Chairman of BuyersGuide, said, "We seek to take advantage of this significant opportunity to become the leading provider of online procurement services for public sector bodies within the Government Spending to Business sector. This is a very timely opportunity. There is an increasing focus in the UK and elsewhere on competitive purchasing by all public sector bodies, reflected by the recent establishment of the UK Government Office of Government Commerce and the increasing scrutiny of public sector bodies by the UK National Audit Office.

Following the Government's recent announcement the next four years will also see a substantial rise in public sector spending. We are well placed to exploit our current market advantage as one of the first businesses to establish a leading position within this market place."

BuyersGuide, through its buyersguide.co.uk service, is a leading online provider of information on businesses supplying products and services to local government and public services bodies in the UK. Buyersguide.co.uk currently has over 2,500 client businesses that pay to have information on their products and services included on its service.

In addition to its comprehensive supplier index, buyersguide.co.uk also provides access to information on the UK local government and public services sector. Information accessible through the BuyersGuide site includes the following:

- links to over 300 local government and public services entities identified by
extensive research undertaken by BuyersGuide; and

- links to the web sites of the UK Treasury, the Department of Trade and
Industry and the SIMAP project launched by the European Union Commission,
allowing both suppliers and government bodies access to public expenditure
guidelines, statistics and news.

BuyersGuide was established in October 1996 by John and Lucy Bowden. The Bowdens recognised at an early stage the opportunities provided by the Internet to address this market and accordingly set up the online service, buyersguide.co.uk. Both remain executive directors of BuyersGuide and are responsible for the day-to-day management of the business.

Since its formation the business has grown substantially. It now employs more than 30 management and staff employees, and has built up a subscriber list that includes many blue-chip companies such as Coca-Cola, IBM, Nationwide Building Society, Oracle, Procter & Gamble, Stepstone.com and Tarmac. In the year ended 31 March 2000, pro-forma sales for the business was approximately (US)$1.8 million, up 77% from the previous year, and operating profit before directors' remuneration, parent company charges and goodwill amortisation was approximately (US)$0.7 million.

The US dollar amounts have been provided for the reader's convenience and have been translated from pounds sterling at the prevailing exchange rate on July 20, 2000 of (pound)1=$1.51.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.