Initial Public Offering of portfolio company

The directors of Net Investor PLC are pleased to report that a further investment in its portfolio is now a publicly traded company.

• Vastera, Inc (VAST) was listed on NASDAQ on 28 September 2000 at $14 per share. The shares closed at $17.25 that day. Net Investor's participation is through TCV IV which invested at $6.31 per share. The issue was co-led by Deutsche Banc Alex. Brown, Chase H&Q and Banc of America Securities LLC.
• Vastera, Inc provides global trade management solutions designed to automate and streamline the trade functions of global e-business. These solutions include modular, web-based applications, management consulting and managed services. Established in 1992, Vastera has received numerous industry awards including Computerworld Magazine's list of "100 Emerging Companies to Watch in 2000, eCommerce category", the Deloitte & Touche "Fast 500" and the INC. 500. Clients include Ford, Alcatel, Dell, Microsoft and Sun.
• Net Investor has committed $25million to TCV IV, a $750m fund which is normally the lead investor in those companies in which it invests. TCV III, its predecessor firm was showing a gross internal rate of return (IRR) of 306.7% as at 30 June 2000.
• Seven portfolio companies have now made Initial Public Offerings since Net Investor launched in February this year.

Hon. Barbara Thomas, Executive Chairman of Net Investor, comments: "We are encouraged that we have had seven IPOs by portfolio companies so early in the life of Net Investor. This is a clear indication of the quality of the venture funds in which we have invested. Their managers' track record and expertise means that they will continue to be among the leaders in the sector which is powering the US economy."