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MapQuest.com, Inc. Continues Record Growth for the Fourth Quarter 1999; Revenues Surpass $11 million; Internet-based Revenue Up 206%, Driven by Growth in B to B SegmentIncluded in the fourth quarter results were two non-recurring charges, totaling $1.7 million. The charges relate to transaction costs associated with potential acquisitions that were not consummated as well as costs associated with certain third-party patented technology used by MapQuest.com. "We are very pleased with the continued strong growth of our Internet business, as we further expand our mapping solutions to businesses, consumers and wireless applications," said Michael Mulligan, Chairman and Chief Executive Officer of MapQuest.com. "During the fourth quarter, we added 234 new customers in the B2B segment of our business. On the consumer side, we continued to grow traffic to our site. We also began to focus additional resources on the growing wireless category. To continue our momentum and drive revenue growth, we made significant investments during the quarter in our wireless business, our Internet operational capability and marketing. "In December, we announced our proposed acquisition by America Online, Inc., the world's leading interactive services company. We are proceeding towards completing that transaction on our expected timetable. We believe our acquisition by AOL will enable MapQuest.com to expand its destination solutions across a much wider audience and enable a broad base of advertisers and businesses to better target potential customers." For the full year ended December 31, 1999, Internet-related revenues increased 149% to a record $19.7 million, compared with $7.9 million in l998. Total revenues for 1999 were $34.5 million, 40% above the $24.7 million in revenue in 1998. The company reported a net loss of $18.9 million for 1999, compared with a net loss of $3.8 million in the prior year. The pro forma basic and diluted net loss per share in 1999 was $(0.58), versus $(0.11) for 1998. Internet Business-to-Business Segment Growth The business-to-business segment continues to grow. During the fourth quarter, MapQuest.com added 234 new customers, bringing the total customer base to over 1,000. Since the new year, MapQuest.com has added several significant retail accounts. In January, the company signed an agreement with Wal-Mart, the largest retailer in the world, to provide maps and directions for the Wal-Mart website. In February, MapQuest.com also reached agreements with five additional retail chains, including Burger King Corporation, Chuck E. Cheese, Benihana, GNC and Learning Express, to incorporate its mapping solutions on their websites. These retailers join over 180 leading retailers in the U.S. that use MapQuest.com mapping solutions to help drive customers to their stores. MapQuest.com also recently reached an agreement with Ford Motor Company to provide customized mapping solutions to Ford customers on its OwnerConnection website. Other recent new customers include iVillage.com, salesforce.com and MyTurn.com, leading vertical portals. Internet Consumer Segment Expansion During the fourth quarter, MapQuest.com increased its user base, ending the year with 3.5 million unique visitors in December (5.4% reach), according to Media Metrix. MapQuest.com is continuing its growth in 2000, reaching 6.1% of users on the Internet in January with 4.2 million unique visitors. To provide MapQuest.com users with additional value-added services and to capitalize on the millions of printed pages generated by MapQuest users each month, in January, the company entered into a strategic partnership with eCoupons.com to integrate the eCoupons website within its site. The agreement provides MapQuest.com users with access to a wide variety of special coupons and merchant offers that are geographically relevant. Wireless In the fourth quarter of 1999, MapQuest.com continued its aggressive expansion into wireless applications. MetroOne Telecommunications, Inc. agreed to license MapQuest.com mapping technology for subscribers of its national MetroOne Enhanced Directory Assistance (EDA), targeted at the telecommunications industry. MetroOne callers will be able to access door-to-door driving directions and a variety of other mapping services simply by dialing 411. MapQuest.com is also working with Nuance, a leader in voice interface software, to provide directions and traffic reports to telephone users. About MapQuest.com MapQuest.com, Inc. is a leader in online, voice, and wireless destination information solutions and digital mapping solutions. Implementing a diverse strategy for distribution, MapQuest.com provides mapping and directions to the end user anytime, anywhere. MapQuest.com licenses its technology to more than 1,000 business partners. Through these licensing agreements MapQuest.com helps businesses integrate maps and driving directions into their Internet, intranet, call centers, voice and wireless applications for improved marketing and customer service functions. MapQuest.com's diverse network of business partners includes: AOL (NYSE: AOL), CitySearch (Nasdaq: TMCS), Yahoo (Nasdaq: YHOO), Lycos (Nasdaq: LCOS), InfoSpace (Nasdaq: INSP), Infoseek (Nasdaq: SEEK), Excite @Home (Nasdaq: ATHM), Travelocity (NYSE: TSG), Wal-Mart (NYSE: WMT), Bank of America (NYSE: BAC), Blockbuster, and Dayton Hudson (NYSE: DH). This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning MapQuest.com's business, operations and financial condition. Such forward-looking statements are subject to various known and unknown risks and uncertainties and MapQuest.com cautions you that any forward-looking information provided by or on behalf of MapQuest.com is not a guarantee of future performance. Actual results could differ materially from those anticipated in such forward-looking statements due to a number of factors, including (i) the volatile and competitive nature of the Internet industry, (ii) changes in domestic and foreign economic and market conditions, (iii) the effect of federal, state and foreign regulation on MapQuest.com's business, (iv) the development of competitive websites and businesses; (v) MapQuest.com's relative mix of Internet and traditional and digital mapping businesses, (vi) MapQuest.com's ability to protect its intellectual property rights and (vii) the effect of any future acquisitions. Investors are also directed to consider the other risks and uncertainties discussed in MapQuest.com's Securities and Exchange Commission filings. All such forward-looking statements are current only as of the date on which such statements were made. MapQuest.com does not undertake any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. CONTACT: MapQuest.com James Thomas Chief Financial Officer (717) 285-8525 Jwthomas@MapQuest.com or Wilson McHenry Company Jenifer Kirtland Vice President, Investor Relations (510) 723-6200 Jkirtland@wmc.com www.MapQuest.com
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