WAYPORT, INC. CLOSES APPROXIMATELY $70 MILLION FINANCING ROUND

Nation's leading high-speed, portable Internet provider for travelers moves forward with rapid service deployment in airports and hotels

AUSTIN, TX - December 11, 2000 - Wayport, Inc., the travelers' choice for high-speed, portable Internet access in airports and hotels, has completed its latest round of financing by securing approximately $70 million of venture capital through the sale of shares of the Company's Series D-1 Preferred Stock and Series D-2 Preferred Stock.

Led by BA Venture Partners and Lucent Venture Funds, the funding represents one of the largest venture capital investments in an Austin-based company within the past year. As part of the transaction, Lucent and BA Venture Partners, the venture capital affiliate of Bank of America, are bringing longstanding financial and operating expertise to Wayport by each placing a representative on the company's Board of Directors.

"Top analysts indicate that the wireless and Internet industries are ripe for growth and this investment confirms investor confidence in this marketplace. The Yankee Group, for example, projects over one billion wireless devices and more than $50 billion of commerce transactions in the U.S. will be wireless by 2003," said David Vucina, chief executive officer of Wayport. "The magnitude of this investment, coupled with our hotel, airport and technology alliances, positions Wayport as the clear leader in the industry."

According to Kate Mitchell, managing director for BA Venture Partners, "The Wayport business model is representative of what we look for in these rapidly changing times...excellent customers, market-leading technology and a clear, short-term path to profitability."

Other notable investors in the round include a new investor Invesco and existing investors Sevin Rosen Funds, Trellis Partners, and New Enterprise Associates.

This investment is a testimony to our investors' strong endorsement of the Wayport business strategy," said Vucina. "Our commitment to our investors, partners and customers is to execute our business plan, achieving unparalleled coverage and service with an unrivaled return on investment."

Wayport service now is available at Dallas/Fort Worth, Austin Bergstrom and Seattle-Tacoma International Airports, with a goal to add five more major-market airports by June 2001. Additionally, the company plans to install high-speed wired and wireless access into more than 500 hotels worldwide by mid-2001, including world-class hotel chains such as Wyndham Hotels & Resorts, Four Seasons Hotels & Resorts and Sonesta Hotels & Resorts, as well as MeriStar Hotels & Resorts, which manages hotels under well-known brands such as Hilton, Sheraton, Westin, Radisson, and Doubletree.

For a nominal fee, travelers can use Wayport's service to send and receive email or access the Internet or their corporate intranet at T1 speed throughout the airport and in hotel guestrooms, meeting rooms and public areas. Through a simple connection process, passengers, hotel guests and meeting attendees bypass dial-up times, busy signals and the hassle of local access numbers.

Wayport's wireless network is based on the Wi-Fi (11 Mbps IEEE 802.11b) standard for wireless Ethernet, which is supported by all major PC and networking vendors such as 3Com, Apple, Cisco Systems, Dell, IBM, Lucent, Nokia, Xircom and Toshiba. Wayport is a sponsor member of the Wireless Ethernet Compatibility Alliance (WECA), an industry consortium formed to promote the 802.11b standard and ensure interoperability between different wireless network equipment providers.

Wayport has developed service bundling agreements to promote its wireless service offering with laptop industry leaders, IBM and Toshiba.

About Wayport, Inc.

Wayport, Inc., based in Austin, Texas, and founded in 1996, provides fast Net for people on the move in airports, hotels and conference centers. Travelers accessing Wayport's networks through wired and wireless Ethernet card connections get consistent, convenient access to the Internet, email and company networks at speeds 50 to 200 times faster than traditional dial-up modems or cellular-based wireless services. To learn more about Wayport, visit the website, www.wayport.net or call 1-877-WAYPORT (within the U.S.) or 512-WAYPORT (512-929-7678 from outside the U.S.).