ICONZ Name Change

CHANGE OF NAME MEANS NEW OPPORTUNITIES FOR NZ INTERNET USERS AND EMPLOYEES
Asia Online brings benefits of global network to ICONZ

AUCKLAND, NEW ZEALAND (April 7, 2000) -- The Internet Company of New Zealand (ICONZ) will officially change its name to Asia Online (New Zealand) Ltd from today following the acquisition of ICONZ by Asia Online in September 1999.

The change, however, represents much more than just a new brand for ICONZ’ existing and future users as the global Internet solutions company brings new products, services and resources to the Auckland-based company.

“ICONZ developed a very loyal customer base and a sound reputation,” says Asia Online’s New Zealand General Manager Hugh McKellar. “As Asia Online we will continue to think about local needs, and at the same time give our customers unparalleled access to global e-business solutions.”

“We now have the financial resources and access to a global network to provide these customers with truly world class Internet business solutions,” he says. An example of this development is the opening of a new headquarters and data facility in Auckland’s central business district giving customers access to world class data security and reliability.

Mr McKellar says that through its pan-Asia Pacific network of Internet companies, Asia Online also offers New Zealanders a comprehensive range of Internet-related products and services.

“These include high-speed and dial-up Internet access, international roaming access, virtual private networks, voice over IP, web development and hosting services, systems integration, and consulting on networks, security and e-business solutions.”

Asia Online employees will also reap the benefits of being part of a larger, global operation by becoming eligible for an across-the-board employee stock option plan announced recently by the US-based parent company. “This is unheard of in the New Zealand Internet industry. We can now further reward our loyal staff members and let them share in the company’s long-term success which, without their support, would be impossible to achieve,” says Mr McKellar.

Internationally, Asia Online recently raised a record-breaking US$100 million of new capital from a powerful consortium of institutional and strategic investors.

The roster of new investors who have signed on to support Asia Online’s business direction is led by Paribas Affaires Industrielles (PAI) with participation from ABN AMRO Capital Investment Asia Ltd, Dell Computers, CIBC, Hikari Tsushin, MF Private Capital, Paine Webber, and Systex Capital Group Inc. They join existing shareholders Concentric Network Corporation, GE Equity Asia-Pacific, Interliant Inc, JP Morgan International Capital Corp, Nexus Group, Peqout Capital Management Inc and Softbank Technology Ventures in contributing new capital.

“US$100 million is a tremendous display of confidence in Asia Online,” says Mr McKellar.

“As a result, we have gained powerful allies in Europe, reinforced our Japanese affiliations, taken on a strategic partner in Taiwan, expanded our relations with American and Canadian investors, and garnered support from one of the world’s most dynamic computer companies. These alliances will go a long way towards consolidating our service-centric approach, and providing New Zealand with a global framework for doing business.”

For more information please contact: Hugh McKellar 021-654 567
Released by Network Communications (Anton Blank) 379 3154

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