FortuneCity.com Acquires France's Leading Community Homepage, Citeweb.

NEW YORK--(BUSINESS WIRE)--November 16, 1999--

Acquisition Further Strengthens its Position as the Leading

Network of Community Web Sites

FortuneCity.com, the largest and fastest growing international network of native language Web-based communities on the Internet, today announced the acquisition of Citeweb, one of the oldest and well-known community sites in France. Citeweb is already ranked as a top 25 French web site, according to the Media Metrix report for September 1999.

Launched in 1995 by three French students, Citeweb has grown organically to become one of the best-known destination sites among France's Web community. With more than 30,000 active users, Citeweb has a strong reputation for offering innovative tools and services for Web site builders.

"Citeweb currently records 12 million page impressions a month and has 30,000 registered users, making it a great asset for FortuneCity," commented President and CEO of FortuneCity, Peter Macnee. "It is well known that the largest Internet properties in each market command a high percentage of the advertising revenue. The combined reach and traffic of the two companies moves us further up the premier league of French Internet sites and into a similar position to our German and US operations.

Peter Macnee, President and CEO of FortuneCity.com said, "The acquisition of Citeweb is in line with FortuneCity's global expansion strategy. As an addition to our French native language Web site, FortuneCity.fr, Citeweb strengthens our presence in this market. They are a well-known and popular site within the local Internet community and currently a top-25 Web property in France. The clear synergies between FortuneCity.fr and Citeweb will enable us to seamlessly integrate Citeweb into the FortuneCity portfolio. We anticipate that Citeweb will significantly add to our 5.1 million unique monthly US visitors."

About FortuneCity.com

Founded in 1997, FortuneCity.com Inc. www.FortuneCity.com (Neuer Markt: FCT) is one of the largest and fastest growing international networks of native language Web-based communities on the Internet. The FortuneCity network, first to expand internationally, includes sites in English, German, Italian, Spanish, French, Swedish, Dutch and Portuguese. FortuneCity citizens are empowered to build their own free home pages, developing virtual homes where they can share ideas and experiences with members and visitors from around the world, join special interest groups and have a direct impact on the development of their community. FortuneCity.com was recently ranked 25th largest Web property in the United States according to the July 1999, Media Metrix. FortuneCity also operates the online community site AcmeCity.com in a 50/50 joint venture with Warner Bros. Online, a Time Warner Entertainment Company.

About Citeweb

Citeweb was launched in 1995. The site is a free web space provider similar to FortuneCity in style and content. It offers new as well as standard tools for web site building, for example, 400 pages of customisable, dynamic IP addresses and counters. It also gives its registered users the option of having a CGI script on the server as well as the ability to track links made to their home pages. Citeweb currently has 30,000 registered users and achieves 12 million page impressions per month and was recently ranked as a top 25 site in France by Media Metrix.