Bolt Secures Funding from Time Warner, Comcast, Entercom, America Online, Ford Motor Company, and Others

December 7, 1999—Bolt, Inc. today announced that the company has closed a significant strategic round of investment from a group including Time Warner, Comcast Interactive Corporation, Entercom Communications Corp., America Online and Ford Motor Company. Also participating were certain of Bolt, Inc.'s original investors, including Highland Capital (an investor in eToys and Ask Jeeves), Oak Investment Partners (Media Metrix, TheStreet.com), Sandler Capital Management (Liberty Media, Univision), and Bechtel Enterprises (Concrete Media).

Leading these institutions in the current round was Moore Capital, an investor in iVillage, NextCard, and GoTo.com. Richard J. Bressler, chairman and chief executive officer of Time Warner Digital Media said, "Time Warner recognizes the value of the Internet in connecting with young consumers today. We are confident Bolt can be a leader in creating innovative ways to reach teens online and offline." The funding will aid Bolt.com, one of the leading destinations for teens on the Internet, to expand branding efforts throughout media, entertainment, cable, radio, and automotive industries.

Financial terms of the agreements were not disclosed. Bolt, Inc. recently announced an agreement with America Online, Inc. under which Bolt will develop and manage new community services for AOL Teens Channel.

Comcast Interactive Capital is a corporate venture capital fund affiliated with Comcast Corporation, a diversified leader in broadband services, telecommunications, electronic commerce, and entertainment, with interests in cable networks QVC, E!, and Style, as well as E!Online.

Entercom Communications Corp. is the fourth largest radio broadcasting company in the United States. The company owns and operates a portfolio of 88 stations in 16 markets with a variety of programming platforms from rock to country and sports. In addition, Entercom Communications Corp. is the exclusive radio broadcaster of a dozen major league sports teams and numerous major college teams. Ford Motor Company maintains online partnerships with Sesame Street, iVillage, and WNET/Nature in addition to many others. "We are pleased to have secured investments from some of the leading names in their respective industries," said Dan Pelson, president and CEO of Bolt, Inc. "This round will help Bolt to fortify its branding efforts and facilitate teen community and commerce. Bolt, Inc. is dedicated to providing teens with a voice and we plan to reach teens wherever they may be, both online and offline."

"Bolt has a solid expansion model focused on a demographic, teens, that is a major consumer of multiple media channels," said Steve Harrick, principal at Highland Capital Partners and board member of Bolt, Inc. "We continue to be impressed by Bolt's progress. The recent financing strengthens the company and we are excited by the opportunities presented by this new round of investors."

ABOUT BOLT.COM
Bolt, Inc. is one of the largest teen destinations on the Internet. The site provides 15-to-20 year-old members with free services including e-mail, homepages, music videos, audio chat, calendars, and diaries. Marketing partners include AOL, Yahoo!, MSNHotmail, and Lycos. Advertisers include Coca-Cola, Ford, Intel, Estee Lauder, Levi's, and several dozen other blue chip companies. Bolt, Inc. is located in New York City.

ABOUT BECHTEL ENTERPRISES
Bechtel Enterprises Holdings, Inc. (BEn) is the project development, financing, and ownership arm of Bechtel Group, Inc. Since its establishment in the early 1980s, BEn has grown into one of the largest and most successful development and financing entities in its industry, with interests in independent power generation, transportation, pipelines, water and wastewater systems, and telecommunications and technology ventures.

ABOUT COMCAST CORPORATION
Comcast Interactive Capital (CIC) (www.civentures.com) is a $250 million corporate venture capital fund affiliated with Comcast Corporation, a diversified leader in broadband services, telecommunications, electronic commerce, and entertainment with interests in cable networks QVC, E!, and Style, as well as E!Online and Excite@Home. CIC's portfolio of more than 25 investments includes About.com, CitySearch, Garden.com, Internet Capital Group, and TiVo.

ABOUT ENTERCOM COMMUNICATIONS CORP.
Entercom Communications Corp. owns and operates a nationwide portfolio of 88 stations (including the pending acquisition of 46 stations from Sinclair Broadcasting). Entercom Communications Corp. operates multi-station groups with leading positions in virtually all of its 16 markets, which includes 12 of the country's top 50 markets. These markets include Boston, Seattle, Portland, Sacramento, Kansas City, Milwaukee, Norfolk, New Orleans, Greensboro, Buffalo, Memphis, Rochester, Greenville/Spartanburg, Wilkes-Barre/Scranton, Gainesville/Ocala, and Longview/Kelso, WA.

ABOUT FORD MOTOR COMPANY
Ford Motor Company is the world's largest producer of trucks and the second-largest producer of cars and trucks combined, marketing and selling approximately 7 million vehicles globally through its seven brands last year. Ford Motor Company employs approximately 354,000 people in plants, offices, and laboratories to serve consumers in more than 200 countries and territories. Ford Motor Company is also one of the largest providers of financial services worldwide through 2,400 branches in 33 countries.

ABOUT HIGHLAND CAPITAL PARTNERS
Founded in 1988, Highland Capital Partners is a leading venture capital firm focused on building companies in the Internet/e-commerce, communications, information technology, and medical markets. With over $500 million under management, Highland has worked with such firms as BeFree, CheckFree, eToys, Gamesville.com, Lycos, MapQuest, Medscape, NextCard, RoweCom, WebLine Communications, and Wit Capital.

ABOUT MOORE CAPITAL
Moore Capital Management, Inc. is an investment management group with several billion dollars under management. Its private equity activities have included investments in GoTo.com, iVillage, NextCard, RoweCom and eToys.

ABOUT OAK INVESTMENT PARTNERS
Oak Investment Partners is a private partnership that focuses on financing emerging leaders in the information technology and e-commerce areas. Oak was founded in 1978 and has since organized eight partnerships with total commitments of more than $1.6 billion. Examples of past investments include those in companies such as Exodus, Inktomi, Parametric, Polycom, Synopsys, and Wellfleet. Oak's focus in the wireless communications area includes investments in Advanced Radio Technology, Airspan, Triton, and Wireless Facilities, Inc. For more information, please visit Oak's web site at www.oakinv.com.

ABOUT SANDLER CAPITAL MANAGEMENT
Sandler Capital Management is a leading investment management firm specializing in media, entertainment, telecommunications, information services, publishing, and the Internet. The company manages over $2 billion in domestic and international investments. Founded in 1980, the firm is managed by a team of investment professionals with more than 100 years of combined experience investing in these areas. The firm has made numerous private equity investments in companies in the traditional media/communications sectors, as well as in emerging growth/Internet companies. For more information, please visit Sandler's web site at www.sandlercap.com.

ABOUT TIME WARNER
Time Warner Inc. (NYSE: TWX) (www.timewarner.com), the world's leading media company, consists of five businesses: cable networks, publishing, music, filmed entertainment, and cable.