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February 20, 2001
eAccess Ltd.

eAccess' Completion of 5.0 Billion in Private Equity Placement

TOKYO, February 21, 2000 - eAccess Limited ('eAccess'), a privately held telecommunications company, announced today that it sold an aggregate of over 5.0 billion of its convertible preferred shares to investors including (in alphabetical order) ABC Global Ltd., Central Lease Corp., Dell Ventures, Diamond Capital Ltd., Fuji Bank, Fujigin Capital Ltd., Goldman Sachs, Morgan Stanley Dean Witter, Network Asia, Nippon Life Insurance Co., Orix Corp., Premier Ventures, Sycamore Ventures, Tokio Marine and Fire Insurance Co., Yasuda Enterprise Development Ltd. and others. Including the financing raised in February 2000, eAccess has thus far raised a total of 9.7 billion from the third party placement of its equity.

eAccess intends to use the proceeds of the offering to:

1. further expand the geographic coverage of its last mile network using digital subscriber line ('DSL') technology;

2. build an optical fiber based backbone and commence trials of optical fiber based access service; and

3. build infrastructure to provide content and application service providers with a platform to distribute broadband contents and applications.

Sachio Semmoto, Chief Executive Officer of eAccess said, 'with the additional capital, eAccess is now in an extremely strong position to further execute its business plan and become the driving force behind the diffusion of broadband services in Japan. eAccess' completion of an offering of this magnitude, particularly in such a difficult market environment, represents the confidence that our existing and new shareholders share regarding the management and future of eAccess in becoming a key player in the Japanese telecommunications industry. We look forward to serving the public's broadband services needs and working with our original and new investor groups.'

Mr. Mark Schwartz, Chairman of Asia of Goldman Sachs said, 'Goldman Sachs is extremely pleased with eAcces' progress since our initial investment in February 2000. Our follow-on investment in the Company reiterates our strong commitment and underscores our confidence in the Company's impressive management team and bright prospects.'

Mr. Thierry Porte, President of Morgan Stanley Dean Witter Japan said, 'eAccess continues to advance its aggressive business plan and is strengthening its position in Japan's growing broadband services industry. With this follow-on investment, Morgan Stanley Dean Witter is providing its continuing support to the eAccess founders and managers.'

eAccess was represented by (in alphabetical order) Anderson Mori and Shearman & Sterling throughout the transaction.


eAccess was established in November 1999 as a broadband data communications company, focusing on DSL, Internet Protocol (IP) services and solutions to customers.
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eAccess Ltd.



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