Internet Capital Group Inc. –

WAYNE, Pa. – Internet Capital Group Inc., an Internet holding company, went public August 5, offering 14.9 million shares at $12 apiece. The company’s stock priced at the high end of its $10 to $12 filing range.

Merrill Lynch & Co., BancBoston Robertson Stephens, Deutsche Banc Alex. Brown, Bank of America Securities L.L.C. and Wit Capital Corp. underwrote the IPO, which left 124.3 million shares outstanding.

Venture Investors included Comcast Investments Inc., Internet Assets Inc., Safeguard Scientifics Inc., Membership Profit Interest Plan and the 1999 Equity Compensation Plan.

Internet Capital is actively engaged in business-to-business and e-commerce through a network of 35 partner companies. The company’s operating strategy is to integrate partner companies into a collaborative network to leverage their collective knowledge, experience and industry relationships.

Internet Capital will use the estimated $151.1 million in proceeds from the offering to increase working capital, create a public market for its common stock, facilitate future access to public equity markets and to gain increased visibility and credibility. The company also plans to acquire interests in additional business-to-business e-commerce companies, to increase interest in its existing partner companies and for general corporate purposes.

The company had not been profitable until 1998, when it generated $13,899. Prior to that, it lost $2.1 million between March 1996 and December 1996 and $6.6 million in 1997.

Walter Buckley III, former vice president of acquisitions for Safeguard Scientifics Inc., is a co-founder of the company, and has been president and chief executive officer since March 1996. Kenneth Fox, former director of West Coast operations for Safeguard Scientifics Inc. and Technology Leaders II, a venture capital partnership, is a co-founder of the company and a managing director since 1996. John Nickolas, former corporate controller of Safeguard Scientifics Inc., serves as the company’s managing director of finance and has been the assistant treasurer since January. Julian Brodsky, a founder of the Comcast Corp., joined the company’s board of directors in May 1996. E. Michael Forgash, vice president of operations for Safeguard Scientifics Inc., joined the board of directors in May 1998.

Internet Capital Group – Selected Financial

(in thousands, except per share data)

March 4, 1996 (inception) Year Ended December 31 Three Months Ended March 31

to December 31, 1996 1997 1998 1998* 1999*

Total Revenue 285 792 3,135 377 3,111

Net loss -2,062 -6,580 13,899 9,269 20,080

Net loss per share -0.1 -0.19 0.25 0.2 0.27