IPOs/recent issues: METAWAVE COMMUNICATIONS –

New York, N.Y.

Went public 4/27/2000 at $9 apiece

Filing Range:6.25 mil. shares @ $11 to $13

Shares Outstanding:36.84 mil. shares

Underwriters:Merrill Lynch

Salomon Smith Barney/U.S. Bancorp Piper Jaffray

FINANCIALS

(Data in $ millions)

Y/E Y/E 3 MOS 3 MOS

12/98 12/99 3/99 3/00

Total Revenue $15.99 $22.6 $6.83 $9.33

Net Loss -44.33 -42.41 -12.7 -7.75

The Company:

Metawave Communications provides smart antenna systems to wireless network operators facing capacity constraints in the wireless communications industry. The company’s SpotLight smart antenna systems consist of antennas that improve the reception and transmission of radio signals dynamically through the use of proprietary software. These systems can increase overall network capacity, improve or maintain network quality, reduce network operating costs and better manage network infrastructure. SpotLight systems are designed to be compatible with base station equipment for Code Division Multiple Access, or CDMA, and Global System for Mobile Communications, or GSM technologies, as well as analog technologies. The company’s SpotLight 2000 system has improved CDMA capacity in cell sites from 30% to 50%, depending on network configuration, and its SpotLight GSM system, which Metawave has yet to commercially ship, has increased GSM network capacity by up to 100%. As of March 31, 2000, Metawave had sold a total of 149 SpotLight systems to a variety of customers worldwide, including ALLTEL, which accounted for 44.8% of revenue, Grupo IUSACELL de C.V. of Mexico, which accounted for 26% of revenue, and Southwestco Wireless, which accounted for 20.9% of revenue.

Proceeds:

Estimated net proceeds of $68.8 million will be used to fund research and development, and for capital expenditures purposes.

Venture Backers:

Oak Investment Partners, Venrock Associates, Sevin Rosen Funds, MeriTech Capital Partners, General Motors Investment Management Corp., Merrill Lynch, Pierce, Fenner & Smith Inc., Cedar Grove Investments LLC

Board Members:

Douglas Reudink

Robert Hunsberger

Bandel Carano

Bruce Edwards

David Hathaway

Scot Jarvis

Jennifer Gill Roberts

David Twyver