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For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP
212-238-8753
info@clm.com

CARTER, LEDYARD & MILBURN ASSISTS SCREAMINGMEDIA INC. WITH $5.5 MILLION PRIVATE PLACEMENT OF SERIES A PREFERRED STOCK

-Internet Content Provider Plans to Launch Marketing of Innovative Web Products and Services-

NEW YORK, May 3, 1999 -- The Wall Street law firm Carter, Ledyard & Milburn announced that it represented ScreamingMedia Inc. (formerly The Interactive Connection, Inc.) with its $5.5 million private placement of Series A Preferred Stock. The company's principal angel investors are Jay Chiat, founder of the Chiat/Day Advertising Agency and a recent inductee to the Advertising Hall of Fame, and James Robinson III, former CEO of American Express.

"We are pleased to have assisted our client ScreamingMedia Inc. in their pursuit of growth financing enabling them to launch the marketing and further development of innovative web delivered products and services. It's exciting for our Media and Technology Practice Group to be working with so many young Internet companies like ScreamingMedia from the beginning of their life cycle," said Jim Abbott, one of the partners at Carter, Ledyard & Milburn who represented ScreamingMedia in this transaction.

Carter, Ledyard & Milburn's Media and Technology Practice Group members who assisted ScreamingMedia Inc. with the transaction include partners James Abbott and Alan Bernstein and associate Renita Jolley.

Founded in 1995 by President Alan Ellman, ScreamingMedia Inc. is an emerging leader in real-time news aggregation, distribution, and integration of content on the Internet. Formerly known as The Interactive Connection, Inc., the company changed its name in January 1999 to ScreamingMedia. ScreamingMedia delivers micro-targeted content to over 500 web portals, including www.intellihealth.com, www.sun.com, www.att.com, and www.AOL.com. The firm is headquartered in New York City.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.

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