Soros Private Equity Partners Lead $12.5 Million Second Round Financing for iExplore

Leading Adventure/Experiential Travel Web Site Attracts High Profile Investors

CHICAGO, April 26, 2000 -- iExplore, Inc. (www.iExplore.com), the premier one-stop Internet resource for researching, purchasing and equipping adventure and experiential travel, today announced that it has secured $12.5 million in second round financing from a group of investors led by the investment affiliates of Soros Private Equity Partners LLC. Other participating investors in the round include Madison Dearborn Partners, Inc., a Chicago-based private equity investment firm; first round investors Tribune Ventures, the investment unit of Tribune Company and Bear Ventures, a Silicon Alley-based investment fund, both of whom increased their ownership stake in the company.

"iExplore has executed incredibly well to date," said Andrew J. Oleszczuk, Tribune Ventures president. "Adding these world-class partners positions iExplore to go to the next level and confirms that our strategy to invest in early-stage Chicago companies is right on target."

Adventure and experiential travel is $40-50 billion in size and growing at a rate of 10 percent annually, with an estimated 98 million Americans currently participating in some type of adventure activity. Combined with the lucrative U.S. online consumer travel market -- a market that remains the top online commerce category and is projected to reach $28 billion in 2005, according to Jupiter Communications -- iExplore is well positioned to capture a significant share of the market.

"We are thrilled to have assembled an all-star team of investors to assist us in growing the business and expanding our product offerings for adventure travelers worldwide," said George Deeb, founder and CEO of iExplore, Inc.

"We believe iExplore has assembled a top-notch management team and established the key strategic relationships with leading tour operators that will enable it to capture market leadership in this category," added Rob Selati, Managing Director at Madison Dearborn.

Offering more than 5,000 vacation options in 152 countries, iExplore is the leading Web-based portal for off-the-beaten path travelers who want to "come back different." The company has partnered with more than 100 world-renowned tour operators, including Abercrombie & Kent, Backroads, Mountain Travel-Sobek and Lindblad Expeditions, and provides customers with live, round-the-clock access to its staff of 25 in-house Adventure Experts on the Web and via a toll-free telephone number (1-800-iExplore ). Having lived and worked in the destinations offered, iExplore's Adventure Experts share their expertise, experiences and proficiency to help customers choose and plan their special trip. In addition, the Web site offers consumers a wealth of other research resources including books, suggestions on gear and apparel, and chats with fellow travelers.

About the Investors

Soros Private Equity Partners LLC
Soros Private Equity Partners LLC, an investment affiliate of Soros Fund Management LLC, is responsible for making direct equity investments on behalf of Quantum Industrial Partners LDC, a $3.5 billion investment fund and one of the Quantum Group of Funds. Soros Fund Management is the well-known investment advisory firm founded by George Soros.

Tribune Ventures is the investment arm of Tribune Company (NYSE: TRB) a leading media company with operations in television and radio broadcasting, publishing, education and interactive ventures. Tribune Ventures was formed in 1995 to invest in and partner with new-media and technology businesses. These partnerships build knowledge and experience that support Tribune's interactive businesses. Tribune's other equity partnerships include America Online, Excite, Food.com, iOwn, iVillage, Lightspan, Peapod, Pseudo Programs, Replay Networks and SuperMarkets Online. More information on Tribune Ventures is available at www.tribune.com/ventures.

Madison Dearborn Partners Inc. (MDP), headquartered in Chicago, Illinois, is a leading private equity investment firm with more than $7 billion of capital under management. MDP focuses on management buyouts and growth equity transactions involving rapidly developing companies. MDP has significant investment experience in several specific industries, including communications, basic industries, consumer/e-commerce, health care, and financial services.

Bear Ventures is a Silicon Alley-based private equity investment fund focusing on growth and Internet related investments. Started by entrepreneurs and backed by one of the largest private banks in the U.S., Bear is an operationally focused fund that provides value beyond capital to all of its portfolio companies. Bear's current investments include Net-mercial, Zkey.com, National Tile + Stone, WorldWide Express, Deliver-e-Today.com, and SportsID.com. Bear is located at www.bearven.com.