MPOWER TO PROVIDE PAINEWEBBER WITH RETIREMENT PLAN ADVICE SERVICES

Nation's Fourth-Largest Brokerage Signs Exclusive Agreement with Online Investment Advisor, Makes Strategic Investment

SAN FRANCISCO, June 15, 2000 - mPower, the leading provider of online investment advice, today announced an exclusive agreement with PaineWebber Group Inc. to provide online advice to the firm's 401(k) plan clients. Under the agreement, plan participants will have access to mPower's institutional quality advice services as well as its award-winning retirement investment educational content. PaineWebber's retirement plan services currently reach 500,000 plan participants. PaineWebber has also made a strategic investment in mPower. Terms of the transaction were not disclosed.

The Internet-based service provided by mPower offers each PaineWebber plan participant fully personalized investment and retirement planning advice. This offering will provide individually tailored investment advice for participants' complete retirement portfolios, including 401(k) and traditional pension plans.

"mPower will provide our plan sponsor clients with an outstanding Internet-based solution to help employees allocate retirement assets and make the best portfolio decisions," said Marten S. Hoekstra, director of marketing for PaineWebber's Private Client Group. "In addition, PaineWebber's investment in mPower is a part of our strategic plan to invest in and partner with innovative e-commerce companies that enhance the products and services we offer our clients." With its rapidly growing list of plan provider partners and plan sponsor clients, mPower now has access to more than 15 million employees in the U.S., making it one of the largest online advice providers.

"We are very pleased to include an industry leader such as PaineWebber among our alliances," said Steve Deschenes, president of mPower. "With our service, PaineWebber's clients will be able to offer their 401(k) investors institutional-quality advice, easy-to-use yet grounded in comprehensive research and sound investment methodology."

About mPower
mPower.com, Inc. (www.mpower.com) is the holding company of mPower Advisors, L.L.C., a registered investment advisor located in San Francisco. The company is dedicated to delivering independent and objective online investment education and advice to investors with 401(k), 403(b) and 457 plans and individual retirement accounts. Under the mPower umbrella is the 401Kafé (http://www.401kafe.com), the first independent online community and content site dedicated exclusively to 401(k) participants nationwide, and IRA Junction (http://www.irajunction.com), the information station for investors with individual retirement accounts.

About PaineWebber
Paine Webber Group Inc., (www.PaineWebber.com) together with its subsidiaries, serves the investment and capital needs of a worldwide client base. Founded in 1879, its core businesses include private client investment services, asset management, research, investment banking, global equity sales and trading, municipal securities and transaction (correspondent) services. With $452 billion in client assets, the firm employs 20,008 people in 318 offices.

Contact
David P. Walker, Paine Webber Group Inc.
(212) 713-8502