Rho Ventures: 2004 News

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$4 Million Raised to Fund Waterfront Media's Success

NEW YORK, NY
March 1, 2004

Waterfront Media Inc., formerly known as Agora Media Inc., announced today that it received a new round of funding from four primary investment groups that together have provided $4 million. Time Warner Investments, Rho Capital, Village Ventures, and Star Ventures all have invested growth capital for the highly successful online publisher responsible for creating widespread online exposure for The South Beach Diet™.

Waterfront Media, formed by the merger of Agora Media, Inc. - co-founded by Ben Wolin and Michael Keriakos, - and Streetmail, Inc. - co-founded by Bo Peabody and Matt Harris - currently publishes the online versions of Dr. Andrew Weil's My Optimum Health Plan; #1 New York Times Best Seller, The South Beach Diet™, by Dr. Arthur Agatston; Money Magazine's financial expert, Today Show contributor and author Jean Chatsky; 25-year health and fitness icon Denise Austin; and the best-selling Left Behind Series by Tyndale House Publishers, Inc.

"We are excited to be a leading player in the paid content space," said Ben Wolin, CEO of Waterfront Media. "This current round of funding gives us the opportunity to expand our product offering, pursue company acquisitions and develop stronger marketing campaigns for our products."

The online subscription-based publisher of self-help products currently boasts 275,000 subscribers who wish to use the interactivity and customization of the Internet to connect with and learn from major voices of authority.

Waterfront Media's success has opened a new revenue stream for the publishing industry. The company partners with an existing brand, creates an authoritative website and markets the site through online and offline advertising and public relations. The partner gets a percentage of the subscription sales, which creates a distinct and incremental stream of revenue without any costs to the owner of the brand.

"Waterfront Media has demonstrated successfully their ability to find new revenue opportunities for off-line publishers," said Neil Sequeira of Time Warner Investments. "We have been impressed with their strong technology platform and are delighted that a number of our operating companies are partnering with Waterfront to further extend the online subscription content and services they offer consumers. Going forward, we'll continue to look for ways to establish mutually beneficial and strategic ties between our companies and Waterfront."

Waterfront Media Chairman of the Board, Bo Peabody, who is Managing General Partner of Village Ventures said, "This latest round of funding is further evidence that the company is tracking well, and has captured the interest of both financial and strategic investors. Waterfront Media has established a successful, low-risk model for the publishing industry to take advantage of the Internet, and is thus breaking ground in ways that will expand the paid content space."

Wolin adds, "The Internet is an untapped medium for expert advice givers. Community interaction, diagnostic tools and efficient delivery and marketing have allowed advice companies to create successful online subscription products. With our new infusion of funds we'll expand the model even further."

Waterfront Media is headquartered on the Waterfront of Brooklyn, NY with customer service operations in North Adams, MA. This subscription-based online publishing company featuring self-help products connects subscribers with trusted experts to assist them in improving their lives. Waterfront Media opened its doors in January 2002 and currently serves 275,000 subscribers. More than 4 million people are receiving newsletters from Waterfront's leading authorities for their products encompassing diet, health, finance, exercise, spirituality and religion and relationships.

Additional information about Waterfront Media's partners, products and online tools can be found at www.waterfrontmedia.com or by calling Tabatha Simmonds of Krupp Kommunications at 541-317-9336.