1. Easynet Group Plc merger with ipsaris Limited

2. 2 ipsaris easynet Creating a leading broadband service provider in the UK & France

3. 3 The financial logic The strategic logic The merger of Easynet and ipsaris has compelling strategic and financial logic Combining Easynet’s sales force, customer base, IP networking skills and proven sales-led business model, with ipsaris’ network assets, engineering skills and IT systems creates a strong platform to deliver broadband to SME customers. The Enlarged Group will have the capital to support Easynet’s broadband growth strategy at a time when capital is scarce.

4. 4 Rationale and Transaction highlights  Rationale for Easynet –accelerates strategy –differentiation of product offering –brings c. £314m cash  Easynet to issue 82.9m shares for ipsaris  Pro forma market capitalisation of £475 million (25 June 2001)  Marconi has agreed to sell up to 11.6m shares at a minimum price of 430p by way of a strike price tender bookbuild  EGM approval 19 July 2001, merger completion and admission effective 26 July 2001 Shareholder structure post- transaction Note: Marconi will hold no more than 49.9% of the total voting shares. In the event of full take-up of the tender offer Marconi’s holding would fall to 61.4%

5. 5 The enlarged Easynet organisation David Rowe Neil Rafferty Brian Mulligan Peter Hill Steve Rick Will Gardiner Head office and finance UK business and carrier services European business services Network & operations UK and Europe Chief Executive Executive Chairman

6. 6 Our opportunity is broadband data services…  SME customers want advanced data services  To date, access prices have been too high  While there are other technologies available to provide broadband: –CablePasses only a small % of businesses built primarily for residential –WLLNot yet economically proven –FibreNot economic for most SMEs  The DSL proposition Cost  Speed  Availability

7. 7  UK business retail market reaches £17bn by 2004  SME is 60% of total market by 2004  Ovum estimates the managed bandwidth market to reach £3bn by 2004 The business opportunity in the U.K. and France Source: IDC Total business retail market of £16bn by 2004 SME is 64% of total market by 2004 Paris - centric & high density per local exchange

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