FreeMarkets Creates Successful Online Markets for Construction Materials And Services; Clients Bid More Than $35 Million in Construction Materials And Services Through FreeMarkets(R) B2B eMarketplace to Date; Identify Average Annual Savings of Over 20%

PITTSBURGH, March 29 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT) the world's leading B2B eMarketplace, today announced that more than $35 million in construction materials and services have been bid through the FreeMarkets B2B eMarketplace to date. Clients who have used FreeMarkets to bid these materials and services have identified average annual savings of over 20%. "The successful markets we have created for construction goods and services are further evidence of the value of the FreeMarkets B2B eMarketplace to buyers across a broad range of product and service categories," said FreeMarkets Chairman and CEO Glen Meakem. "The markets for direct and indirect materials and services we have created through our eMarketplace have generated real savings and efficiencies for our clients." Among the construction materials and services that have been bid through the FreeMarkets B2B eMarketplace: -- Pipe, valves and fittings -- Engineered equipment -- Petrochemical plant facilities -- Site work subcontracts -- Mechanical equipment -- Building materials About FreeMarkets FreeMarkets is the world's leading B2B eMarketplace, with online auction markets for industrial parts, raw materials, commodities and services. The Company created online auctions for over $2.7 billion worth of purchase orders in 1999 and nearly $1.0 billion worth of purchase orders in 1998. Since 1995, FreeMarkets has created online auctions for products in more than 70 supply verticals, including injection molded plastic parts, commercial machinings, metal fabrications, chemicals, printed circuit boards, corrugated packaging and coal. More than 3,000 suppliers from over 45 countries have participated in the FreeMarkets B2B eMarketplace. FreeMarkets provides access to its eMarketplace to industrial buyers and suppliers. The FreeMarkets B2B eMarketplace includes industry-leading online auction technology, technical operations, market making services, access to a global database of suppliers and supplier research, call center support to buyers and suppliers in over 30 languages, and marketplace rules. The Company's current clients include The Commonwealth of Pennsylvania, United Technologies Corporation, The Quaker Oats Company, Owens Corning, Eaton Corporation, Emerson Electric Company, FirstEnergy Corp., SmithKline Beecham plc, Navistar International and Delphi Automotive Systems Corporation. FreeMarkets can be found on the Web at http://www.freemarkets.com. FreeMarkets is a registered trademark of FreeMarkets, Inc. Forward-looking statements Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are based on information available to FreeMarkets today, and FreeMarkets assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, market acceptance of FreeMarkets' online auction marketplace, the competitive nature of the market for business- to-business online auction services, FreeMarkets' ability to retain and increase revenue from existing clients and to execute agreements with new clients, FreeMarkets' ability to attract and retain qualified personnel, the size of the market for used equipment and surplus inventory, the demand for online auction and other asset recovery services by buyers and suppliers, and FreeMarkets' ability to successfully integrate acquisitions. Risk factors are described in more detail in FreeMarkets' filings with the Securities and Exchange Commission.