Napster Inc. Closes $15 Million Venture Capital Funding Round Led by Hummer Winblad Venture Partners

SAN MATEO, CA (May 22, 2000) - Napster Inc., the world's leading filesharing community, today announced it has closed a $15 million Series C venture capital funding round. The round was led by Hummer Winblad Venture Partners, with additional investments from Angel Investors LP and other existing investors. Hummer Winblad partners Hank Barry and John Hummer will join the Napster Board of Directors. As part of the investment in Napster, Barry will become interim CEO.

"We are extremely pleased to be part of the Napster community," said Barry. "According to a recent poll, over 70% of all college students have used Napster's software, and 19.2% use it every day. With over ten million registered users within its first nine months, Napster's filesharing application has become the most rapidly adopted technology in the history of the Internet."

"Hummer Winblad is the perfect firm and Hank is the perfect person to take this company to the next level," said Eileen Richardson, the company's interim CEO for the past nine months. "Having accomplished what I set out to do at Napster: build an incredible management team, create traction in the market, and raise venture money, I am excited to see Napster, Inc. move forward as a next-stage company." Richardson, a veteran venture capitalist, will continue in an advisory role to the company.

About Napster Inc.

Napster is the world's leading filesharing community. Napster's software application enables users to locate and share media files from one convenient, easy-to-use interface. It also provides media fans a forum to communicate their interests and tastes with one another via instant messaging, chat rooms, and Hot List user bookmarks. Napster was founded in 1999 by eighteen-year-old Shawn Fanning, then a freshman at Boston's Northeastern University.

About Hummer Winblad Venture Partners

Hummer Winblad Venture Partners (www.humwin.com) has earned a global reputation for helping emerging firms become category leaders. Its portfolio features emerging leaders in internet infrastructure, electronic commerce and applications services, including Liquid Audio, AdForce, Net Perceptions, Pets.com, HomeGrocer.com, Rivals.com, The Knot, Excelergy, Extensity, Employease and Hurricane Technologies.