PayPal, Inc. Announces Filing of Registration Statement for IPO

Palo Alto, CA - Friday, Sept. 28, 2001 - PayPal, Inc. announced today the filing of a registration statement for the initial public offering of its common stock. All of the securities in the proposed IPO are being offered by PayPal.

PayPal, Inc. enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. PayPal's network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution.

Salomon Smith Barney Inc., Robertson Stephens, Inc. and William Blair & Company, L.L.C. are acting as managers of the proposed offering. When available, copies of the written prospectus relating to the proposed offering may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

SOURCE: PayPal, Inc.