NORTH PALM BEACH, FLA. – June 5, 2000 – Bankrate Inc. (NASDAQ: ILIF), announced today its intent to grow its existing businesses, conserve cash and capitalize on new emerging business opportunities through an acceleration and expansion of cost reduction efforts and the implementation of new productivity improvement efforts.

"Bankrate.com has many strengths - including being the largest site of its kind and having an impressive depth and breadth of personal finance rates, tools, content and knowledge," said Elisabeth DeMarse President and CEO. "Our strategy is to refocus these strengths into our core business."

DeMarse noted the company is moving aggressively to implement key initiatives that support operating priorities. "We will be absolutely single-minded in our efforts to meet our performance commitments and to break down any barriers remaining in the way of our increasing shareholder value," said DeMarse. "Staying focused on these priorities, combined with our employees' passion for excellence and achievement, will lead to a bright future."

Bankrate Inc. will accelerate and expand cost reduction actions at bankrate.com and its sister site operations, theWhiz.com, GreenMagazine.com, and IntelligentTaxes.com. Bankrate Inc. intends to consolidate business operations and non-performing assets as well as reducing employment levels of continuing operations by 10 percent and consolidating its physical locations.

"These actions are painful, but are absolutely necessary to ensure a productive and viable future for this enterprise," said DeMarse. "We are committed to treating our employees with dignity and respect during this process. For those affected by employment reductions, we will provide severance as well as career transition assistance."

About Bankrate Inc.
Bankrate Inc. (NASDAQ:ILIF) is the Internet's leading consumer banking marketplace, with over 1.3 million unique visitors per month connecting with over 4,000 financial institutions in 126 markets in 50 states, Washington D.C. and Puerto Rico. Bankrate Inc. owns and operates a portfolio of personal finance channels, including banking, investing, taxes and small business finance. Its flagship site, bankrate.com, is the leading aggregator of over 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CD's, checking and ATM fees, home equity loans and online banking fees.

Bankrate Inc. provides financial applications and information to a network of over 120 partners including SNAP (NASDAQ: NBCI), Yahoo (NASDAQ: YHOO), America Online (NYSE: AOL), CNN and Smart Money. The company's information is also distributed through more than 120 national and state publications.