Terremark to Receive $10.2 Million Investment From TD Global Finance -TDGF-

Business Wire, July 23, 2002

Business Editors/Technology Writers

MIAMI--(BUSINESS WIRE)--July 23, 2002

Terremark Worldwide, Inc. (AMEX:TWW) the only carrier-neutral operator of Tier-1 network access points (NAPs) and a provider of Internet infrastructure and managed services, announced today that on Friday it exercised its right to sell $10.2 million of its common stock to TD Global Finance (TDGF), pursuant to an agreement previously disclosed in Terremark's Annual Report Form 10-K, filed with the SEC on July 15, 2002. This transaction resulted in the issuance of approximately 17.6 million shares, at $0.58 per share. In addition, Terremark issued TDGF three call warrants that grant it the right to purchase up to an additional 3.5 million shares within the next six months at an average price of $0.67 per share.

The Company further announced that it has filed a registration statement with the SEC with respect to these shares. Upon the SEC declaring the registration effective, the Company will receive the $10.2 million from TDGF. When available, copies of the prospectus relating to this offering may be obtained from Terremark.

A registration statement relating to these securities has been filed with the U.S. 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 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.

About Terremark Worldwide, Inc./NAP of the Americas

Terremark Worldwide Inc. (AMEX:TWW) is a global leader in facilitating Internet connectivity and providing Internet infrastructure and managed services. Terremark is the owner and operator of the NAP of the Americas, the 5th Tier-1 Network Access Point in the world and the model for TerreNAPsm Data Centers the company is deploying in Sao Paulo, Brazil (NAP do Brasil) Madrid, Spain (NAP de las Americas - Madrid) and other emerging markets. The carrier-neutral NAP of the Americas is a state-of-the-art facility providing interconnection between global carriers, ISPs and others, as well as connecting fiber networks in Latin America, Europe, Asia and Africa to those in the U.S. Terremark is headquartered at 2601 S. Bayshore Drive, 9th Floor, Miami, Florida USA, (305) 856-3200. More information about Terremark Worldwide can be found at http://www.terremark.com.

Statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Terremark's actual results may differ materially from those set forth in the forward-looking statements due to a number of risks, uncertainties and other factors, as discussed in Terremark's filings with the SEC. These factors include, without limitation, Terremark's ability to obtain funding for its business plans, uncertainty in the demand for Terremark's services or products and Terremark's ability to manage its growth. Terremark does not assume any obligation to update these forward-looking statements.