FreeMarkets Strengthens Strategic Sourcing Leadership Position in Asia

FreeMarkets, Inc. (NASDAQ: FMKT) the leading global provider of e-sourcing software and service solutions, today announced that it has strengthened its leadership position in the rapidly growing Asia Pacific Region.

Singapore-- March 14, 2002 -- FreeMarkets, Inc. (NASDAQ: FMKT) the leading global provider of e-sourcing software and service solutions, today announced that it has strengthened its leadership position in the rapidly growing Asia Pacific Region. As of the end of the fourth quarter 2001, FreeMarkets has conducted more than $1 billion of commerce in Asia, and helped companies identify potential savings of over $200 million.

Many Asian companies have always been at the forefront of technology innovation and organizational efficiency," said Daryl Rolley, vice president and managing director of FreeMarkets Asia. Our e-sourcing software and service solutions have a proven track record of helping companies identify substantial savings and efficiencies, and we are very pleased that an increasing number of firms throughout the Asia Pacific Region are leveraging them to achieve their most strategic sourcing goals."

Since 1995, FreeMarkets has helped customers around the world source more than US$30 billion in goods and services in over 195 different supply verticals and identify savings of US$6.4 billion.

FreeMarkets has been serving companies in the Asia Pacific Region since 1997. In 1999, the Company established regional headquarters in Singapore, to provide dedicated service to the growing number of Asian companies and Asia-based units of multinational corporations leveraging its solutions. Today, FreeMarkets serves customers throughout the Asia Pacific Region from its regional headquarters in Singapore as well as locations in Hong Kong, Melbourne, New Delhi, Taipei, and Tokyo. Approximately 29% of FreeMarkets 2001 revenues are attributable to the Companys international operations.

About FreeMarkets
FreeMarkets is the leading global provider of e-sourcing software and service solutions. Through its unique combination of industry-leading, web-based software, in-depth supply market information, market operations and expert sourcing services, FreeMarkets has helped customers around the world source more than $30 billion in goods and services in over 195 different supply verticals and identify savings of $6.4 billion. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets® and BidWare® are registered trademarks of FreeMarkets, Inc., and FullSource and QuickSource are pending trademarks 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, financial projections, strategies, intentions, 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' products and services, the competitive nature of the market for e-commerce products and services, FreeMarkets ability to predict its revenues and earnings, FreeMarkets ability to develop competitive new products and services on a timely basis, introduction of new products and services by competitors, declining or uncertain economic and industry conditions, FreeMarkets ability to attract and retain personnel and other risk factors that are described in more detail in FreeMarkets' most recent Annual Report on Form 10-K/A, and its other filings with the Securities and Exchange Commission.