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Xoom.com and PNB Launch Innovative Online Remittance Service

SAN FRANCISCO, CA, November 10, 2008 – Xoom.com, the fastest growing online money transfer company, and Philippine banking giant, the Philippine National Bank (PNB), have announced a partnership that makes possible unprecedented speed in sending money to the Philippines. Money transfers that used to take days to bank accounts will now usually be available in minutes. With the Xoom.com secure website, OFWs all over the world can send money to their beneficiaries’ PNB bank accounts hassle-free and at very affordable rates.

“PNB is always on the lookout for strategic alliances with partners that will further improve our banking services to OFWs. Xoom’s revolutionary online remittance service assures seamless cash transfer to their beneficiaries’ PNB bank accounts”, said PNB President and CEO Omar Byron T. Mier.

Xoom President and CEO John Kunze said “Given PNB’s strong franchise in the OFW market, the tie-up provides an excellent opportunity for Xoom.com to further improve its own services for the Filipino community. With this arrangement, more overseas Filipinos can enjoy superior service, fast money transfer and low prices.

Remitting money to a PNB account with Xoom.com is easy. Simply visit www.xoom.com/philippines, enter sender information, the recipient’s PNB account details and the amount to be remitted. Then choose a payment method – bank account, credit/debit card or PayPal – and click “send”. The money will be available in the recipient’s PNB account usually in minutes. It is also easy on the budget – transfer money for as little as $3.50* and send $300 to $2,500 denominations for an incredibly affordable rate of $7.99 when paying with US bank accounts.

“The usual inconveniences associated with long queues and limited hours of operation of traditional remittance outlets will be completely wiped out through this service”, remarked Gene Gutierrez, Xoom.com Regional Vice-President for the Philippines. “Efficiency and convenience is thus assured.”

In addition to bank deposits in minutes, Xoom.com also provides cash pickup in over 1,900 locations in the Philippines, and home delivery in major cities and home provinces. For more information on these and other products, please visit www.xoom.com/philippines or call 1 877-993-7966 for customer service in Tagalog. Recipients in the Philippines can call 1-800-10-636-7000 (PLDT) or 1-800-8-636-7000 (Globe). Customers can also send e-mails about any questions by logging on to xoom.com/help.

About PNB

The Philippine National Bank is one of the largest banks in the Philippines with a wide array of competitive banking products to answer the diverse needs of its huge clientele, which includes more than two million depositors. PNB commands a strong foothold in the remittance business with remittance centers in the US, Canada, United Kingdom Spain, France, Germany, Austria, Italy, Hong Kong, Japan, Singapore, and the Middle East countries. It has the widest international presence among Philippine banks and also has one of the widest branch network in the Philippines.

About Xoom

Xoom.com allows individuals to send money from any Internet-enabled computer to family, friends and businesses worldwide. Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures.

*Xoom makes money on transactions involving foreign currency exchange based on the difference between the rate at which Xoom purchases foreign currency and the rate provided to you.