The ENAMI ratings also represent the credit quality of
all debt at ENAMI, including debt that does not carry an explicit
government guarantee. Fitch does not differentiate between the debt
with and without the explicit government guarantee due to a letter
from the government to the unsecured lenders, in which the government
expresses its intent to support these loans and states that it does
not consider them subordinate to the syndicated loan. and Internet Security A .

"As demand for our solutions continues to grow in the U. and abroad, we
are pleased to work with new partners and evolve our partnership programs
to build on the strong relationships we enjoy with our channel partners,"
said Brian Landrigan, vice president of sales at Ipswitch. "Our success in
growing our channel partnership in over 50 countries demonstrates that
Ipswitch is committed to supporting our channel partners as a valuable part
of our distribution strategy, and that we have designed a program that will
increase resellers' sales and profitability.ipswitch. To view the recently created Ipswitch blog, visit
http://blogs.com or visit
http://www.----Menlo
Worldwide Inc.

The following developments have occurred since
and as a result of the sale:

In Hong Kong, Menlo has opened a new area office in the
commercial hub of Kowloon and from there will direct its
southern China operations and development activities.

In India, Menlo has secured national licensing and opened a
new country office in New Delhi to support its current
business and take further advantage of the international and
domestic opportunities offered by India's growing base of
manufacturers and exporters.

Unrelated to the sale , Menlo has opened a new regional supply
chain center in Amsterdam, The Netherlands, with a 25,000 s.
"These moves add strength to our global network and our ability to
serve global customers, " said John Williford, president and chief
executive officer of Menlo Worldwide, "and they also increase our
ability to provide scalable, regional solutions for customers with
interests specific to those areas. CNF is based in Palo Alto,
Calif.

More information about Menlo Worldwide can be found at
www.

chile regional

Fitch believes
that the Chilean government will honor this implicit commitment to
ENAMI 's lenders due to the negative externalities that would arise
from a default by ENAMI.G.

Additionally , Ipswitch recently announced changes to its Channel Partner
Program for 2005. The most notable change is that the company has made its
partnership levels -- Authorized, Select and Premier -- the same
domestically and internationally. This tiered approach, with increasing
requirement and benefit levels, guarantees that there are optimal selling
opportunities for resellers of every size and specialty regardless of
geography. More than 100 million people use Ipswitch software
every day to collaborate via Ipswitch Collaboration Suite, monitor their
networks with Ipswitch WhatsUp, and transfer files over the Internet
using the market-leading Ipswitch WS_FTP Professional client and
Ipswitch WS_FTP Server.ipswitch.

WS_FTP and WhatsUp are registered trademarks of Ipswitch, Inc.7 billion management company of supply chain service
providers with businesses in less-than-truckload motor carriage,
truckload carriage, air freight, logistics and supply chain
management, and trailer manufacturing .com

chile regional

This rating action follows this week's upgrade of the long-term
foreign currency sovereign rating of Chile to 'A' from 'A-'.
Ipswitch, Inc.A. These
new distribution agreements bring to 50 the number of countries worldwide
in which Ipswitch products are now available to serve growing businesses.

Anectis S. That successful partnership led Ipswitch to
expand into the Swiss market with Internet Security.G.com. Ipswitch values community involvement; visit
http://icare . (2300
square meter) multi-user warehouse dedicated to the company's growing
list of high technology customers. This new warehouse exceeds all
requirements of the Technology Asset Protection Association (TAPA), an
organization addressing security threats to technology industries.
Menlo European management and customer operations staff are also
located at this center.

embassies regional

Fitch has also affirmed the 'A+'
senior unsecured local currency (Chilean peso) rating. In 2005, ENAMI will most
likely sell its smelting and refining facilities at Ventanas to
government-owned Corporacion Nacional del Cobre (Codelco) , the world's
largest copper producer.S.
"Ipswitch and its products have opened the door to new opportunities and
vertical markets that have helped us achieve an average growth rate of 53%
each year we have been in the program.com.

Business Editors

REDWOOD CITY, Calif. that manages a full range
of logistics and supply chain technology activities in the United
States and internationally for companies primarily in the automotive,
technology, manufacturing, food and beverage, consumer product,
chemical, and retail industries.

embassies government

Business Editors

CHICAGO----Fitch Ratings has
upgraded the long-term foreign currency rating of Empresa Nacional de
Mineria (ENAMI) to 'A' from 'A-'. Fitch
also affirmed the 'A+' local currency rating of the Republic of Chile. The loan carries a full and unconditional guarantee from the
Republic of Chile whose long-term foreign currency obligations are
also rated 'A'.
ENAMI's financial leverage remains high. Since 1994, the company 's
total debt (including non interest-bearing debt) has grown to
approximately US$500 million from about US$250 million, mainly as a
result of the capital expenditures made to adhere to stricter
environmental standards and the cumulative, dividend-like advances on
earnings made to the Chilean government.

These asset sales should generate about
US$400 million in proceeds, which would be used to reduce debt and
thereby substantially improve ENAMI's financial flexibility. In 2004, ENAMI registered sales of 227,000 tons of
electrolytic copper, that together with sales of gold, silver,
sulfuric acid , other by-products, as well as smelting and refining
services, generated total revenues of US$878 million. of Argentina and Internet Security A. The company is known for
its solid value offerings as well as its progressive approach to making
product licenses available to reseller customers directly through a
protected e-commerce site.A.com to find out how to become involved. For product
and sales information, write to info@ipswitch.menloworldwide.

government south

The Rating
Outlook is Stable.
ENAMI 's ratings reflect the explicit and implicit support the company
receives from the Chilean government .
ENAMI's 'A' foreign currency rating applies to the company's
US$220 million three-year syndicated bank loan that closed Dec., a subsidiary of CNF Inc. This is a secure and bonded
facility with pan-regional capabilities from which Menlo is
serving a variety of customers.

In Chile, Menlo has formed a new entity and opened a country
office in Santiago to support its current business and take
further advantage of the international and domestic
opportunities offered by Chile's base of manufacturers and
exporters.

america regional

Fitch Upgrades ENAMI 's Foreign Currency Rating to 'A'

Additionally, Ipswitch has realigned its channel partnership levels to be
the same domestically and internationally so that partners worldwide will
have the same access to Ipswitch's partner program, reflecting the
increasingly global nature of Ipswitch 's success. is headquartered in Buenos Aires, Argentina, and has offices
in Bolivia, Chile, Paraguay , Peru, and Uruguay. In Anectis, Ipswitch has partnered with a
distributor who has been successful in delivering advanced technologies in
South America's fast growing economies.

Both Anectis S. Ipswitch channel partners receive many incentives including lead
referrals and technical, sales and marketing support, as well as an
extensive offering of sales tools and training.

Ipswitch develops and markets software that works for small and medium
businesses worldwide.

Menlo Worldwide Strengthens Global Network in Asia Europe and South America

In South Korea, Menlo has secured national licensing for its
30,000 s.f. (2800 square meter) warehouse and office at Gimpo
International Airport in Seoul.f."
Based in Redwood City, Calif.com
More information about CNF can be found at www.

america government

ENAMI supports these companies by providing
price-stabilization programs , loans, and technical and marketing
assistance.

A. Other factors included
Internet Security's deep knowledge of Ipswitch products, its commitment to
adding value to solutions like Ipswitch and its ability to serve customers
in a multi-lingual country. will resell all Ipswitch
products, as well as service agreements and software licenses."

To become an Ipswitch Reseller Partner, simply complete the online reseller
application form at www.ipswitch.ipswitch. (NYSE:CNF ), announced a
strategic strengthening and reorganization of its international
network of operations subsequent to CNF's sale of Menlo Worldwide
Forwarding in December.1 billion
supply chain services subsidiary of CNF Inc.
CNF is a $3.

america regional

31,
2002.
ENAMI is wholly owned by the Chilean government and provides
copper smelting and refining services to small to midsized mining
operations.

PRESS RELEASE Ipswitch Inc. Achieves Distribution in 50 Countries With New Agreements in Europe and South America

, the leading developer of
network management, messaging and file transfer solutions for small and
medium businesses, today announced further expansion of the company's
channel partner program in South America and Europe via partnerships with
Anectis S. of Switzerland.

Ipswitch has worked with the parent company of Internet Security, based in
Austria, for the past year."

"Active participation in the Ispwitch Reseller Partner Program has been a
major catalyst for our success," said Todd Leidner of Intelek Technologies,
an Ipswich Premier Partner since 2001 that is located in Norman, Oklahoma.com/partners and the appropriate Ipswitch
representative will be in contact .

About Ipswitch, Inc., Menlo Worldwide is a $1.cnf.

embassies america

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- - kjjkjk

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