New York, NY, April 22, 1999 -- SmallCaps Online LLC published comments today on CTC Communications Corp. (Nasdaq: CPTL) following several recent announcements by the company. The full text of this report can be accessed at SmallCaps' web site, at www.SmallCapsOnline.com.

Excerpts from the report follow:

CTC Communications Corp. ("CPTL") and Cisco Systems, Inc. (Nasdaq: CSCO) announced this week that CPTL's ICN has qualified for the Cisco Powered Network program. We believe this reflects CPTL's commitment to quality and to the deployment of the latest, state-of-the-art networking equipment. We also believe that having the Cisco equivalent to "Intel Inside" on its ICN network will be beneficial in marketing its data services to customers and facilitating the transitioning of customers from leased facilities to CPTL's network. CPTL also stated that deployment of its ICN is on schedule, and the Company plans to begin offering fully integrated data network services this summer to its customers in the Northeast.

Yesterday, CPTL announced that Steve Jones, EVP and CFO was resigning to pursue other interests, and that John D. Pittenger, EVP -- Finance and Administration, will assume Steve Jones' responsibilities. We have spoken with senior management, and know that this was a personal decision based on family geography, and has nothing to do with the plans and/or performance of the Company and its management team. We believe that the management transition will be smooth and we have the highest confidence in the capabilities of John Pittenger.

Despite a 40% increase in value since our initial BUY recommendation on March 8, 1999 (and a 200% increase in average daily liquidity), we believe CPTL is significantly undervalued compared to its peer group and that the market is not recognizing the uniquely strong sales and customer service system that CPTL is utilizing to grow access lines and retain customers. We believe CPTL will be able to get its ICN deployed in a timely manner and will be successful at transitioning a significant percentage of the high-margin data services to its network, beginning this summer. We continue to recommend purchase of CPTL common stock by investors tolerant of the risks associated with small-cap equity investments. Our 12-month price target range for CPTL is $25 to $28 per share.

SmallCaps Online LLC is focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that SmallCaps Online LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by SmallCaps Online LLC for the purchase or sale of any securities. SmallCaps Online LLC has performed investment banking, consulting or other services for CPTL and may solicit investment banking, consulting or other business from, any company mentioned in this release. SmallCaps Online LLC or persons associated with SmallCaps Online LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the SmallCaps Online LLC web site at www.SmallCapsOnline.com. This material, or any portion thereof, may not be reproduced without prior permission from SmallCaps Online LLC. SmallCaps Online LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright 1999 by SmallCaps Online LLC. All rights reserved.