On dialup (western europe) i used to get around 6 KB / s. Combine that with high latency (1 second roundtrips) and a slow machine and 2 minutes doesn't sound crazy to me for a 100 kb page.

And ofcourse, nowadays if i'm on a train my phone will often downgrade to gprs speeds, and it feels like i'm back on dialup having to wait a minute for a page to load.