As several large players announce their departure from the web hosting and collocations business, AboveNet, Metromedia Fiber Network, Inc.'s recently announced brand name and planned company name upon emergence from bankruptcy, reaffirms its commitment to the sector and demonstrates this commitment with an offer to customers affected by the pending closings. The Company's "Move to a Better Place" promotion provides customers with a long-term alternative to the unsettled environment of a data center targeted for closure.

"As Cable and Wireless and Sprint prepare to leave the web hosting and collocation market, AboveNet is a great position to accommodate customers being displaced," said Tom Byrnes, Company Senior Vice President of Sales and Marketing. "We believe this market change provides an excellent opportunity for us to grow our business. We have continued to affirm our commitment to this space and are doing it again today without reservation."

The AboveNet "Move to a Better Place" promotion bundles basic web hosting needs into a single, convenient package. Customers can get rack space, Internet connectivity, CPS-conditioned "clean" power, and IP bandwidth from a tier one services provider at an affordable bundled price. To ease this time of transition between data centers, the Company provides customers with end-to-end management, support and technical service for a smooth and seamless transition between facilities with little or no down time. In addition, customers have access to a broad portfolio of enhanced managed hosting services, as well as the superior AboveNet IP network.

AboveNet Data Centers

A leader in the industry, AboveNet data centers set the highest specifications in commercial design second only to the United States government in security and fault tolerance standards. With a commitment to providing uninterrupted service to its customers, AboveNet data centers are built and operated to withstand natural disasters, security attacks (physical and cyber), power outages, and networking and computing failures. AboveNet data centers offer mechanical systems with multiple levels of redundancy; superior cooling systems that ensure ambient temperatures do not affect computing power; advanced Continuous Power Supply (CPS) and distribution systems that protect against commercial power grid fluctuations and service interruptions; a Very Early Smoke Detection Alarm (VESDA) that constantly samples the air for dangerous particles; biometric authentication and round- the-clock surveillance.

About Metromedia Fiber Network, Inc.

Metromedia Fiber Network, Inc., which plans to change its name to AboveNet Inc. upon emergence from bankruptcy, combines the most extensive metropolitan area fiber network with a global optical IP network, state-of-the-art data centers and award winning managed services to deliver fully integrated, outsourced communications solutions for high-end enterprise companies. The all-fiber infrastructure enables AboveNet customers to share vast amounts of information internally and externally over private networks and a global IP backbone, creating collaborative businesses that communicate at the speed of light.

On May 20, 2002, Metromedia Fiber Network, Inc. and most of its domestic subsidiaries commenced voluntary Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. The Company has requested a hearing on confirmation of its plan of reorganization on August 21.