AboveNet Offers Dedicated Metro Ethernet Services for Faster, Simpler and More Secure High-Speed Connectivity

Company Leverages Extensive Metro Network to Offer Private Connectivity to Customers Valuing Security and Performance

New York, N.Y. – March 23, 2004 — AboveNet, Inc., the leading provider of integrated access services over optical infrastructure, today introduced a new AboveNet Metro Ethernet product as part of its strategy to expand its portfolio of services for bandwidth-intensive enterprises. The Company differentiates its Ethernet service in the market by combining the benefits of private dedicated fiber connections with familiar Ethernet technology to provide customers with cost-effective, plug-and-play, high-speed Ethernet connectivity.

AboveNet’s Metro Ethernet service provides enterprises with simple, efficient and secure managed optical Gigabit Ethernet connectivity. It transparently connects customer LANs together to seamlessly run business applications over Ethernet within the metro area. This service also enables customers to quickly deploy Ethernet LAN’s between on-net buildings, as well as quickly scale their network as business needs grow.

“AboveNet’s advantage has long been its ability to bundle its extensive metropolitan fiber network with critical technology to create solutions that not only meet customer needs, but exceed their expectations,” said William G. LaPerch, President, AboveNet. “Our new Ethernet product will enable customers to have an easy-to-use, high speed connection that is also a dedicated network connection. This gives them the ultimate in security, control and flexibility.”

Using AboveNet’s Ethernet service, customers can avoid the traditional local loop and the traffic bottlenecks and cost associated with the public switched network. The Company will offer its Ethernet service in its 12 key markets throughout the United States.

About AboveNet, Inc.
AboveNet, Inc. provides high bandwidth connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among top U.S. and European markets. AboveNet's network is widely used in demanding markets such as financial services, media, health care, retail and government.

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This news release contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, competition, changes in technology and methods of marketing, and various other factors beyond the Company’s control. This also includes such factors as are described from time to time in the SEC reports filed by AboveNet, Inc., including the most recently filed Form 8-K.