AboveNet Targets Enterprise Market for Strategic Growth

Company Reports 80% of New Contracts Come From Enterprise Customers

NEW YORK, March 23, 2004 - AboveNet, Inc., the leading provider of integrated access services over optical infrastructure, is focusing its 2004 growth initiatives on expanding its base of enterprise clients, a sharp departure from the Company's traditional carrier and service provider revenue stream. In fact, AboveNet estimates that nearly 80% of its client growth has originated from enterprise customers in the past several quarters, specifically those companies in multimedia and storage rich vertical markets such as online services, entertainment and financial institutions.

Supporting this enterprise growth strategy are several new services targeted at bandwidth-intensive businesses that need tailored optical networks. Today, AboveNet announced a metro Ethernet service for enterprises seeking private, dedicated point-to-point LAN connectivity. In February, the Company announced a coarse wave division multiplexing (CWDM) service that provides optimal networking performance with clear economic advantages for leading mid-sized enterprises. AboveNet also offers a higher-end dense wavelength division multiplexing (DWDM) service for the global enterprise with intensive networking requirements.

AboveNet's success thus far is underscored by a significant increase in billable traffic over the past 12 months driven by the expansion of its network footprint by 30% in third-party POP and data center facilities, allowing the Company to reach customers previously beyond its network topography.

"We are very satisfied to see such growth in our enterprise base," said William G. LaPerch, President, AboveNet. "We are confident that the enterprise market offers a tremendous growth opportunity and our broadened portfolio of services is placing us in a strong position to capture market share.

"AboveNet's strategy to increase options for enterprise customers is a solid step toward addressing market demands for different solutions and to build on its expertise in optical networking," said Tim McElgunn, senior analyst, Stratecast Partners. "The company's ability to provide private, dedicated links at a competitive price to traditional carriers should resonate with many enterprises."

AboveNet will launch additional services and plans to continue its move toward data center neutrality, which it expects will help deepen market penetration and expand the reach of its network.

About AboveNet, Inc.
AboveNet, Inc. is the top provider of integrated access services for leading edge enterprises. AboveNet builds and operates an office-to-office, 100-percent optical network enabling customers to create an efficient, cost-effective network that breaks economic and performance barriers imposed in the last mile by complex legacy telecom infrastructures. With one of the most extensive metropolitan optical network in the world, data centers throughout the US and Europe, top quality managed services and a high-performance IP network, AboveNet is able to offer the most flexible and complete information exchange solutions in the industry.

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 Metromedia Fiber Network including the most recently filed Forms S-3, 10-K and 10-Q.