Press Release

AboveNet Wins Contract to Supply Optical Networking Solutions for Philadelphia Stock Exchange

NEW YORK, Oct. 23 /PRNewswire/ -- AboveNet Communications, Inc., a leading provider of fiber optic connectivity solutions, announced it has won a contract with the Philadelphia Stock Exchange (PHLX), a leader in the derivatives industry, to build a private, optical network that will extend and expand their network reach from Pennsylvania to New York and New Jersey.

In selecting AboveNet, the PHLX was attracted by "the extensive fiber footprint that AboveNet brought to the table that gave us flexibility in choosing the locations in our overall solution design," said Frank Ziegler, Vice President of Communications for PHLX. AboveNet's secure, scaleable, low latency customized optical design offers a reliable and diverse alternative to the traditional ILEC network model. "AboveNet looks forward to a relationship where both PHLX and its customers can utilize the optical network to slash their reliance on traditional connectivity means and see enhanced performance," said Doug Turtz, Executive Director, Sales.

AboveNet has designed a solution delivering multiple Gigabit Ethernet circuits between the PHLX headquarters, their data centers in Philadelphia, New York and New Jersey as well as to their network points of presence utilizing a combination of 2.5GB & 10GB wavelengths.

The PHLX needed a significant number of large bandwidth circuits, the ability to easily and quickly grow their overall networking capacity, and the least amount of latency. AboveNet's dense fiber footprint, direct site-to-site fiber design, dedicated customer fiber and customer equipment, and its expertise in managed optical solutions has enabled the PHLX to customize a secure network that delivers the multiple Gigabit Ethernet circuits that they require today. This robust network will allow for future 10GB and Fibre Channel circuits to support PHLX's growth requirements. The design used the most direct fiber routes to minimize latency and maximize performance for real-time financial applications and future storage requirements. In addition, pre-positioned filters and pre-installed cards are being deployed to expedite fast installation for future additional circuit turn-ups.

AboveNet provided a fully managed solution, one that combines the advantages of an in-house solution (dedicated equipment, custom design, flexible deployment schedule, real-time monitoring) with the benefits of an outsourced solution (ease of use, better utilization of internal resources, expert support). "In comparison to the other alternatives that we considered, the AboveNet solution was hands down the most comprehensive, and by far, the most cost effective solution for us," said Frank Ziegler of PHLX. "Our business needs required that we combine network reach without constraints on capacity growth and AboveNet was able to provide that solution to us."

About AboveNet, Inc.
AboveNet, Inc. provides fiber optical connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among 14 top U.S. metro markets and London. AboveNet's network is widely used in demanding markets such as financial services, media, health care, retail and government.

About the Philadelphia Stock Exchange
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades more than 7,000 stocks, 2,639 equity options, 17 sectors index options and currency options. For more information about the PHLX and its products, visit http://www.phlx.com.

# # #

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 Forms S-3 and 8-K.