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 as  extended, the note purchase agreement will terminate on October 1,
2001 if the closing has not occurred on or prior to such date. In connection
with the extension the obligations of the note purchasers to purchase the
notes are now subject to the following additional conditions:
    -   The destruction of the World Trade Center on September 11,
        2001 and the collapse of the neighboring buildings and market
        disruptions as a consequence thereof (and any damage that may
        have been caused to the fiber-optic networks of the Company
        and its subsidiaries in that area) will not result in a
        material adverse effect on the business, assets, results of
        operations, financial condition or liabilities of the Company
        and its subsidiaries.
    -   Subsequent to September 6, 2001 no adverse change in
        financial, banking or capital market conditions will have
        occurred that, in the judgment of the note purchasers, could
        materially impair the ultimate syndication or distribution of
        commitments or notes issued under the note purchase agreement
        or otherwise render the purchase of the notes inadvisable.
The Company also announced that it has received an extension until September
19, 2001 of the commitment letter for $235 million of vendor financing and
an extension until September 21, 2001 of a commitment from an investor for a
$50 million convertible debt investment.
The Company cannot provide any assurances that it will be able to consummate
any of the financings it is pursuing. Each of the financings (including the
$180 million convertible debt investment by certain of the Company's
affiliates) is contingent upon the consummation of the other financings. In
the event that the Company does not consummate the financings, it will need
to seek protection under the bankruptcy laws. In the event that the Company
does consummate the financings, the Company's stockholders will be
significantly diluted as a result of the issuance of equity to the parties
providing financing. About Metromedia Fiber Network, Inc.
Metromedia Fiber Network, Inc., the leader in deployment of optical IP
Internet infrastructure within key metropolitan areas domestically and
internationally, is revolutionizing the fiber-optic industry. By offering
virtually unlimited, unmetered metro-area communications capacity at a fixed
cost, Metromedia Fiber Network is eliminating the bandwidth barrier and
redefining the way broadband capacity is sold.
MFN's optical network enables its customers to implement the latest data,
video, Internet and multimedia applications. Through its subsidiaries
AboveNet Communications, Inc., the architect of the Internet Service
Exchange (ISX), PAIX.net, Inc., the first and leading neutral Internet
exchange, and SiteSmith, a leader in delivering comprehensive Internet
infrastructure managed services, MFN is a leading provider of Internet
connectivity, co-location and managed services solutions for high-bandwidth
and business-critical applications. The Company offers a world-class network
that provides co-location services and Internet connectivity for content
providers, ISPs and application service providers. Its global optical
Internet uses open peering and "best exit" technology to deliver fast,
scaleable and reliable connections to the Internet, and improves the
Internet experience for end-users.
For more information on AboveNet and its service offering visit the
company's Web site at 
www.above.net
. For more information about PAIX.net,
Inc., visit the company's Web site at 
www.paix.net
. For more information
about SiteSmith, visit the company's Web site at 
www.sitesmith.com
. For more
information about Metromedia Fiber Network, please visit the company's Web
site at 
www.mmfn.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,
execution risk relating to the transaction described herein 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.
CONTACT: Metromedia Fiber Network
Media Relations:
Kara Carbone, 
914/683-6386
kcar...@mmfn.com
Investor Relations: