A settlement has been proposed in this class action lawsuit. If you purchased or otherwise acquired the securities of Metromedia Fiber Network Inc. (“MFN”) from November 25, 1997 through July 25 2001, inclusive, you may be a member of the settlement class.

A hearing will be held on February 27, 2009 at 11:00 a.m. to determine whether the proposed settlement should be approved, whether the plan to distribute the settlement funds is fair, reasonable and adequate, whether an award of attorneys' fees and reimbursement of expenses should be approved, and whether the case should be dismissed with prejudice.

The proposed settlement creates a fund in the amount of $35,000,000 in cash, plus interest. Class members who wish to participate in the settlement must submit a valid proof of claim postmarked on or before March 2, 2009.

Please refer to Frequently Asked Questions for additional details regarding your participation in this proposed settlement.