PSINET Inc. Securities Litigation

Pursuant to the Settlement described herein, a Settlement Fund consisting of $17.833 million in cash, plus interest, has been established.

(a) Plaintiffs estimate that there were approximately 95 million shares of PSINet common stock traded during the Common Stock Class Period, including the common stock acquired through PSINet's acquisition of Metamor Worldwide, Inc., which are eligible to share in the settlement described below. Plaintiffs estimate that the average recovery per eligible share of PSINet common stock under the Settlement is $0.14 per eligible share before deduction of Court-awarded attorneys' fees and expenses.

(b) Plaintiffs estimate that there were approximately 13.8 million shares of PSINet 7% Series D Preferred Stock issued which are eligible to share in the settlement described below. Plaintiffs estimate that the average recovery per eligible share of PSINet 7% Series D Preferred Stock is $0.12 per eligible share before deduction of Courtawarded attorneys' fees and expenses.

(c) Plaintiffs estimate that there were approximately $60.3 million in face amount of PSINet's 10% Senior Notes due 2005, $81.5 million in face amount of 10.5% Senior Notes due 2006, $179.6 million in face amount of 11% Senior Notes due 2009, and $31.7 million in face amount of 11.5% Senior Notes due 2008 traded during the Bond Purchaser Class Period which are eligible to share in the settlement described below. Plaintiffs estimate that the average recovery per $1,000 face amount of PSINet senior notes under the Settlement is $5.50 per $1,000 face amount of PSINet's 10% Senior Notes due 2005, $6.24 per $1,000 face amount of 10.5% Senior Notes due 2006, $6.52 per $1,000 face amount of 11% Senior Notes due 2009, and $6.27 per $1,000 face amount of 11.5% Senior Notes due 2008 before deduction of Court-awarded attorneys' fees and expenses.

Depending on the number of PSINet securities purchased by Class Members who submit claims, when such Class Members purchased their PSINet securities, and whether those securities were held on or after November 2, 2000 or sold prior thereto, and, if sold, when they were sold, an individual Class Member may receive more or less than the above average amounts.

Under the relevant securities laws, a claimant's recoverable damages are limited to the losses attributable to the alleged securities law violations. Losses which resulted from factors other than an alleged securities law violation are not recoverable from the Settlement Fund.

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