Broadwing Invests in the Future of Optical Technology

Business Wire, August 4, 2000

Business Editors & High Tech Writers

CINCINNATI--(BUSINESS WIRE)--Aug. 4, 2000

Strategic Partnership, Equity Position in Corvis Demonstrate Growing

Leadership Role in Deployment of Tomorrow's Networks

Broadwing Inc. (NYSE:BRW) announced today that it holds an investment position in Corvis, the optical transmission component maker. This investment exemplifies Broadwing's commitment to maintain its momentum as a category-smasher in telecommunications through the deployment of leading-edge technology and the smart selection of key strategic partners.

"The future is all about optical and, as the only national communications provider to deploy a fully optical network, Broadwing will be the leader in this new optical world," says Rick Ellenberger, president and chief executive officer of Broadwing. "Corvis technology helps us fulfill the promise of an all-optical network and allows us to stay at the forefront of the technology that will soon bring immense benefits to our customers and shareholders."

Broadwing not only invests in the latest technology but also in the companies that produce it. Broadwing had previously completed a successful field trial with Corvis and will purchase $200 million in Corvis optical networking equipment. In addition, over the past three months, Broadwing exercised the right to purchase 8 million Corvis shares for approximately $44 million. Corvis' IPO date was Friday, July 28, 2000 at $36 a share and closed trading on August 3, 2000 at $92 1/16.

Perhaps the biggest benefit of the Broadwing/Corvis alliance will be the vast amounts of all-optical bandwidth that ultimately will be delivered to Broadwing customers and allow the company to transmit optical signals farther without regeneration, leading to provisioning ultra-long optical paths without regeneration. Additionally, the technology dramatically increases bandwidth and significantly reduces the latency in the company's network.

"More and more Fortune 1000 companies, large carriers and Internet companies looking for high capacity are turning to Broadwing," says Ellenberger.

About Broadwing

Broadwing Inc. (NYSE:BRW) is an integrated communications powerhouse delivering voice, data and Internet solutions to a variety of customers nationwide. Broadwing combines unparalleled customer service with a premier next-generation fiber network and award-winning IP backbone, to create data and Internet solutions that are innovative, reliable, and provide businesses a competitive advantage. Broadwing sets the standard for customer accountability with the industry's only Installation Guarantee. Headquartered in Cincinnati, Ohio with 6,000 employees and 52 sales offices across the country, Broadwing can be found on the Web at www.broadwing.com.

Note: Information included in this news release contains forward-looking statements that involve potential risks and uncertainties. Broadwing's future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, Broadwing's ability to maintain its market position in communications services, and its ability to develop and successfully launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including 1999 Form 10-K reports for Broadwing Inc. and Broadwing Communications.