REDIBook ECN LLC Traders To Connect over IXnet's Global Extranet

Business Wire, May 11, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--May 11, 2000

IXnet (Nasdaq: EXNT), provider of the world's first intelligent, high-performance IP-based global Extranet designed exclusively for the financial services community, announced today an alliance with Spear, Leeds and Kellogg to provide direct TCP/IP broadband access (including FIX connectivity) for REDIBook ECN LLC (electronic communication network). IXnet's customer base of more than 700 financial services firms in 44 cities will gain access to REDIBook through their single high-speed managed connection to the IXnet Extranet. Through this common connection, IXnet delivers end-to-end managed data, voice, and video communications solutions to the financial services community around the world.

REDIBook is one of the fastest growing ECNs, recently averaging nearly 95 million executed shares per day. A screen-based system for automatically displaying and matching investors' orders to buy and sell stocks, the system trades Nasdaq stocks during regular hours and both Nasdaq and listed securities outside regular hours. REDIBook is operated by a consortium, which in addition to SLK and other partners include: Fidelity Investments(R) (its trading division Fidelity Capital Markets); Donaldson, Lufkin & Jenrette (with its affiliates DLJdirect and Pershing); and Charles Schwab & Co., Inc.

Larry Leibowitz, the acting CEO of REDIBook, commented " We chose IXnet for the extensive reach of its existing global Extranet , which makes it easy and cost-efficient for institutions to connect and tap into the REDIBook ECN, and to take advantage of the full range of SLK trading applications. IXnet was a strategic choice for us--their focus on the financial services industry combined with the reach, reliability and security of their Extranet made it possible for them to create an outstanding solution." Leibowitz continued, "Because IXnet's Extranet is already in place, our time to market has been dramatically reduced. This relationship is a great fit for SLK, IXnet and our customers."

"We are delighted that SLK and the REDIBook consortium has selected us to rapidly expand their global reach, and to provide over 700 of the customers already on our Extranet access to their services and pools of liquidity," said David Walsh, Chief Executive Officer of IXnet. "SLK's ability to leverage IXnet's installed customer base creates natural connectivity and marketing efficiencies for them--and our on-net customers benefit by gaining immediate access to the REDIBook ECN and related existing and new services. This is one more example of how the industry benefits from the economies-of-scale IXnet's growing Extranet provides."

About REDIBook ECN

REDIBook is operated by a Consortium whose members include: Spear, Leeds & Kellogg; Fidelity Investments(R) (its trading division Fidelity Capital Markets); Donaldson, Lufkin & Jenrette (with its affiliates DLJdirect and Pershing); Charles Schwab & Co., Inc. (its trading division Schwab Capital Markets & Trading Group); Bank of America; Credit Suisse First Boston, Inc.; Fleet Securities Inc.; Lehman Brothers Incorporated; National Discount Brokers Group, Inc.; and TD Waterhouse Group, Inc. REDIBook is located at 10 Exchange Place, suite 926 Jersey City, New Jersey, 07302. For more information, please visit the REDIBook ECN LLC website at www.redibookecn.com.

About IXnet

IXnet (Nasdaq: EXNT), a network services company, provides a high performance global Extranet designed exclusively for the financial community. Through a single connection, IXnet delivers end-to-end multiple data and voice communications solutions around the world, 24 hours a day. Customers get voice and data connectivity, plus financial content and transactional capabilities, through the IXnet Extranet without having to access multiple disparate public networks or rely on multiple customer service organizations. IXnet's connects more than 600 financial services firms located in 38 countries.

For more information about IXnet, please visit www.ixnet.com.

This press release may contain forward-looking information, including statements regarding strategic direction. These comments constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) which involve significant risks and uncertainties. Actual results may differ materially from the information discussed in these forward looking statements. Among the factors that could cause actual results, performance or achievement to differ materially from those described or implied in the forward-looking statements are general economic conditions, competition, potential technology changes, changes in or the lack of anticipated changes in the regulatory environment in various countries, the ability to secure partnership or joint-venture relationships with other entities, the ability to raise additional capital to finance expansion, and the risks inherent in new product and service introductions and the entry into new geographic markets.