Storm Telecommunications secures $35 million in second-round funding

July 31, 2001--This second round will enable Storm to offer communications services to its customers with the roll-out of advanced Ethernet and IP services for businesses to complement its existing pan-European optically switched network.

Storm Telecommunications, an international optical service provider, announced $35 million in additional financing commitments from investment affiliates of Soros Private Equity Partners, Merrill Lynch Ventures and others. This second round will enable Storm to offer communications services to its customers with the roll-out of advanced Ethernet and IP services for businesses to complement its existing pan-European optically switched network.

Led by Soros Private Equity Partners, this latest round of financing will bring investors' total commitments in Storm to $400 million.

The provision of IP services is an extension from Storm's recently launched Lightning strategy. Lightning enables service providers and enterprises in Europe and the US to quickly, easily and cost-effectively buy a complete pan-European network offering unmetered bandwidth at a set price. Customers can choose routes between London, Paris, Amsterdam, Munich, Frankfurt, Berlin, Hamburg, Dusseldorf, Stuttgart, Copenhagen, Oslo and Stockholm.

About Storm Telecommunications:

Storm Telecommunications Limited, wholly owned and group operating company of Storm Investments Limited, is an OSP (optical-switched service provider). Storm provides voice, bandwidth and IP services. For more information, visit www.stormtel.com.

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