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Forstmann Little Issues Statement.

Publication: Business Wire
Date: Friday, March 8 2002

Business & Technology Editors

NEW YORK--(BUSINESS WIRE)--March 8, 2002

Forstmann Little & Co. today issued the following statement concerning the proposal made by it and Telefonos de Mexico S.A. de C.V. (TELMEX), (BMV: TELMEX; NYSE: TMX; NASDAQ: TFONY; LATIBEX: XTMXL)

to recapitalize XO Communications, Inc. (OTCBB: XOXO):

"Forstmann Little and TELMEX have made a comprehensive proposal to recapitalize XO Communications which we believe offers full value to XO's bondholders. Our proposal has the support of XO's bank group, and is in the best interests of the company's customers and its 6,000 employees. We have negotiated in good faith with the bondholders for the past six weeks and have made our final offer which we have no intention of increasing."

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Subject: Telecommunications industry, Investment companies, Telecommunications equipment, Telephone services
Company: Forstmann Little and Co., Telefonos de Mexico S.A. de C.V., XO Communications Inc.
Product: Communications Equipment, Telephone communications, exc. radio, Investment Offices, Communications Equipment (General), Telephone Service

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