Genuity Files Chapter 11 Plan of Liquidation.

Business Editors

WOBURN, Mass.--(BUSINESS WIRE)--Aug. 26, 2003

Genuity Inc. and certain of is subsidiaries today filed their Joint Consolidated Plan of Liquidation and accompanying disclosure statement with the United States Bankruptcy Court for the Southern District of New York.

As previously announced, Genuity and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on November 27, 2002, for the purpose of liquidating their assets and distributing the proceeds to creditors. In conjunction with that filing, Genuity and certain of its subsidiaries signed an agreement to sell substantially all of their assets to Level 3 Communications. The Bankruptcy Court approved this sale on January 24, 2003 and the sale was completed on February 4, 2003. Genuity believes that its stockholders will not receive any proceeds from the liquidation. Consequently, Genuity believes that its common stock will have no value in connection with the liquidation.

For more information on Genuity Inc., please visit www.genuityestate.com.

                Hearing Date and Time: September 30, 2003 at 2:30 p.m.
                       Objections Due: September 23, 2003 at 5:00 p.m.

IN THE UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK


In re                                    Chapter 11

GENUITY INC., et al.,                    Case No. 02-43558 (PCB)

                     Debtors.            Jointly Administered


  NOTICE OF HEARING TO CONSIDER APPROVAL OF DISCLOSURE STATEMENT FOR
      DEBTORS' JOINT CONSOLIDATED PLAN OF LIQUIDATION AND TO SET
               VOTING AND OBJECTION PROCEDURES FOR PLAN

    PLEASE TAKE NOTICE that on August 26, 2003, Genuity Inc. and
certain of its subsidiaries(1), debtors and debtors-in-possession in
the above-captioned cases (collectively, the "Debtors"), filed their
Joint Consolidated Plan of Liquidation, dated August 26, 2003 (as may
be amended, the "Plan"), a Disclosure Statement for Debtors' Joint
Consolidated Plan of Liquidation, dated August 26, 2003 (as may be
amended, the "Disclosure Statement"), and a Motion (the "Voting
Procedures Motion") for an Order (i) Approving of the Form and Manner
of Notice of the Disclosure Statement Hearing; (ii) Approving the
Disclosure Statement; (iii) Approving the Procedures for Temporary
Allowance of Claims for Voting Purposes; (iv) Fixing a Voting Record
Date; (v) Approving Notice and Objection Procedures for Confirmation
of Plan of Liquidation; (vi) Approving Solicitation Packages and
Procedures for Distribution Thereof; (vii) Approving Forms of Ballot
and Procedures for Voting on Plan of Liquidation. Copies of the Plan,
the Disclosure Statement and the Voting Procedures Motion are
available as described below.

    PLEASE TAKE FURTHER NOTICE that:

    1. A hearing will be held on September 30, 2003 at 2:30 p.m.
(prevailing Eastern Time), or as soon thereafter as counsel may be
heard, before the Honorable Prudence Carter Beatty, United States
Bankruptcy Judge, in Room 701 of the United States Bankruptcy Court
for the Southern District of New York (the "Bankruptcy Court"), One
Bowling Green, New York, New York (the "Disclosure Statement
Hearing"), to consider the entry of an order (i) finding that, among
other things, the Disclosure Statement contains "adequate information"
within the meaning of section 1125 of the Bankruptcy Code and
approving the Disclosure Statement and (ii) establishing voting and
objection procedures for the Plan.
    2. Objections, if any, to the approval of the Disclosure
Statement, the requested procedures or any of the other relief sought
by the Debtors in the Voting Procedures Motion or in connection with
approval of the Disclosure Statement must be filed with the Court and
served upon the necessary parties so as to be received no later than
September 23, 2003 at 5:00 p.m. (prevailing Eastern Time). Any and all
objections or responses must be in writing, shall conform to the
Federal Rules of Bankruptcy Procedure and Local Rules of the
Bankruptcy Court, and shall be filed with the Bankruptcy Court
electronically in accordance with General Order M-242 (General Order
M-242 and the User's Manual for the Electronic Case Filing System can
be found at www.nysb.uscourts.gov), by registered users of the
Bankruptcy Court's case filing system and, by all other parties in
interest, on a 3.5 inch disk, preferably in Portable Document Formant
(PDF), WordPerfect or any other Windows-based word processing format
(with a hard-copy delivered directly to Chambers), and shall be served
in accordance with the Bankruptcy Court's Order Under 11 U.S.C.
sections 102 and 105 and Fed. R. Bankr. P. 2002, 9006 and 9007
Establishing Certain Notice, Case Management and Administrative
Procedures, dated December 2, 2002, upon: (i) the Debtors, 225
Presidential Way, Woburn, MA 01801, Attn: Mark Hileman; (ii) Ropes &
Gray LLP, Attorneys for Debtors and Debtors-in-Possession, One
International Place, Boston, Massachusetts, Attn: William F. McCarthy,
(iii) the Office of the United States Trustee, 33 Whitehall Street,
21st Floor, New York, New York 10004, Attn: Brian Masumoto, Esq., (iv)
Kramer Levin Naftalis & Frankel, LLP, counsel for the Official
Committee of Unsecured Creditors, 919 Third Avenue, New York, New York
10022, Attn: David Feldman, (v) Shearman & Sterling LLP, counsel to
JPMorganChase Bank, Administrative Agent under the Amended and
Restated Credit Agreement dated September 24, 2001, 599 Lexington
Avenue, New York, New York 10022, Attn: Douglas P. Bartner, (vi)
Securities and Exchange Commission, 233 Broadway, Suite 1300, New
York, New York 10279, Attn: Bankruptcy Department and Securities and
Exchange Commission, 15th and Pennsylvania Ave., NW, Washington, DC
20020, Attn: Michael Berman, (vii) Internal Revenue Service, 290
Broadway, New York, New York 10007, Attn: Bankruptcy Department,
(viii) other government agencies to the extent required by the
Bankruptcy Code and both the Local and Federal Rules of Bankruptcy
Procedure; and (ix) all parties having filed a notice of appearance
and request for notices under Fed. R. Bankr. P. 2002.
    3. IF ANY OBJECTION TO THE DISCLOSURE STATEMENT IS NOT FILED AND
SERVED STRICTLY AS PRESCRIBED HEREIN, THE OBJECTING PARTY MAY BE
BARRED FROM OBJECTING TO THE ADEQUACY OF THE DISCLOSURE STATEMENT AND
MAY NOT BE HEARD AT THE HEARING.
    4. The Hearing may be adjourned by the Debtors from time to time
without further notice to parties in interest other than by an
announcement in Bankruptcy Court of such adjournment on the date
scheduled for the Hearing.
    5. The Disclosure Statement, the Plan and the Voting Procedures
Motion are on file with the Court and may be examined by interested
parties by accessing the Bankruptcy Court's Electronic Case Filing
System which can be found at www.nysb.uscourts.gov, the official
website for the Bankruptcy Court. In addition, copies of the
Disclosure Statement, the Plan and the Voting Procedures Motion are
available upon request to Donlin, Recano & Co., Inc. at (212)
771-1128.

DATED: August 26, 2003                  William F. McCarthy (WM-1669)
       Boston, Massachusetts            Don S. DeAmicis (DD-2242)
                                        D. Ross Martin (DM-2947)
                                        ROPES & GRAY LLP
                                        One International Place
                                        Boston, MA 02110-2624
                                        (617) 951-7000
                                              -and-
                                        45 Rockefeller Plaza
                                        New York, NY 10111-0087
                                        (212) 841-5700

                                        Attorneys for Genuity Inc.,
                                        et al., Debtors and
                                        Debtors-in-Possession

(1) Genuity Solutions Inc. (02-43550); BBN Advanced Computers Inc.
(02-43551); BBN Certificate Services Inc. (02-43552); BBN Instruments
Corporation (02-43553); BBN Telecom Inc. (02-43554); Bolt Beranek and
Newman Corporation (02-43555); Genuity Business Trust (02-43556);
Genuity Employee Holdings LLC (02-43557); Genuity International Inc.
(02-43559); Genuity International Networks LLC (02-43560); Genuity
International Networks Inc. (02-43561); Genuity Telecom Inc.
(02-43562); LightStream Corporation (02-43563); Nap.Net, L.L.C.
(02-43564).