Advanced Radio Telecom Signs Binding LOI for Major Spectrum Acquisition; ART to acquire 366 39 GHz spectrum licenses of BroadStream Communication Corporation.

Business/High Tech Editors

BELLEVUE, Wash.--(BUSINESS WIRE)--March 29, 2000

Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT) today announced that it has entered into a binding letter of intent to acquire 366 39GHz licenses from BroadStream Communications Corporation for shares of ART common stock with a value of up to approximately $365 million.

These licenses cover a population of approximately 258 million, including 37 of the top 50 markets in the United States. Of the licenses to be acquired 104 are subject to put and call agreements conditioned on license renewal. ART will provide BroadStream with a bridge loan of up to $30 million primarily for network construction. The closing of the transactions is subject to various conditions including execution of definitive agreements, receipt of a fairness opinion, FCC approval, agreement of the Series A stockholders and Board and shareholder approval.

"Consolidating 39 GHz spectrum licenses and increasing spectrum depth in our key markets are important strategic goals of ART. After closing the BroadStream and Bachow acquisitions, we will have almost doubled our channel pop coverage and increased the breadth and depth of our nationwide spectrum footprint," said Robert McCambridge, ART president and COO. "We are currently building IP broadband wireless metropolitan networks that offer connectivity at 100 Mbps and our spectrum depth will enable us to expand our services in our major markets to include OC-3 this year and gigabit ethernet and OC-12 in the future. We have also enhanced the breadth of our spectrum coverage, expanding ART's long-term development of nationwide IP broadband metro networks in secondary markets."

About ART

Advanced Radio Telecom Corp. (Nasdaq:ARTT), headquartered in Bellevue, Wash., is a provider of broadband Internet Protocol (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in San Jose, Seattle, Portland, Ore., and Phoenix, and plans to expand to 40 major markets over the next three years. ART is a Cisco Powered Network(TM) service provider and has a strategic relationship with Qwest Communications International Inc. (NYSE:Q). ART has a nationwide footprint of 39GHz spectrum licenses in the United States, and owns 26 GHz and/or 39 GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.ipsp.com.

The above information includes forward-looking statements regarding consummation of pending transactions, network deployment, operations and future growth. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, risks relating to execution of definitive agreements, satisfaction of conditions to closing, securing financing, availability of additional financial resources, capital requirements, technological risks, the ability to meet financing conditions, and government regulation may cause actual results to differ materially from the future results implied or expressed in the forward looking statements. Additional information about the most significant of such factors is set forth in ART's most recent annual report on Form 10-K. The Company does not undertake to update or revise its forward-looking statements publicly even if experience or future changes make clear that any projected results expressed or implied herein will not be realized.