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PRIMUS Telecommunications Slated to Be Added to Russell 3000 Index.

Business Editors/High-Tech Writers

MCLEAN, Va.--(BUSINESS WIRE)--June 16, 2003

PRIMUS Telecommunications Group, Incorporated (Nasdaq:PRTL), a global telecommunications services provider offering an integrated portfolio of voice, data, Internet, and Web hosting services, today announced that it will join the Russell 3000(R) index when that broad market index is reconstituted on June 30, 2003, according to a preliminary list issued by the Frank Russell Company.

The annual reconstitution of Russell's U.S. equity indexes captures the 3,000 largest U.S. stocks as of May 31, ranking them by market capitalization to create the broad market Russell 3000(R) Index, which represents approximately 98% of the investable U.S. equity market. The largest 1,000 companies in the ranking will comprise the large cap Russell 1000(R) Index, while the remaining 2,000 companies will comprise the small cap Russell 2000(R) Index. The final membership lists for the Russell 1000, 2000 and 3000 indexes will be issued on July 9, 2003. Official index membership will go into effect July 1, 2003, and will remain in place for one year.

Russell's 21 U.S. equity indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. According to an annual client survey conducted by the Frank Russell Company, about $220 billion is invested in passive index funds based on Russell's U.S. indexes and an additional $850 billion is benchmarked to them. The Russell 3000 (including the Russell 3000(R) Growth Index and Russell 3000(R) Value Index) accounts for about $92 billion of the total, while the large cap Russell 1000 (including the Russell 1000(R) Value Index and Russell 1000(R) Growth Index) accounts for about $96 billion and the small cap Russell 2000 (including the Russell 2000(R) Growth Index and Russell 2000(R) Value Index) accounts for about $26 billion. Investment management firms who oversee these funds purchase shares of Russell Index member stocks according to that company's weighting in the particular index.

"We are very pleased to be included in the Russell 3000(R) Index," said K. Paul Singh, Chairman and Chief Executive Officer of PRIMUS. "This accomplishment reflects the significant increase in our share price over the last year, reflecting the record financial results we recorded over that same period. Inclusion in the Russell indexes should increase ownership of our common stock among institutional investors, which presently comprise approximately 25% of our common stock shareholder base. Furthermore, the addition of PRIMUS to the Russell indexes should increase our visibility within the overall investment community."

The final, official membership lists for the Russell 3000(R), Russell 1000(R) and Russell 2000(R) will be posted by July 9 on www.russell.com.

About Frank Russell Company

Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $67 billion in assets and advises clients worldwide representing more than $1.6 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. For more information, go to on www.russell.com.

About PRIMUS Telecommunications Group, Incorporated

PRIMUS Telecommunications Group, Incorporated (NASDAQ:PRTL) is a global telecommunications services provider offering bundled voice, data, Internet, digital subscriber line (DSL), Web hosting, enhanced application, virtual private network (VPN), voice-over-Internet protocol (VoIP), and other value-added services. PRIMUS owns and operates an extensive global backbone network of owned and leased transmission facilities, including approximately 250 points-of-presence (POPs) throughout the world, ownership interests in over 23 undersea fiber optic cable systems, 19 international gateway and domestic switches, a satellite earth station and a variety of operating relationships that allow it to deliver traffic worldwide. PRIMUS also has deployed a global state-of-the-art broadband fiber optic ATM+IP network and data centers to offer customers Internet, data, hosting and e-commerce services. Founded in 1994 and based in McLean, VA, PRIMUS serves corporate, small- and medium-sized businesses, residential and data, ISP and telecommunication carrier customers primarily located in North America, Europe and the Asia-Pacific regions of the world. News and information are available at PRIMUS's Web site at www.primustel.com.

For PRIMUS Telecommunications Group, Incorporated: Statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on current expectations, and are not strictly historical statements. Forward-looking statements include without limitation statements set forth in this document and elsewhere regarding, among other things: the Company's expectations of future revenue and net income, as well as liquidity, income from operations, earnings per share, cash flow, network development, Internet services development, traffic development, capital expenditures, selling, general and administrative expenses, goodwill impairment charges, service introductions and cash requirements; the Company's financing, refinancing and/or debt repurchase, restructuring or exchange plans or initiatives; liquidity and debt service forecasts; assumptions regarding stable currency exchange rates; management's plans, goals, expectations, guidance, objectives, strategy, and timing for future operations, acquisitions, the revenue impact of the Cable & Wireless customer acquisition, product plans and performance, predictions or expectations of future growth, results or cash flow; and management's assessment of market factors and future financial performance. Factors and risks, including certain of those described in greater detail herein, that could cause actual results or circumstances to differ materially from those set forth or contemplated in forward-looking statements include: changes in business conditions; fluctuations in the exchange rates of currencies, prevailing trade credit terms or revenues arising from, among other reasons, further telecommunications carrier bankruptcies or adverse bankruptcy related developments affecting the Company's large carrier customers; the failure of certain vendors to make adequate concessions concerning the deferral of principal payments and the reduction of interest rates; the possible inability to raise additional capital when needed, or at all; the inability to reduce, exchange or restructure debt significantly, or in amounts sufficient to conduct regular ongoing operations; changes in the telecommunications or Internet industry or the general economy or capital markets; adverse tax rulings from applicable taxing authorities; DSL, Internet and telecommunication competition; changes in financial, capital market and economic conditions; inclusion in broad market indexes; changes in service offerings or business strategies; inability to lease space for data centers at commercially reasonable rates; difficulty in migrating or retaining customers, including former Cable & Wireless customers, associated with our recent business acquisition of this customer base or integrating other assets; difficulty in provisioning VoIP services; changes in the regulatory schemes and regulatory enforcement in the markets in which the Company operates; restrictions on the Company's ability to follow certain strategies or complete certain transactions as a result of its capital structure or debt covenants; the inability to reduce debt significantly; risks associated with the Company's limited DSL, Internet and Web hosting experience and expertise; entry into developing markets; the possible inability to hire and/or retain qualified sales, technical and other personnel, particularly as we continue to attempt to grow our data-centric services, and manage growth; risks associated with international operations (including foreign currency translation risks); dependence on effective information systems; dependence on third parties to enable us to expand and manage our global network and operations; dependence on the implementation and performance of the Company's global ATM+IP communications network; and the outbreak or escalation of hostilities or terroristic acts and adverse geopolitical developments. As such, actual results or circumstances may vary materially from such forward-looking statements or expectations. Readers are also cautioned not to place undue reliance on these forward-looking statements which speak only as of the date these statements were made. PRIMUS is not necessarily obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Date:Jun 16, 2003
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