Press Release

WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 19, 2001--

Con Edison Communications First `Powered by GiantLoop' Partner,

Utilizes GiantLoop's Network Skills, and Management Software

GiantLoop Network, Inc., the leading provider of services and software for information management and movement of critical corporate data, and Con Edison Communications (CEC), a wholly owned subsidiary of Consolidated Edison, Inc. (NYSE: ED) today announced an agreement to enhance business continuity networking solutions.

Enterprise companies face a daunting challenge, which is to protect corporate data and guarantee around-the-clock uptime for business-critical applications. Success depends upon networking multiple data centers together over a high bandwidth, managed network infrastructure. According to research by JP Morgan/Chase, Gartner, and others, the connectivity portion of this market represents a $26 billion dollar market in 2001; growing to $51 billion by 2005. Research also indicates that the management software portion of this market represents $8 billion growing to $24 billion over the same timeframe. Many communications companies have abundant physical assets to supply data center networking connectivity to global companies, but may lack the trained sales and support force, enterprise management, and on-going support infrastructure and skills necessary to service this market.

Addressing this challenge, the Powered by GiantLoop program is specifically crafted to combine the world's best network assets with GiantLoop's industry-leading IT focus, integration skills, and data center network management software. By signing on to the Powered by GiantLoop program, interexchange carriers and incumbent local exchange carriers can greatly accelerate their time-to-market to build customer relationships and drive new revenue streams. The first company to take advantage of the Powered by GiantLoop program is Con Edison Communications (CEC).

Con Edison Communications embraces the Powered by GiantLoop program as a way to offer and provide additional services that ride on top of its metro optical network in New York. "Con Edison Communications' tremendous optical reach can solve the last mile bottleneck for enterprise and carrier customers in the New York metro area," said Peter Rust, President and CEO for Con Edison Communications.

Powered by GiantLoop allows partners to take advantage of GiantLoop's experience with:

• Data center network management software and services. GiantLoop's operational support system (OSS) and management software govern storage, telco, and data networking applications and devices as they connect and traverse metro-based data center networks.

• Testing and certification capability. GiantLoop tests and certifies all equipment for latency, interoperability and performance before it is integrated into any GiantLoop service offering.

• Consulting and field engineering. GiantLoop has extensive capabilities to design, plan, test, and deploy data center networks that connect storage networks and Gigabit Ethernet LANs across metropolitan areas to protect valuable data and lower operating costs.

• Support and maintenance services. The GiantLoop Network Control Center (NCC) is staffed by engineers - not operators - on a 24x365 basis. These experts are on call to help solve network and IT problems within a 2-hour response time. GiantLoop hires and trains its own field technicians and stocks local spare parts and test equipment for rapid problem isolation and resolution.

"Powered by GiantLoop matches GiantLoop's unique IT expertise with the assets and infrastructure of the best communications carriers in the world to extend data center networking solutions to further geographies," said Mark Ward, GiantLoop Network President and CEO. "CEC has a growing metropolitan area fiber reach in the New York area. We're pleased to partner with a company with the stature and appeal of Con Edison Communications."

About Con Edison Communications

Con Edison Communications, Inc. (CEC) is a wholly owned subsidiary of Consolidated Edison, Inc. CEC, a carrier's carrier, offers a comprehensive range of value-added products and services designed to enhance the performance of its customers' networks. CEC provides managed data transport services, leased capacity services, and plans to offer in-building optical distribution to multiple classes of customers including long-distance carriers, competitive local exchange carriers and Internet, cable, wireless and video companies. CEC's NYC metro area network is expected to interconnect over 1,000 commercial buildings, POPs and Verizon Central Offices by the end of 2005. Additional information about CEC is available at http://www.electricfiber.com/.

About Consolidated Edison, Inc.

Consolidated Edison, Inc. (NYSE:ED) is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The company provides a wide range of energy-related products and services to its customers through two regulated utility subsidiaries and four competitive energy and telecommunications businesses. For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at http://www.conedison.com./.

About GiantLoop Network

GiantLoop Network is a leading provider of services and software that move, manage, and protect vital information for global businesses. GiantLoop designs and deploys high-bandwidth metropolitan and long-haul networks and provides advanced infrastructure management software and services to financial, media, healthcare, and manufacturing companies. For additional information, see the company's web site at www.giantloop.com.