TOKYO -- Crosswave Communications, Inc. and Crosswave Services Inc. (jointly referred to as "Crosswave"), today announced the signing of a definitive agreement on a transfer of Crosswave operations to NTT Communications Corporation ("NTT Com").

Since concluding a letter of intent on November 11, 2003, Crosswave and NTT Com have been negotiating the details of the agreement, and today both parties agreed to the full terms and conditions covering the transfer of Crosswave business operations. The transaction will be completed on December 15, 2003 subject to the permission of the Tokyo District Court after a creditor's meeting.

Since concluding a letter of intent on November 11, 2003, Crosswave and NTT Com have been negotiating the details of the agreement, and today both parties agreed to the full terms and conditions covering the transfer of Crosswave business operations. The transaction will be completed on December 15, 2003 subject to the permission of the Tokyo District Court after a creditor's meeting.

NTT Communications Corp.

Crosswave Communications Inc.