ARBX Arbinet-thexchange, Inc.

Arbinet-thexchange, Inc. (Arbinet) operates an electronic market for trading, routing and settling communications capacity. Members of the Company's exchange can anonymously buy and sell voice calls and Internet capacity based on route quality and price through the Company's centralized, efficient and liquid market. Through the Arbinet Web-based interface and fully automated trading platform, members' orders are automatically matched using the Company's own software and delivered through its facilities. The Company has exchange delivery points in New York, New York; Los Angeles, California; London, the United Kingdom; Frankfurt, Germany, and Hong Kong, China. As of December 31, 2004, Arbinet had 360 members who subscribed to its voice trading services.