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PF.NET COMMUNICATIONS, INC.
Computation of Ratio of Earnings to Fixed Charges
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Three months ended
Inception to Year ended March 31, Inception to
December 31, December 31, ---------------------------- March 31,
1998 1999 1999 2000 2000
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<S> <C> <C> <C> <C> <C>
Earnings:
Total loss (121,430) (8,031,032) (693,575) (43,692,971) (51,835,433)
Income tax provision 2,000 2,000
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Pre-tax loss (121,430) (8,029,032) (693,575) (43,692,971) (51,833,433)
Fixed charges:
Interest charges -- 2,856,138 -- 5,022,995 7,879,133
Interest factor of operating rents (1) -- 25,000 -- 6,200 31,200
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Total fixed charges -- 2,881,138 -- 5,029,195 7,910,333
Earnings as adjusted (121,430) (5,147,894) (693,575) (38,663,776) (43,923,100)
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Ratio of earnings to fixed charges -- -- -- -- --
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(1) Represents the portion of rental expense that we believe to be
representative of interest (assumed to be one-third of rental expense)
