September 2003

1
A GROWTH COMPANY

• September 2003

2
Safe Harbor

• The statements in this presentation are 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, are
  not strictly historical statements, and may
  differ materially from actual results. Forward
  looking statements include without limitation,
  those regarding management's plans, goals,
  expectations, guidance, objectives, strategy, and
  timing for future operations and products such as
  product plans and performance, predictions or
  expectations of future growth, management's
  assessment of market factors, currency exchange
  rates, the availability of financing and future
  financial performance. Among factors that could
  cause actual results to differ materially are
  changes in business conditions changes in the
  telecommunications or Internet industry or the
  general economy or capital markets DSL, Internet
  and fixed line and wireless telecom competition
  changes in service offerings or business
  strategies fluctuations in currency exchange
  rates difficulty in provisioning Voice over IP
  services changes in the regulatory schemes and
  regulatory enforcement in the markets in which we
  operate restrictions on our ability to follow
  certain strategies or complete certain
  transactions as a result of our capital structure
  or debt covenants the possible inability to
  raise capital when needed, or at all the
  inability to reduce debt significantly risks
  associated with PRIMUS'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, and managing rapid growth
  and 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 and dependence on the
  performance of PRIMUS's global ATMIP
  communications network. These factors are
  discussed more fully in PRIMUS's public filings,
  including its most recent 10Q and 10K filings
  with the Securities and Exchange Commission.
  Readers are cautioned not to place undue reliance
  on these forward-looking statements which speak
  only as of the date these statements were made.
  PRIMUS disclaims any intention or obligation to
  update or revise any forward-looking statements,
  whether as a result of new information, future
  events or otherwise.

3
Company Overview
4
Our Business

• Global, facilities-based telecommunications
  service provider offering international and
  domestic voice, Internet and data services to
  business and residential retail customers in
  select countries in North America, Asia-Pacific
  and western Europe utilizing our world-class
  broadband global network

5
Track Record of Financial Success
Revenue
Gross Margin ()
5 Quarterly Growth Rate
3 Quarterly Growth Rate
Income from Operations (1)
Total Debt
70 Quarterly Growth Rate
(2)

• Excludes Asset Impairment Write-down.
• Pro forma for repurchase of 33.6 million
  principal amount of the 1997 Senior Notes and
  does
• not include additional potential refinancings in
  connection with the recent convertible notes
  offering.

6
Building Scale in Key Markets
Targeting Profitable Segments in Select Markets
_______________ (1) Annualized based on the
results for the three months ended September 30,
2003.
7
Fully Built Global Network
Copenhagen
London
Frankfurt
Amsterdam
Vancouver
Toronto
Paris
Milan
Tokyo
Jersey City
Madrid
New York
Los Angeles
New Delhi
Puerto Rico
Brisbane
Perth
Adelaide
Sao Paulo
Sydney
Melbourne
IRU Fiber Capacity
International Gateway Switch
Domestic Switch
Satellite Link
8
Global Diversification Reduces Business Risk
Revenue by Geographic Region for 9 Months Ended
3Q03
9
PRIMUS Customer Base is Diversified
Revenue by Customer Segment for 9 Months Ended
3Q03
10
Full Suite of Services
Voice
Data
11
Financial Overview
12
Financial Summary
Annual Financial Results
____________________ (1) Annualized based on the
results for the nine months ended September 30,
2003. Total debt as of September 30, 2003 and
adjusted for repurchase of 33.6mm principal
amount of the 1997 Senior Notes. (2) After bad
debt. (3) Excludes asset impairment write-down
and loss on sale of assets. (4) Free cash flow
consists of net cash provided by (used in)
operating activities less net cash used in
investing activities.
13
Growing Revenue

• Revenue growth across all markets
• Residential and business revenue growth
• Core long distance voice and data additional
  local bundling
• Prepaid cards increasing
• VoIP provides an additional revenue source and
  improves Carrier gross margins
• Data/Internet growth is accelerating

Revenue by Product
Revenue by Customer Type
( in millions)
( in millions)
14
Gross Margin Improvement
PRIMUS Gross Margin Percentage
PRIMUS Average Price Per Minute
2002
1999
2000
2001
2003
___________________________ After bad debt.
Note Excludes one-time items.
15
Income from Operations Improvement

• Positive Income from Operations since Q102

Income from Operations (1)
( in millions)
____________________ (1) Excludes asset
impairment write-down.
16
Free Cash Flow

• Completed global network infrastructure
  deployment
• Additional capex beyond current levels will be
  success based
• Business plan not contingent on significant
  network expansion

Free Cash Flow
FCF ( in millions)
CapEx ( in millions)
___________________________ (1) Annualized based
on 9 months ended September 30, 3003.
17
Leverage Improvement

• Total debt and interest expense reduced nearly 60

Total Debt
Interest Expense
( millions)
( millions)
3Q03 Total Debt and Interest Expense include
non-recurring charges related to early retirement
of debt.
18
PRIMUS IS a Growth Company

• 2003 Revenue growth goal in excess of 25 over
  2002
• Revenue has grown in each of the last 6 quarters
• 2003 Income from Operations goal raised to
  between 65-70MM
• Net Income goal to be positive for total year
  2003 and grow faster (on a percentage basis) than
  Income from Operations

19
Investment Highlights

• Track record of operational and financial success
• Business plan focused on core markets and select
  customer segments
• Fully funded business plan and strong balance
  sheet poised for further deleveraging
• Well positioned to capitalize on further growth
  opportunities

20
And There is Upside Potential

• Future EPS Drivers
• Revenue growth
• Organic and accretive acquisitions
• Higher mix of high margin Internet and data
  services
• Further cost and debt reduction programs
• Declining depreciation and amortization
• Opportunistic refinancing to lower interest
  expense and increase cash flow

21
A GROWTH COMPANY

• September 2003