Global Crossing Ltd. Suspends Dividends on Its Cumulative Convertible Preferred Stock

Business Wire, Dec 21, 2001

Business Editors

HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 21, 2001

Global Crossing Ltd. (NYSE:GX) today announced that, until further notice, it is suspending dividend payments on outstanding shares of its 6-3/8% Cumulative Convertible Preferred Stock; its 6-3/8% Cumulative Convertible Preferred Stock, Series B; its 7% Cumulative Convertible Preferred Stock; and its 6-3/4% Cumulative Convertible Preferred Stock. The company stated that it is taking this action, which is permitted under the terms of the Preferred Stock, to conserve cash. Pursuant to the terms of the Preferred Stock, the unpaid dividends will continue to accrue, but will not earn interest.

ABOUT GLOBAL CROSSING

Global Crossing Ltd. (NYSE: GX) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE: AX). Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.

Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.