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Global Crossing Declares Dividend On Its Senior Exchangeable Preferred Stock

05 November 2001

Hamilton, Bermuda: 5 November, 2001 - Global Crossing Holdings Ltd., a subsidiary of Global Crossing Ltd. (NYSE: GX. BSX: GBLX.BH), today announced that its Board of Directors has declared a dividend, payable in kind, on its Senior Exchangeable Preferred Stock due 2008. A distribution of 0.0525 shares of Senior Exchangeable Preferred Stock is payable on December 1, 2001 for each share of such preferred stock held of record on November 15, 2001.

By paying this dividend in kind rather than with cash, the company gains additional financial flexibility at a cost of capital that is significantly lower than that implicit in the current yield of the preferred stock.