Hamilton, Bermuda 20 December 2001 - Global Crossing Ltd. (NYSE:GX BSX: GBLX.BH)confirmed today that Asia Global Crossing Ltd. (NYSE:AX) has requested a loan of $400 million under subordinated loan facilities entered into
by the two companies in October, 2000. Global Crossing has determined that it is not prepared at this time to make any loan under these
facilities.
Global Crossing stated that, in light of the significant business relationship between the two companies and the common financial
challenges that they face, it intends to continue to work together with Asia Global Crossing to meet those challenges.