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Global Crossing Reports it is Subject of SEC Investigation

08 February 2002

Madison, N.J. - 8 February, 2002- Global Crossing announced today it has received notification that the company is the subject of an investigation by the U.S. Securities and Exchange Commission (SEC).

As previously announced on February 4, 2002, Global Crossing received an inquiry from the SEC for the voluntary production of certain information in connection with issues raised in a letter from a former employee. This investigation is related to the SEC's previous inquiry.

The company continues to cooperate fully with the SEC in providing the requested information.