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Globenet Completes Redemption Of Common Shares

07 7 1999

St. David's, Bermuda, September 7, 1999 -- GlobeNet Communications Group Limited (GlobeNet) announced today that it has filed a registration statement with the Securities and Exchange Commission relating to its offer to exchange its 13% Series B Senior Notes due 2007 for all of its outstanding 13% Senior Notes due 2007. The registration statement has not yet become effective.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The exchange offer will be made only by means of a prospectus and will not commence until the 13% Series B Senior Notes due 2007 are registered with the Securities and Exchange Commission pursuant to an effective registration statement.

GlobeNet Communications Group Limited is an independent developer of international fiber-optic cable facilities and a licensed international telecommunications carrier in Bermuda through its wholly-owned subsidiary, TeleBermuda International Limited. Through TBI, it has been providing a full range of international telecommunications services in Bermuda since its establishment in 1997, and is currently launching a world class Internet server farm for hosting of offshore E-commerce business applications. GlobeNet, with headquarters in St. David's, Bermuda, has offices in Toronto and Montreal, and its common shares are traded on the Bermuda Stock Exchange (GLOCOM).