This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Global Crossing Announces Intent to Examine Strategic Options

02 2 2000

Hamilton, Bermuda: 1 May, 2000 -Global Crossing Ltd. (Nasdaq:GBLX, BSX: GBLX.BH), which is building and offering services over the world's most extensive global IP-based fiber optic network, today announced that it has retained Chase Securities, Inc. and Merrill Lynch & Co. to assist it in examining its strategic options concerning its incumbent local exchange carrier ("ILEC") business, acquired as part of its acquisition of Frontier Corporation last fall. The Global Crossing ILEC, which comprises approximately 1,080,000 access lines, is the 10th largest ILEC group in the United States. Approximately half of its operations are in the Rochester, New York area, with the remainder in 13 states, including notably New York, Minnesota, Iowa, Wisconsin, and Pennsylvania.

"The ILEC business is a good business with stable cash flows and attractive margins," said Leo Hindery, Jr., Chief Executive Officer of Global Crossing. "We have been contacted by a number of parties expressing interest in purchasing some or all of these companies. We will examine whether we should engage in any transaction regarding our

ILEC. If we were to do so, we would redeploy our capital toward higher growth opportunities Global Crossing is pursuing, such as further expansion of our global network, sales and product reach, and GlobalCenter."