Global Crossing Reports 2000 Pro Forma Cash Revenue up 36%, Recurring Adjusted EBITDA up 54% from 19

Hamilton, Bermuda , 15 February 2001 - Global Crossing Ltd. (NYSE:GX), which provides integrated telecommunications solutions over the world's most extensive global IP-based fiber optic network, today reported record results for the fourth quarter and full year ended December 31, 2000. The Company reported fourth quarter Cash Revenue of $1,540 million, Recurring Adjusted EBITDA of $418 million, and a Recurring Net Loss of $617 million, or $0.70 per share. Net Loss Applicable to Common Shareholders of $513 million or $0.58 per share for the fourth quarter reflects a $303 million pre-tax gain, included in other income, realized as a result of the October 2000 initial public offering of common stock of the Company's Asia Global Crossing subsidiary and related events. For the full year 2000, the Company reported Cash Revenue of $5,160 million, Recurring Adjusted EBITDA of $1,469 million and Recurring Net Loss of $1,779 million, or $2.11 per share. These results exclude both GlobalCenter and the incumbent local exchange carrier (ILEC) business, which are treated as discontinued operations.

Tom Casey, Chief Executive Officer of Global Crossing, said, ``We are extremely pleased with our fourth quarter results, and again we have exceeded expectations while many other telecommunications providers have reported disappointing results. New contracts with demanding customers such as SWIFT, Computer Sciences Corporation (CSC), and Garban are tangible evidence that sophisticated global enterprises can rely on Global Crossing to satisfy their most critical needs. These contracts validate the reliability and functionality of our worldwide seamless network. Successes with these global enterprise customers are based on our capabilities in managing secure IP networks, as well as the unmatched combination of bandwidth and geographic presence that we offer. An additional benefit from these relationships is that we plan to have SWIFT's and CSC's sales forces selling Global Crossing's products. We gain not only the direct customer revenue but also the additional revenue generated through new indirect sales channels.''

Casey continued, ``Our successes with global enterprise customers like SWIFT, CSC and Garban have not yet been reflected in our operating results. However, we expect customers such as these to rapidly become significant contributors to

growth in revenue and profitability in the Commercial segment as we continue to de-emphasize service offerings to small and medium business customers. With our global network virtually complete and fully funded, and with the IP/VPN capabilities that we're implementing for new customers such as SWIFT, we have tremendous operating leverage as we add new customers to the network at very low incremental cost. We can reduce network costs for our customers as we increase our own margins.''

Contact:

Global Crossing Ltd., Los Angeles

Ken Simril, 310/385-5200 (analysts/investors)

investors@globalcrossing.com

Tom Goff, 310/385-5231 (media)

tgoff@globalcrossing.com

or

Sard Verbinnen, New York

Kim Polan, 212/687-8080 (media)

kpolan@sardverb.com

+1 310 385 5200

investors@globalcrossing.com