Global Crossing Holdings Ltd. Declares Dividend on Its Senior Exchangeable Preferred Stock

Hamilton, Bermuda: 15 May 2001 - Global Crossing Holdings Ltd. today announced that its Board of Directors has declared a dividend, payable in cash, on its Senior Exchangeable Preferred Stock due 2008. A distribution of $5.25 per share of Senior Exchangeable Preferred Stock is payable on June 1, 2001 to holders of record on May 15, 2001.

Prior to June 1, 2002, Global Crossing Holdings has the option to pay dividends in cash or additional shares of Senior Exchangeable Preferred Stock. Since the issuance of the Preferred Stock on December 2, 1998, Global Crossing Holdings has chosen to pay cash dividends on each dividend payment date.

Global Crossing Holdings Ltd. is a subsidiary of Global Crossing Ltd. (NYSE: GX - news).

About Global Crossing

Global Crossing Ltd. (NYSE: GX - news) provides telecommunications solutions over the world's first integrated global IP-based network, which will have approximately 100,000 route miles, reaching 27 countries and more than 200 major cities. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas, Europe, and the Asia/Pacific region, and provides services in Asia through its subsidiary, Asia Global Crossing (Nasdaq: AGCX - news). Global Crossing Solutions provides integrated telecommunications solutions, including network outsourcing, to large global enterprises. Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.