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Tyco To Raise Approximately $2.2 Billion

01 June 2001

Pembroke, Bermuda, 31 May 2001 - Tyco International Ltd. (NYSE-TYC, BXI-TYC, LSE-TYI), a diversified manufacturing and services company, announced today that it has agreed to sell 39,000,000 common shares through Lehman Brothers in an underwritten public offering of approximately $2.198 billion, net of underwriting discounts. Lehman also has a 30 day option to purchase up to an additional 5,247,787 common shares to cover over-allotments. The offering is being made pursuant to Tyco's shelf registration statement, and is scheduled to close on Wednesday, June 6th. The purpose of the offering is to repay debt incurred to finance recent acquisitions.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time a final prospectus supplement for the offering is available. This notice shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State. A prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Lehman.