Global Crossing Holdings Announces Extension of Senior Note Exchange Offer

Hamilton, Bermuda - 18 June, 2001 - Global Crossing Holdings Ltd. today announced that it is extending the expiration date for the exchange offer relating to the exchange of $1 billion in aggregate principal amount of its outstanding 8.70% Notes due 2007 (the "Original Notes") for a like principal amount in new notes registered under the Securities Act of 1933 (the "Exchange Notes").

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

The exchange offer, which commenced on May 9, 2001 and was previously set to expire on June 15, 2001, will now expire at 5:00 p.m., New York City time, on June 22, 2001, unless extended.

Except for the absence of transfer restrictions under the federal securities laws applicable to the Original Notes, the Exchange Notes are identical to the Original Notes. Except for the extension of the expiration date, all terms and conditions of the exchange offer remain unchanged and in full force and effect.

As of June 15, 2001, holders of approximately $980 million in aggregate principal amount of Original Notes have tendered Original Notes pursuant to the exchange offer.

Requests for assistance regarding the exchange offer or for copies of the exchange offer materials should be directed to United States Trust Company of New York, the exchange agent for the exchange offer, at (800) 548-6565.