Global Crossing Ltd. Declares Dividends on Its Cumulative Convertible Preferred Stock

Hamilton, Bermuda: 26 June 2001 - Global Crossing Ltd. (NYSE:GX, BSX: GBLX.BH) today announced that its Board of Directors has declared dividends, payable in cash, on its 6-3/8% Cumulative Convertible Preferred Stock; its 6-3/8% Cumulative Convertible Preferred Stock, Series B; its 7% Cumulative Convertible Preferred Stock; and its 6-3/4% Cumulative Convertible Preferred Stock.

The dividend on the 6-3/8% Cumulative Convertible Preferred Stock ($100 liquidation preference) is in the amount of $1.59375 per share, is for the period from May 1, 2001 through August 1, 2001 and is payable on August 1, 2001 to holders of record as of the close of business on July 16, 2001.

The dividend on the 6-3/8% Cumulative Convertible Preferred Stock, Series B ($1,000 liquidation preference) is in the amount of $15.9375 per share, is for the period from May 1, 2001 through August 1, 2001 and is payable on August 1, 2001 to holders of record as of the close of business on July 16, 2001.

The dividend on the 7% Cumulative Convertible Preferred Stock ($250 liquidation preference) is in the amount of $4.375 per share, is for the period from May 1, 2001 through August 1, 2001 and is payable on August 1, 2001 to holders of record as of the close of business on July 16, 2001.

The dividend on the 6-3/4% Cumulative Convertible Preferred Stock ($250 liquidation preference) is in the amount of $4.21875 per share, is for the period from April 15, 2000 through July 15, 2001 and is payable on July 16, 2001 to holders of record as of the close of business on July 2, 2001.