Asia Global Crossing and DACOM Announce Agreement to Form Joint Venture.

Business Editors & High-Tech Writers

HAMILTON, Bermuda/SEOUL, Korea--(BUSINESS WIRE)--June 6, 2000

Global Crossing (Nasdaq:GBLX):

-- Asia Global Crossing and DACOM to land Asia Global Crossing's

intra-Asia undersea cable, East Asia Crossing, in Korea

-- Asia Global Crossing and DACOM will explore Internet

businesses and e-commerce

-- DACOM and Asia Global Crossing agree on purchase of capacity

on Asia Global Crossing systems

Asia Global Crossing and DACOM announced today an agreement to cooperate to bring Asia Global Crossing's intra-Asia undersea cable system, East Asia Crossing, to a cable landing station on the shores of Korea, and to jointly pursue other Internet business and e-commerce opportunities to provide each company's customers enhanced services and connectivity.

Subject to the execution of a final agreement, DACOM and Asia Global Crossing have also agreed on the terms and conditions for DACOM's purchase of capacity on Asia Global Crossing systems, including East Asia Crossing and Pacific Crossing, an already operational undersea cable system that connects Japan to the U.S.

Under the agreement, the two companies will work together to land East Asia Crossing in a cable landing station in TaeAn which will interconnect that system with Pacific Crossing. East Asia Crossing is expected to land in Korea in June 2001, and upon completion will connect Korea, Japan, Hong Kong, Taiwan, Singapore, the Philippines, Malaysia, and China, as regulations permit.

The companies will also jointly pursue other Internet business and e-commerce opportunities in the Asia Pacific region. The structure of the joint ventures will be agreed upon at a later date.

In anticipation of next year's market opening, this agreement outlines a way to bring increased competition to the international subsea cable landing business in Korea. DACOM will benefit from the agreement by avoiding international interconnection costs, resulting in savings of approximately five billion won per year.

"Just as we have in Hong Kong with Hutchison Whampoa, in Japan with Marubeni, and in Singapore with Singapore Technologies Telemedia, partnering with DACOM gives Asia Global Crossing a premier partner in a critical market -- Korea," said Mr. John Legere, CEO of Asia Global Crossing. "Our strong partnerships enable us to more quickly extend East Asia Crossing to provide unprecedented pan-Asian broadband connectivity, and build a platform to offer advanced IP-based services."

Mr. Kyu-Seok Chung, DACOM CEO and president, said, "DACOM will play a major role in meeting the increasing international bandwidth demand. Addressing the international networking business is critical to stay competitive in the 21st century, the Information Age."

About Asia Global Crossing

Asia Global Crossing is a joint venture among Global Crossing (Nasdaq: GBLX), Softbank (Tokyo Stock Exchange: 9984), and Microsoft (Nasdaq: MSFT) created to provide the Asia Pacific region with a full range of integrated telecommunications and IP services. Through a combination of undersea cables, terrestrial networks, city fiber rings and complex web hosting data centers, Asia Global Crossing is building the first truly pan-Asian network that will provide the Asia Pacific region with unprecedented access to a broadband, seamless global network. Advanced IP-based telecommunications services include state-of-the-art telehouses, complex web hosting, and electronic commerce, as well as low-cost, high-quality telephony in competition with local incumbent carriers. Assets of Asia Global Crossing include a 64.5 percent share of Pacific Crossing-1, a subsea system connecting the U.S. and Japan, and ownership of East Asia Crossing, an approximately 19,000-km fiber optic subsea system that upon completion will link Japan, Taiwan, Korea, Hong Kong, Singapore, Malaysia, the Philippines, and China, as regulations permit.

About Global Crossing

Global Crossing Ltd. (Nasdaq: GBLX) is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities. Global Crossing's subsidiary, GlobalCenter Inc., is a leading Internet service business, and its customers include many of the largest and most densely trafficked sites on the Web. Asia Global Crossing, a joint venture among Global Crossing, Microsoft Corporation (Nasdaq: MSFT), and Softbank Corp. (Tokyo Stock Exchange: 9984), is building the first pan-Asian broadband IP network to provide broadband and Internet services to the Asia Pacific region. Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Morristown, New Jersey; Rochester, New York; and Miami, Florida. Visit Global Crossing at www.globalcrossing.com on the Web.

Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States, Asia, and other countries and regions; changes in business strategy; the successful integration of newly-acquired businesses; and the impact of technological change.