Global Crossing and TyCom Agree To Settle All Outstanding Disputes.

Business Editors & High Tech Writers

HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 16, 2001

Global Crossing Ltd. (NYSE:GX) and TyCom (NYSE:TCM) (BSX:TCM) today announced an amicable settlement of all outstanding claims against each other. The claims, which had been brought in both Federal Court and arbitration proceedings, related to agreements between the parties for the construction and operation of Global Crossing's Atlantic Crossing-1 and South American Crossing fiber-optic cable systems.

"We are very happy with this win-win agreement with TyCom, a supplier who has built many of our systems and with whom we have continued to work closely and productively, even in the face of these disputes. With this settlement behind us, we will be better able to move forward quickly to focus on the business of achieving operational excellence and serving our customers and we will have an even better relationship with a valued partner," said John Legere, chief executive officer of Global Crossing.

"TyCom is very pleased to have reached a mutually satisfactory resolution of these issues with one of our key customers," said Neil Garvey, President and CEO of TyCom. "During the course of these proceedings we have continued to work together to provide system upgrades and support, which is a testament to the professionalism of both companies. With these matters now settled, we look forward to a stronger and more productive relationship with Global Crossing."

ABOUT GLOBAL CROSSING

Global Crossing Ltd. (NYSE:GX) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. 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 and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE:AX). 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.

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; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.