Global Crossing sells ILEC business to Citizens Communications

July 2, 2001--Global Crossing Ltd. announced it has completed the previously announced sale of its incumbent local exchange carrier (ILEC) business to Citizens Communications.

July 2, 2001

Global Crossing Ltd. (NYSE: GX) announced it has completed the previously announced sale of its incumbent local exchange carrier (ILEC) business to Citizens Communications (NYSE: CZN).

The transaction involved the sale of approximately 1.1 million telephone access lines for $3.5 billion in cash, subject to certain customary post-closing adjustments. According to Tom Casey, Chief Executive Officer of Global Crossing, the company expects to receive, after taxes, over $3 billion in cash from the sale of the ILEC business.

About Global Crossing:

Global Crossing Ltd. (NYSE: GX) provides telecommunications solutions over an integrated global IP-based network. For more information, visit www.globalcrossing.com or www.asiaglobalcrossing.com.