Global Crossing Reports GCUK's Fourth Quarter and

Full Year 2009 Results
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Global Crossing Reports GCUK's Fourth Quarter and Full Year 2009 Results

LONDON, April 8, 2010--

    Global Crossing Limited (Nasdaq: GLBC), a leading global IP solutions
provider, today announced fourth quarter and full year 2009 financial results
for its subsidiary, Global Crossing (UK) Telecommunications Limited (GCUK).

    Highlights

    GCUK generated 78 million pounds of revenue in the fourth quarter and
Operating Income Before Depreciation and Amortization (OIBDA) of 16 million
pounds. (OIBDA is a non-GAAP measure defined and reconciled below.) The
company also reported cash generated from operations of 29 million pounds
before interest payments of 15 million pounds.

    "Despite a challenging economic environment, we observed healthy demand
for our robust suite of IP-based services in GCUK," said John Legere, Global
Crossing's chief executive officer. "We see an opportunity to grow the
business and further diversify our customer base in 2010, supported by an
augmented sales force, our continued investment in the products and services
demanded by the marketplace, and our recognized ability to provide a
differentiated customer experience."

    Fourth Quarter Results

    The results discussed below are prepared in accordance with International
Financial Reporting Standards and presented in U.S. Generally Accepted
Accounting Principles (U.S. GAAP) format. GCUK generated revenue of 78
million pounds, a sequential increase of 3 million pounds, or 4 percent, and
a year-over-year decrease of 4 million pounds, or 4 percent. The sequential
increase in revenue was primarily due to increased sales in the company's
"invest and grow" business - that part of the business focused on serving
enterprise, carrier and government customers excluding wholesale voice -
including an increase in non-recurring fees. The year-over-year decline in
revenue was primarily due to the completion of the Camelot contract in
December 2008, partially offset by growth in other "invest and grow" revenue.

    Gross margin was 27 million pounds for the quarter, a 4 million pound
decrease sequentially and year over year. Sequentially, gross margin was
unfavorably impacted by benefits in the third quarter from a 4 million pound
favorable regulatory ruling related to access costs paid in periods prior to
2009 and a 2 million pound non-recurring reduction in property tax charges.
The unfavorable sequential impact of these items was partially offset by
increased revenue. The year-over-year decline in gross margin was principally
due to lower revenue.

    Sales, general and administrative expenses (SG&A) were 11 million pounds
for the quarter, compared with 10 million pounds in the prior quarter and 14
million pounds in the fourth quarter of 2008. The year-over-year variance was
primarily due to a decrease in allocated corporate overhead costs.

    GCUK's OIBDA for the fourth quarter was 16 million pounds, compared with
20 million pounds in the third quarter of 2009 and 16 million pounds in the
fourth quarter of 2008. The sequential decrease in OIBDA was primarily due to
the non-recurring items benefitting gross margin in the third quarter. Year
over year, lower gross margin was offset by a decrease in allocated corporate
overhead costs.

    GCUK recorded a net loss of 2 million pounds for the fourth quarter,
compared with a net loss of 2 million pounds in the third quarter of 2009 and
a net loss of 25 million pounds in the fourth quarter of 2008. The
year-over-year decrease in net loss was primarily due to an unfavorable
foreign exchange impact on net U.S. dollar-denominated debt in the year-ago
period.

    Full Year Results

    GCUK generated revenue of 309 million pounds in 2009, compared with 323
million pounds for 2008. The year-over-year decline in revenue was primarily
due to the completion of the Camelot contract, which was partially offset by
increases in other "invest and grow" revenue.

    Gross margin for 2009 was 106 million pounds, or 34 percent of revenue,
compared with the prior year in which gross margin was 119 million pounds, or
37 percent of revenue. The year-over-year decline in gross margin was
principally due to lower revenue as described above and higher cost of
equipment and professional services costs. These movements were somewhat
offset by lower cost of access and third party maintenance costs.

    SG&A was 40 million pounds for the year, compared with 43 million pounds
in the prior year. The year-over-year variance was primarily due to a
decrease in allocated corporate overhead costs.

    GCUK's OIBDA for 2009 was 66 million pounds, compared with 76 million
pounds in 2008. The year-over-year decline in OIBDA was principally due to
lower gross margin due to the factors described above, partially offset by a
decrease in allocated corporate overhead costs.

    GCUK recorded net income of 5 million pounds for 2009, compared with a
net loss of 30 million pounds in 2008. The year-over-year improvement was
primarily due to an unfavorable foreign exchange impact on net U.S.
dollar-denominated debt in the prior year.

    Cash and Liquidity

    As of December 31, 2009, GCUK had cash and cash equivalents of 37 million
pounds compared with 26 million pounds at the end of September 30, 2009, and
36 million pounds at the end of December 31, 2008.

    GCUK's cash and cash equivalents increased 11 million pounds in the
fourth quarter. Net cash from operating activities during the fourth quarter
totaled 14 million pounds, including cash flow from operating working capital
of 13 million pounds and interest payments of 15 million pounds. During the
quarter, GCUK recorded purchases of property, plant and equipment of 3
million pounds, principal payments on finance leases and other debt of 4
million pounds and proceeds from refinancing a capital lease of 4 million
pounds.

    GCUK's cash and cash equivalents increased by 1 million pounds during
2009. Net cash from operating activities during 2009 totaled 18 million
pounds, including operating working capital use of 9 million pounds and
interest payments of 32 million pounds. During 2009, GCUK recorded purchases
of property, plant and equipment of 12 million pounds, principal payments on
finance leases and other debt of 12 million pounds and proceeds from
refinancing a capital lease of 4 million pounds.

    During the year, the company also repurchased 7 million pounds of the
Senior Secured Notes, excluding accrued interest. To support this debt
repurchase and other working capital needs, GCUK borrowed 15 million dollars
(approximately 10 million pounds) from GC Impsat.

    International Financial Reporting Standards

    GCUK's results reported here include audited consolidated financial
results for the year ended December 31, 2008; unaudited consolidated
financial results for the year ended December 31, 2009 and the three months
ended December 31, 2009, September 30, 2009 and December 31, 2008; unaudited
consolidated balance sheet as of December 31, 2009; and audited consolidated
balance sheet as of December 31, 2008, all in accordance with IFRS, as
published by the International Accounting Standards Board (IASB). GCUK's
fourth quarter 2009 and 2008 and third quarter of 2009 results, as well as
those for the full years 2009 and 2008, were included in Global Crossing's
consolidated results previously reported on February 16, 2010, in accordance
with U.S. GAAP and in U.S. dollars.

    Non-GAAP Financial Measures

    Consistent with the U.S. Securities and Exchange Commission's (SEC's)
Regulation G, the attached tables include a definition of OIBDA, as well as a
reconciliation of such measure to the most directly comparable financial
measure calculated in accordance with IFRS and presented in the US GAAP
reporting format.

    Conference Call

    Management has scheduled a conference call for Thursday, April 8, 2010,
at 9:00 a.m. EDT/2:00 p.m. BST to discuss GCUK's financial results. The call
may be accessed by dialing +1-212-231-2911 or +44(0)20-8196-2883. Callers
are advised to dial in 15 minutes prior to the 9:00 a.m. EDT start time. The
call will also be Webcast at http://investors.globalcrossing.com/results.cfm.

    A replay of the call will be available on Thursday, April 8, 2010,
beginning at 11:00 a.m. EDT/4:00 p.m. BST and will be accessible until
Thursday, April 15, 2010, at 11:00 a.m. EDT/4:00 p.m. BST. To access the
replay, dial +1-402-977-9140 or +1-800-633-8284 and enter reservation number
21463689. UK callers may access the replay by dialing +44(0)87-0000-3081 or
(0)-80-0692-0831 and entering reservation number 21463689.

    ABOUT GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED.

    Global Crossing UK Telecommunications Limited provides a full range of
managed telecommunications services in a secure environment ideally suited
for IP-based business applications. The company provides managed voice, data,
Internet and e-commerce solutions to a strong and established commercial
customer base, including more than 100 UK government departments, as well as
systems integrators, rail sector customers and major corporate clients. In
addition, Global Crossing UK provides carrier services to national and
international communications service providers.

    ABOUT GLOBAL CROSSING

    Global Crossing (Nasdaq: GLBC) is a leading global IP and Ethernet
solutions provider with the world's first integrated global IP-based network.
The company offers a full range of data, voice and collaboration services
with an industry leading customer experience to approximately 40 percent of
the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It
delivers converged IP services to more than 700 cities in more than 70
countries around the globe.

    Website Access to Company Information

    Global Crossing maintains a corporate website at
http://www.globalcrossing.com, and you can find additional information about
the company through the Investors pages on that website at
http://investors.globalcrossing.com. Global Crossing utilizes its website as
a channel of distribution of important information about the company. Global
Crossing routinely posts financial and other important information regarding
the company and its business, financial condition and operations on the
Investors web pages.

    Visitors to the Investors web pages can view and print copies of Global
Crossing's SEC filings, including periodic and current reports on Forms 10-K,
10-Q, 8-K, and in respect of GCUK's Forms 20-F and 6-K, as soon as reasonably
practicable after those filings are made with the SEC. Copies of the charters
for each of the standing committees of Global Crossing's Board of Directors,
its Corporate Governance Guidelines, Ethics Policy, press releases and
analysts presentations are all available through the Investors web pages.

    Please note that the information contained on any of Global Crossing's
websites is not incorporated by reference in, or considered to be a part of,
any document unless expressly incorporated by reference therein.

    This press release contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties that could cause the actual results to differ materially,
including: the impact on the business of current global economic conditions
and the tightening in global credit markets; increased competition and
pricing pressures resulting from technology advances and regulatory changes;
competitive disadvantages relative to competitors with superior resources;
the impact on the business of an economic downturn or recession; dependence
on a number of key personnel; the concentration of revenue in a limited
number of customers, and the rights of such customers to terminate their
contracts or to simply cease purchasing services thereunder; the influence of
the company's parent, and possible conflicts of interest of the parent or of
certain of GCUK's directors and officers; our ability to raise capital
through financing activities; exposure to contingent liabilities; and other
risks referenced from time to time in GCUK's filings with the Securities and
Exchange Commission. Global Crossing undertakes no duty to update information
contained in this press release or in other public disclosures at any time.

   
    CONTACT GLOBAL CROSSING:

    Press Contact
    Michael Schneider
    +1-973-937-0146
    Michael.Schneider@globalcrossing.com

    Analysts/Investors Contacts
    Mark Gottlieb
    +1-800-836-0342
    glbc@globalcrossing.com

    Gino Mathew
    United Kingdom
    +1-973-937-0133
    gino.mathew@globalcrossing.com

    IR/PR1

   
                                                                    Table 1
    Global Crossing (UK) Telecommunications Limited and Subsidiaries   
    Consolidated Statements of Financial Position                           
    Results below are in pounds sterling in thousands                       
                                                                           
                                                December 31,    December 31,
                                                    2009            2008
                                                ------------    ------------
                                                  (unaudited)               
    Non-current assets                                                     
        Intangible assets, net                         11,417        11,955
        Property, plant and equipment, net            157,526       179,544
        Investment in associate                           210           178
        Retirement benefit asset                          468         1,020
        Trade and other receivables                    33,230        37,006
                                                                           
                                                      -------       -------
                                                      202,851       229,703
                                                      -------       -------
                                                                           
    Current assets                                                         
        Trade and other receivables                    58,125        56,276
        Derivative financial instrument                     -         2,787
        Cash and cash equivalents                      37,331        36,100
                                                       ------        ------
                                                       95,456        95,163
                                                      -------       -------
    Total assets                                      298,307       324,866
                                                      =======       ======    Current liabilities                                                     
        Trade and other payables                      (81,085)     (81,909)
        Senior secured notes                          (11,819)      (7,382)
        Deferred revenue                              (37,313)     (38,751)
        Provisions                                     (1,281)      (1,590)
        Obligations under finance leases               (7,310)     (10,182)
        Other debt obligations                           (285)        (740)
                                                     --------      --------
                                                     (139,093)    (140,554)
                                                     --------      --------
    Non-current liabilities                                                 
        Trade and other payables                      (10,830)        (335)
        Senior secured notes                         (255,496)    (279,546)
        Deferred revenue                              (90,326)    (100,694)
        Retirement benefit obligation                  (2,551)      (2,880)
        Provisions                                     (2,211)      (3,786)
        Obligations under finance leases              (12,262)     (14,043)
        Other debt obligations                             (9)        (240)
                                                     --------      --------
                                                     (373,685)    (401,524)
                                                     --------      --------
    Total liabilities                                (512,778)    (542,078)
                                                     --------      --------
    Net liabilities                                  (214,471)    (217,212)
                                                     ========      =======                                                                           
    Capital and reserves                                                   
        Equity share capital (101,000 shares                               
         outstanding at 1 pound each)                     101           101
        Capital reserve                                31,271        30,504
        Hedging reserve                                     -         2,694
        Accumulated deficit                          (245,843)    (250,511)
                                                     --------      --------
    Total equity                                     (214,471)    (217,212)
                                                     ========      =======

   
   
                                                                      Table 2
    Global Crossing (UK) Telecommunications Limited and Subsidiaries       
    Consolidated Statements of Operations                   
    Results below are in pounds sterling in thousands
       
                                                           
                                        Three months ended 
                                        ------------------ 
    IFRS in IFRS          December 31,    September 30,         December 31,
     Reporting Format         2009             2009                2008   
                          ------------    -------------     -----------------
                          (unaudited)      (unaudited)          (unaudited)
                                                                           
    Revenue                   78,126           74,841               81,647   
    Cost of sales            (50,457)         (45,257)             (51,435) 
                              ------           ------               ------   
    Gross profit              27,669           29,584               30,212   
                                                                           
    Distribution costs        (5,417)          (4,775)              (4,723) 
    Administrative                                                         
     expenses                (16,839)         (15,666)             (22,694)
                              ------           ------               ------   
    Operating profit           5,413            9,143                2,795   
                                                                           
    Finance revenue            1,026            1,510                1,212   
    Finance charges           (8,538)          (8,557)              (8,413) 
    Net foreign                                                             
     exchange gain/                                                         
     (loss) on foreign                                                     
     currency                                                               
     borrowings, net             686           (3,576)             (20,706)
                              ------           ------              -------   
    (Loss)                                                           
     before tax               (1,413)          (1,480)             (25,112) 
                                                                           
    Tax charge                  (149)             (89)                (142) 
                              ------           ------               ------   
     (Loss) for                                                       
     the period               (1,562)          (1,569)             (25,254) 
                           =========        =========           =========                                                                           
                                                                           
                                             Year ended     
                                             ----------   
    IFRS in IFRS                December 31,             December 31, 
     Reporting Format               2009                     2008     
                                -------------            ------------
                                 (unaudited)                                 
                                                                       
    Revenue                         308,864                 322,832
    Cost of sales                  (197,160)               (200,487) 
                                                                       
                                    -------                 -------   
    Gross profit                    111,704                 122,345
                                                                       
    Distribution costs              (19,352)                (18,361)
    Administrative expenses         (68,708)                (75,037)
                                     ------                  ------
    Operating profit                 23,644                  28,947
                                                                       
    Finance revenue                   4,924                   4,436
    Finance charges                 (34,311)                (34,422)
    Net foreign                                                       
     exchange gain/                                                   
     (loss) on foreign                                                 
     currency                                                         
     borrowings, net                 11,009                 (28,374) 
                                     ------                 -------   
    Profit/(loss)                                                     
     before tax                       5,266                 (29,413)
                                                                       
    Tax charge                         (598)                   (432)
                                     ------                  ------ 
    Profit/(loss) for                                                 
     the period                       4,668                 (29,845)
                                   ========               =========

   
   
                                            Three months ended
    IFRS in U.S. GAAP                       ------------------
     Reporting Format             December 31, September 30, December 31,
                                      2009         2009          2008
                                  -----------  ------------  ------------
                                  (unaudited)  (unaudited)    (unaudited)
                                                     
    REVENUES                          78,126      74,841          81,647
                                                     
    Cost of revenue (excluding
     depreciation and
     amortization shown
     separately below)
      Cost of access                 (23,966)    (20,780)        (26,058)
      Real estate, network and
       Operations                    (11,387)    (10,144)        (11,568)
      Third party maintenance         (3,094)     (3,417)         (3,681)
      Cost of equipment and
        other sales                  (13,140)    (10,295)         (9,954)
                                     -------     -------          -------
         Total cost of revenue       (51,587)    (44,636)        (51,261)
                                     -------     -------          -------
    Gross margin                      26,539      30,205          30,386
    Selling, general and
      administrative                 (10,679)     (9,861)        (14,143)
    Depreciation and amortization    (10,657)    (10,742)        (11,393)
                                     -------     -------          -------
                                                     
    OPERATING INCOME                   5,203       9,602           4,850
                                                     
    OTHER INCOME (EXPENSE)                         
      Interest expense, net           (7,512)     (7,047)         (7,201)
      Other income (expense), net        896      (4,035)        (22,761)
                                     -------     -------          -------
    (LOSS) BEFORE PROVISION
      FOR INCOME TAXES                (1,413)     (1,480)        (25,112)
       Provision for income taxes       (149)        (89)           (142)
                                     -------     -------          -------
    NET (LOSS)                        (1,562)     (1,569)        (25,254)
                                     =======     =======          ======   
   
                                                 Year ended
                                                 ----------   
    IFRS in U.S. GAAP
     Reporting Format                  December 31,        December 31,
                                           2009                 2008
                                       -------------        ------------
                                        (unaudited)          (unaudited)
                                                       
    REVENUES                              308,864              322,832
                                                       
    Cost of revenue (excluding
     depreciation and amortization
     shown separately below)
      Cost of access                      (94,731)            (101,092)
      Real estate, network and
       operations                         (49,389)             (49,409)
      Third party maintenance             (13,875)             (16,577)
      Cost of equipment and other sales   (44,966)             (36,866)
                                          -------              -------
       Total cost of revenue             (202,961)            (203,944)
                                          -------              -------
    Gross margin                          105,903              118,888
    Selling, general and administrative   (39,983)             (42,937)
    Depreciation and amortization         (43,124)             (44,699)
                                          -------              -------
    OPERATING INCOME                       22,796               31,252
           
    OTHER INCOME (EXPENSE) 
      Interest expense, net               (29,387)             (29,986)
      Other income (expense), net          11,857              (30,679)
                                          -------              -------
    INCOME (LOSS) BEFORE PROVISION
     FOR INCOME TAXES                       5,266              (29,413)
      Provision for income taxes             (598)                (432)
                                          -------              -------
    NET INCOME (LOSS)                       4,668              (29,845)
                                          =======              ======

    Note: The classification differences between reporting under IFRS and
U.S. GAAP reporting format are as follows:

    Cost of sales:

    Under IFRS reporting format, the company includes cost of access, third
party maintenance, customer-specific costs and depreciation on network assets
within cost of sales.

    Cost of revenue:

    Under U.S. GAAP reporting format, the company includes cost of access,
real estate, network and operations, third party maintenance and cost of
equipment and other sales within cost of revenue.

    Foreign currency gains and losses:

    Under IFRS reporting format, the company includes foreign currency
gains and losses within operating profit, except for those related to the
senior secured notes and loans from and to related parties, which are
included in net foreign exchange gain/(loss) on foreign currency
borrowings, net. Under U.S. GAAP reporting format, all foreign exchange gains
and losses are included in other income (expense), net.

   
                                                                    Table 3
    Global Crossing (UK) Telecommunications Limited and Subsidiaries
    Consolidated Statements of Cash Flows
    Results below are in pounds sterling in thousands
   
                                                      For the year ended
                                                      ------------------
                                                   December 31,  December 31,
                                                       2009         2008
                                                     ---------    --------
                                                    (unaudited)
    Operating activities
    Profit/(loss) for the period                        4,668     (29,845)
    Adjustments for:
    Finance costs, net                                 18,378       58,360
    Income tax charges                                    598          432
    Depreciation of property, plant and equipment      35,256       35,466
    Amortization of intangible assets                   1,803        2,201
    Amortization of prepaid connection costs            8,637        9,588
    Share based payment expense                           767        2,856
    Gain on disposal of property, plant and
     equipment                                            (19)         (11)
    Equity (income)/loss for associate                    (32)          22
    Change in provisions                               (2,098)      (1,181)
    Change in operating working capital                (9,111)         605
    Change in other assets and liabilities             (8,294)      (4,562)
                                                      -------     --------
   
    Cash generated from operations                     50,553       73,931
    Interest paid                                     (32,208)     (33,062)
                                                      -------     --------
   
   
    Net cash provided by operating activities          18,345       40,869
                                                      -------      -------
   
    Investing activities
    Interest received                                   1,230        4,438
    Proceeds from disposal of property, plant and
     equipment                                             58           12
    Purchase of property, plant and equipment         (12,000)     (21,860)
                                                      -------      -------
   
    Net cash used in investing activities            (10,712)     (17,410)
                                                     --------     --------
   
    Financing activities
                                                                     
    Loans provided by group companies                   9,908            -
    Repayment of senior secured notes                  (7,382)      (1,158)
    Repayment of employee taxes on share-based
     payments                                          (1,047)           -
    Proceeds from sale/leaseback                        4,455            -
    Repayments of capital elements under finance
     leases                                           (11,649)     (10,108)
    Proceeds from debt obligations                          -          474
    Repayment of capital element of other debt
     obligations                                         (687)        (521)
                                                      -------     --------
   
   
    Net cash used in financing activities              (6,402)     (11,313)
                                                      -------     --------
   
    Net increase in cash and cash equivalents           1,231       12,146
   
    Cash and cash equivalents at beginning of
     period                                            36,100       23,954
                                                       ------       ------
   
    Cash and cash equivalents at end of period         37,331       36,100
                                                      =======      ======    Non-cash investing activities:
    Capital lease and debt obligations incurred         2,542        4,917
                                                       ======       =====

   
                                                                   Table 4
    Global Crossing (UK) Telecommunications Limited and Subsidiaries
    Summary of Consolidated Revenues               
    Results below are in pounds sterling in thousands           
                                                     
                                      Three months ended           
                   --------------------------------------------------------
                         December 31,     September 30,      December 31,
                             2009             2009               2008
                      ----------------   ----------------  ----------------
                         (unaudited)       (unaudited)        (unaudited)
    Revenues:                                     
     Enterprise,
      carrier data
      and indirect
      sales channels         76,618           73,379           79,674
     Carrier voice            1,383            1,337            1,848
                             ------           ------           ------
     Revenues from
      third party
      customers              78,001           74,716            81,522
     Revenues from Global
     Crossing group
      companies                 125              125               125 
                             ------           ------            ------
     Consolidated revenues   78,126           74,841            81,647
                             ======           ======            =====   
   
                                             Year ended
                   --------------------------------------------------------
                                   December 31,         December 31,
                                       2009                2008
                                 ----------------     ---------------
                                    (unaudited)                 
    Revenues:       
     Enterprise, carrier
      data and indirect
      sales channels                 301,924              316,222
     Carrier voice                     6,440                6,110
                                     -------              -------
     Revenues from third
      party customers                308,364               322,332
     Revenues from Global
     Crossing group companies            500                   500
                                     -------               -------
     Consolidated revenues           308,864               322,832
                                     =======              =======

                                                             Table 5

    Global Crossing (UK) Telecommunications Limited and Subsidiaries
    Reconciliation of OIBDA to Net (Loss) Income
    Results below are in pounds sterling in thousands

    Pursuant to the SEC's Regulation G, the following table provides a
reconciliation of OIBDA, which is considered a non-GAAP financial
measure, to net (loss) income under U.S. GAAP reporting format.

    OIBDA is defined as operating income before depreciation and
amortization, based upon our IFRS results in U.S. GAAP reporting format
consolidated statements of operations. OIBDA differs from operating income,
in that it excludes depreciation and amortization. Such excluded expenses
primarily reflect the non-cash impacts of historical capital investments, as
opposed to the cash impacts of capital expenditures made in recent periods.
In addition, OIBDA does not give effect to cash used for debt service
requirements and thus does not reflect available funds for reinvestment,
distributions or other discretionary uses.

    Management uses OIBDA as an important part of our internal reporting and
planning processes and as a key measure to evaluate profitability and
operating performance, make comparisons between periods, and to make
resource allocation decisions. Management believes that the investment
community uses similar performance measures to compare performance of
competitors in our industry.

    There are material limitations to using non-GAAP financial measures. Our
calculation of OIBDA may differ from similarly titled measures used by
other companies, and may not be comparable to those other measures.
Additionally, OIBDA does not include certain significant items such as
depreciation and amortization, interest income, interest expense, income
taxes and other non-operating income or expense items. OIBDA should be
considered in addition to, and not as a substitute for, other measures of
financial performance reported in accordance with GAAP.

    Management believes that OIBDA is useful to our investors as it is a
relevant indicator of operating performance, especially in a capital-
intensive industry such as telecommunications. OIBDA provides investors
with an indication of the underlying performance of our everyday business
operations. It excludes the effect of items associated with our
capitalization and tax structures, such as interest income, interest
expense and income taxes, and of other items not associated with our
everyday operations.

   
                                       Three months ended
                                           ------------------
                                  December     September        December
                                  31, 2009     30, 2009         31, 2008
                                 ---------    ----------       ---------
                                (unaudited)   (unaudited)     (unaudited)
   
    OIBDA                          15,860        20,344          16,243
    Depreciation and
     amortization                 (10,657)      (10,742)        (11,393)
                                  -------       -------         -------
    Operating income                5,203         9,602           4,850
    Interest expense, net          (7,512)       (7,047)         (7,201)
    Other income
     (expense), net                   896        (4,035)        (22,761)
    Provision for income
     taxes                           (149)          (89)           (142)
                                  -------       -------         --------
    Net (loss) income              (1,562)       (1,569)        (25,254)
                                  =======       =======         =======   
   
                                                Year ended
                                           ------------------
                                  December 31, 2009      December 31, 2008
                                 ------------------      -----------------
                                      (unaudited)           (unaudited)
           
    OIBDA                                65,920                75,951
    Depreciation and amortization       (43,124)              (44,699)
                                        -------               -------
    Operating income                     22,796                31,252
    Interest expense, net               (29,387)              (29,986)
    Other income (expense), net          11,857               (30,679)
    Provision for income taxes             (598)                 (432)
                                        -------               -------
    Net (loss) income                     4,668               (29,845)
                                        =======               ======

Source: Global Crossing

Press Contact , Michael Schneider, +1-973-937-0146, Michael.Schneider@globalcrossing.com, or Analysts/Investors Contacts, Mark Gottlieb, +1-800-836-0342, glbc@globalcrossing.com, or Gino Mathew, United Kingdom , +1-973-937-0133, gino.mathew@globalcrossing.com

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Profile: Tech
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