Global Crossing Reports GCUK's Third Quarter 2008 Results

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London - December 11, 2008-- Global Crossing (NASDAQ: GLBC), a leading global IP solutions provider, today announced third quarter financial results for its subsidiary, Global Crossing (UK) Telecommunications Limited (GCUK).

Highlights

GCUK generated 82 million pounds in revenue in the third quarter, with adjusted gross margin of 68 percent or 56 million pounds and adjusted IFRS EBITDA of 21 million pounds. (Adjusted gross margin and adjusted IFRS EBITDA are both non-GAAP metrics that are defined and reconciled below.) The company also generated 14 million pounds in cash from operations.

"As our UK customers focus on increasing efficiencies, they continue to turn to Global Crossing for our deep national network, global solutions portfolio, overall value, and the exceptional customer experience we're providing," said John Legere, Global Crossing's chief executive officer.

Revenue and Margin

GCUK generated revenue of 82 million pounds, compared with 81 million pounds in the prior quarter and 73 million pounds for the same period in the prior year. This represents an increase of 1 million pounds or 2 percent on a sequential basis and an increase of 9 million pounds or 13 percent year over year. Both the sequential and year-over-year increases came from strength in the company's "invest and grow" category - namely that part of the business focused on serving enterprises and carrier customers excluding wholesale voice. Sales order values remained healthy during the three months ended September 30, 2008.

Adjusted gross margin (as defined in Table 6 that follows) for the third quarter of 2008 was 56 million pounds or 68 percent of revenue. This was relatively flat when compared with the prior quarter in which adjusted gross margin was 56 million pounds or 69 percent of revenue. Adjusted gross margin was 52 million pounds or 72 percent of revenue in the third quarter of 2007, including a 2 million pound benefit as a result of a reclassification of costs from cost of access to depreciation and amortization.

Costs

Cost of revenue, which includes cost of access, technical real estate, network and operations, third party maintenance and cost of equipment sales, was 52 million pounds for the quarter, compared to 51 million pounds in the prior quarter and 44 million pounds in the third quarter of 2007. The sequential and year-over-year increase was primarily due to higher access costs and equipment costs associated with increased revenue.

Sales, general and administrative expenses (SG&A) remained flat sequentially at 10 million pounds. In the third quarter of 2007, SG&A was 9 million pounds. The year-over-year variance was due to increased salaries driven by additions to our sales force as well as higher commission expenses associated with increased revenue.

Earnings

GCUK's adjusted IFRS EBITDA for the third quarter was 21 million pounds, compared with 21 million pounds in both the second quarter of 2008 and the third quarter of 2007.

GCUK recorded a net loss of 7 million pounds for the third quarter of 2008, compared with a net profit of 1 million pounds in both the second quarter of 2008 and the third quarter of 2007. The sequential and year-over-year variance in net loss was primarily due to a less favorable exchange rate movement on the US dollar-denominated Senior Secured Notes in the third quarter of 2008.

Cash Position

As of September 30, 2008, GCUK had 34 million pounds of cash and cash equivalents. Net cash provided by operating activities during the third quarter totaled 14 million pounds. GCUK's cash and cash equivalents increased 6 million pounds in the third quarter after using 9 million pounds for capital expenditures and principal payments on finance leases.

Non-GAAP Financial Measures

Pursuant to the U.S. Securities and Exchange Commission's (SEC's) Regulation G, the attached tables include definitions of adjusted IFRS EBITDA and adjusted gross margin measures, as well as reconciliations of such measures to the most directly comparable financial measures calculated and presented in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB).

International Financial Reporting Standards

GCUK's results reported here include unaudited consolidated financial results for the three months ended September 30, 2008 and 2007 and unaudited consolidated financial results for the three months ended June 30, 2008; the unaudited consolidated balance sheet as of September 30, 2008; and the audited consolidated balance sheet as of December 31, 2007, in accordance with IFRS. GCUK's results for the third quarters of 2008 and 2007 and the second quarter of 2008 were included in Global Crossing's consolidated results previously reported on November 5, 2008, in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and in U.S. dollars.

Conference Call

Management has scheduled a conference call for Thursday, December 11, 2008, at 9:00 a.m. EST/2:00 p.m. GMT to discuss GCUK's financial results. The call may be accessed by dialing +1 212 231 2926 or +44 (0) 20 3300 0097. Callers are advised to dial in 15 minutes prior to the 9:00 a.m. EST start time. The call will also be Webcast atinvestors.globalcrossing.com/results.cfm.

A replay of the call will be available on Thursday, December 11, 2008, beginning at 11:00 a.m. EST/4:00 p.m. GMT and will be accessible until Thursday, December 18, 2008, 2008 at 11:00 a.m. EST/4:00 p.m. GMT. To access the replay, dial +1 402 977 9140 or +1 800 633 8284 and enter reservation number 21400916. UK callers may access the replay by dialing +44 (0) 870 000 3081 or +44 (0) 800 692 0831 and entering reservation number 21400916.

ABOUT GLOBAL CROSSING (UK) TELECOMMUNICATIONS LTD.

Global Crossing (UK) Telecommunications Ltd. 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, GCUK provides carrier services to national and international communications service providers.

ABOUT GLOBAL CROSSING

Global Crossing (NASDAQ: GLBC) is a leading global IP solutions provider with the world's first integrated global IP-based network. The company offers a full range of secure data, voice, and video products to approximately 40 percent of the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It delivers services to more than 690 cities in more than 60 countries and six continents around the globe.

Website Access to Company Information

Global Crossing maintains a corporate website atwww.globalcrossing.com, and you can find additional information about the company through the Investors pages on that website atinvestors.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 and 8-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.

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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: Global Crossing's history of substantial operating losses and the fact that, in the near term, funds from operations will not satisfy cash requirements; legal and contractual restrictions on the inter-company transfer of funds by the company's subsidiaries; the company's ability to continue to connect its network to incumbent carriers' networks or maintain Internet peering arrangements on favorable terms; the consequences of any inadvertent violation of the company's Network Security Agreement with the U.S. Government; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; political, legal and other risks due to the company's substantial international operations; risks associated with movements in foreign currency exchange rates; potential weaknesses in internal controls of acquired businesses, and difficulties in integrating internal controls of those businesses with the company's own internal controls; 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; exposure to contingent liabilities; and other risks referenced from time to time in the company's and 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 Contacts

Michael Schneider
+ 1 973 937 0146

michael.schneider@globalcrossing.com

Analysts/Investors Contact

Suzanne Lipton
+ 1 800 836 0342

glbc@globalcrossing.com

Gino Mathew
Europe
+ 1 973 937 0133

gino.mathew@globalcrossing.com

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