STT Grabs Hutch's GlobalX Stake

FLORHAM PARK, N.J. and SINGAPORE -- Global Crossing and Singapore Technologies Telemedia Pte. Ltd. (ST Telemedia) today announced that ST Telemedia would assume the rights and obligations of Hutchison Telecommunications Limited (Hutchison) to invest in Global Crossing under the purchase agreement signed August 9, 2002. ST Telemedia will increase its original investment under the purchase agreement from $125 million to a total $250 million for 61.5 percent ownership interest in the reorganized Global Crossing upon its emergence from Chapter 11. Emergence is expected in coming months, subject to obtaining anticipated regulatory approvals.

Hutchison announced today that it has decided to withdraw from the Global Crossing purchase agreement. The agreement, which was approved by the United States Bankruptcy Court for the Southern District of New York on August 9, 2002, allows either investor to take over the investment opportunity of the other on such a withdrawal. ST Telemedia has decided to assume Hutchison's 30.75 percent stake in the reorganized Global Crossing.

"ST Telemedia will be an ideal partner for us and will bolster Global Crossing's position as a leading provider of next generation telecommunication services on a global scale," said John Legere, Global Crossing's CEO. "As an innovative information and communications company having both financial strength and an aggressive growth plan, ST Telemedia clearly stands out as an investor that is complementary to Global Crossing's vision and mission."

The actions taken today by ST Telemedia and Hutchison will not change distributions to creditors under Global Crossing's Chapter 11 Plan of Reorganization, which was accepted by creditors and confirmed by the Bankruptcy Court in December 2002.

"We are enthusiastic about Global Crossing's future," said Lee Theng Kiat, president and CEO of ST Telemedia. "This transaction will help ensure that the company and its employees continue to provide world class telecommunications service to customers around the world."

"We're grateful for Hutchison's interest in Global Crossing and for the flexibility they exercised in adapting to the circumstances of the investment proposal," added John Legere. "We wish Hutchison much success in continuing to push the frontier of telecommunication services, where they have already established a distinguished track-record through their worldwide investments."

Singapore Technologies Telemedia Pte. Ltd. (STT)

Hutchison Telecommunications (Hong Kong) Ltd.

Global Crossing Holdings Ltd.