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XO Bids $700M for GlobalX

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5/30/2003

RESTON, Va. -- XO Communications, Inc. (“XO”) today announced that it has made an offer to acquire all of the assets of Global Crossing LTD., and Global Crossing Holdings LTD, collectively (“Global Crossing”) for consideration of over $700 million, thereby increasing the proceeds available to Global Crossing creditors by over $100 million versus the current bid by Singapore Technologies Telemedia PTE LTD. The offer was made directly to advisors for the Bondholders, Banks and the Company.

XO’s offer is comprised of $250 million of cash, $200 million of new 11% secured notes secured by all of the assets of Global Crossing, $200 million junior preferred stock in New Global Crossing, a 100% owned subsidiary of XO, and 15 million 5 year warrants to acquire stock in XO at $10.00 per share.

“It is our intent to provide each of Global Crossing’s Banks and Bond claim holders with the same amount of cash and new notes as in the current plan, and to increase the equity consideration received by each by over $50 million.” stated Carl C. Icahn, Chairman of the Board of XO. “In addition, our proposal can close without regulatory headaches or financing contingencies and provides tremendous synergies between the two organizations that can benefit both Global Crossing’s creditors and XO shareholders.”

XO Communications Inc.

Global Crossing Holdings Ltd.

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