On April 9, 2011, the Compensation Committee and Board of Directors (the "Board") of the Company amended the Global Crossing 2011 Discretionary Incentive Bonus Program, which was summarized in Item 5.02 of the Company's Form 8-K filed on March 11, 2011 (the "2011 Bonus Program"), which Item is hereby incorporated by reference.   All of the NEOs participate in the 2011 Bonus Program. The amendment provides that, if the recently announced acquisition of the Company by Level 3 Communications, Inc. closes before bonus payments would otherwise be made under the 2011 Bonus Program, the performance period shall terminate on the date of such closing and the Board shall at that time determine the payout amounts. Such determination will be made in accordance with existing program terms, adjusted in the Board's discretion to account for the shortened performance period. Target bonuses will be pro-rated for the portion of the year through the closing, and any payout above 100% of the pro-rated target amounts will require the consent of Level 3 Communications, Inc. Any bonus payout determined by the Board will be paid in cash or stock no later than March 31, 2012. Any employee who is awarded a bonus payout by the Board will be entitled to receive that payout if he or she is terminated in a reduction in force before the payment date.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

    On April 10, 2011, the Company entered into an Agreement and Plan of Amalgamation with Level 3 Communications, Inc., a Delaware corporation ("Level 3") and Apollo Amalgamation Sub, Ltd., a Bermuda company and wholly-owned subsidiary of Level 3 ("Amalgamation Sub"), pursuant to which the Company and Amalgamation Sub will be amalgamated under Bermuda law with the surviving amalgamated company continuing as a subsidiary of Level 3 (the "Amalgamation"). In connection with the Amalgamation, the Company will prepare a proxy statement to be filed with the Securities and Exchange Commission (the "SEC"). When completed, a definitive proxy statement and a form of proxy will be mailed to the shareholders of the Company. BEFORE MAKING ANY VOTING DECISION, THE COMPANY'S SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE AMALGAMATION CAREFULLY AND IN ITS ENTIRETY BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED AMALGAMATION. The Company's shareholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. The Company's shareholders will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing such request to the Company by telephone at (800) 836-0342 or by submitting a request by e-mail to glbc@globalcrossing.com or a written request to the Secretary, Wessex House, 45 Reid Street, Hamilton HM12 Bermuda or from Global Crossing's Investor Relations page on its corporate website at http://www.globalcrossing.com.

PARTICIPANTS IN SOLICITATION

    This report is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell common stock of the Company or Level 3. The Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company's shareholders with respect to the special meeting of shareholders that will be held to consider the Amalgamation. Information about the Company's directors and executive officers and their ownership of the Company's common stock is set forth in the proxy statement for the Company's 2010 Annual Meeting of Shareholders, which was filed with the SEC on May 19, 2010, and in the proxy statement for the Company's 2011 Annual Meeting of Shareholders, which is expected to be filed with the SEC prior to April 30, 2011. Shareholders may obtain additional information regarding the interests of the Company and its directors and executive officers in the Amalgamation, which may be different than those of the Company's shareholders generally, by reading the proxy statement and other relevant documents regarding the Amalgamation, when filed with the SEC.

FORWARD-LOOKING STATEMENTS