M.I.I. Presentation:

Global Crossing LtdGlobal Crossing Ltd

“Global Crossing has emerged as the world's first independent provider of global long distance telecommunications facilities and services, utilizing a network of undersea digital fiber-optic cable systems and associated terrestrial backhaul capacity.”

Global Crossing Overview

Core Fiber-Optic Services

International Expansion

Strategic Acquisitions

Financials

Looking Into The Future

Why Our Portfolio Needs GBLX

Bandwidth: The Gold of the 21st Century

Bell Systems and T-Carrier System

Lucent & DWDMLucent & DWDM

Telecommunications Act of 1996

Mr. Annunziata

GBLX Financing without Consortium

The Digital Revolution: Fiber Optics•“From the first conversions to voice or data at the destination, your

digital message flies through webs of silica on wings of light.”

•“Fiber is wrought in threads thinner than human hair, the silica is so

pure you can see through a window of it seventy miles thick.”

•“A single 4.5 pound spool of optical fiber can carry the same amount of

Data as 200 reels of copper wire that weigh over 1600 pounds!”Data as 200 reels of copper wire that weigh over 1600 pounds!”

•“One dark fiber thread could bear twice the traffic on the AT&T phone

network during the peak hours of Mother’s Day in the U.S.”

Let’s Run with the 3umbersCopper Pair = Analog 56K, ISDN, 128K T1 = 1.544M

DSL 4.4M Ethernet = 10Mb

Coaxial Cable = Cable Modem = 52M(Shared Line)

kilobit = 1,000 bits

megabit = 1 million bits

gigabit = 1 billion bits

terabit = I trillion bits

Coaxial Cable = Cable Modem = 52M(Shared Line)

DS3 = 44M(Backbone)

Optical Fiber = OC1 = 51.84M, OC12 = 622.08M

OC48 = 2.488G, OC192 = 1.28T

The Global Crossings 3etwork

AC –1*

AC –2

PC –1PC –1

PEC*

SAC

GAL*

MAC*

PAC* Currently “Lit” Fiber line

Frontier Communications Corporation“Liquid Bandwidth”

•$11.2 Billion Merger Completed September 28th, 1999 = $62

•Leading Integrated-Communications and IP based Network

•$11.2 Billion Merger Completed September 28th, 1999 = $62

•Provided the “Last-Mile” Connections

•US West & Qwest Complications

•$4 billion combined Revenue in 1998

•71,000 route miles

•1 Million Fiber line miles

•Ultra-high Bandwidth LU upgrades

•159-120 FRO cities in 24 countries

Lucent Technologies Licensing

•SONET-True Wave Bi-directional Line Switched Routing Fiber

•The greatest breakthrough occurred in 1998, with the advent of

DWDM-Dense Wave Division Multiplexing – Contract immediately

“Easily recognized as the most highly regarded medium in the industry”

DWDM-Dense Wave Division Multiplexing – Contract immediately

secured with Global Crossing.

•The state-of-the-art four-fiber pair boast a self-healing ring with

a new “armour-shield” coating on the actual cable

Global Marine Inc.•GBLX was joined this July by the world’s largest and most

experienced flotilla of cable-laying vessels.

•The $725 million deal gave Global Crossing possession of a

fleet that has laid over a third of the worlds undersea cables.fleet that has laid over a third of the worlds undersea cables.

• The acquisition took Global Marine’s services away from

competitors like: AT&T, MCI, Telestra, NTT, and BT

•The fleet consists of 42 vessels and 1,200 workers.

Racal Electronics PLC•Just recently announced, GBLX will acquire the premiere

British defense electronics company for $1.6 billion.

•Based in Bracknell, England, the telecomunitacions division

alone had revenues in excess of $928 million in 1998.

•Racal actually built the entire terrestrial fiber loop for the

British government’s 12K mile data network….all of which will

now be upgraded to TrueWave DWDM standards.

300 Top 3ame Hosting Partners

The Stock Roller Coaster

Money Talks

•The telecommunications market in 1999 valued at $450 billion’

By 2005, the market will grow to over a trillion dollars

•Global Crossing has contracted 88,000 kilometers of fiber•Global Crossing has contracted 88,000 kilometers of fiber

•82,000 has been laid or is still dark

•Only 14,300 kilometers is fully upgraded with DWDM

•Between FRO and GLBX, Revenue in excess of $4 billion

EBITDA is an astounding $1.2 billion

•The two companies employ 8,500 people with offices all around

the globe

Global Crossing in our Portfolio�GBLX can be a perfect tie-in with a number of our strongest holdings:

•Cisco Routers and Switchboards

•Lucent True-Wave Fiber

•Macromedia’s digital media requests•Macromedia’s digital media requests

•Microsoft Bandwidth Demands

�The Internet and intranets will carry the latest breakthroughs in

business and technology into the 21st century. Global Crossing

offers us the ability to watch our money grow as technology

manufactures and reinvents itself all while we enjoy the profits.

“Global Crossing is creating a worldwide information highwayfor use by all who live on this planet.” Gary Winnnick, Founder