June 1, 2007

This case is pending in the federal court for the Southern District of New York. Grant & Eisenhofer is lead counsel for the plaintiff class. On January 28, 2003, the Consolidated Class Action Complaint was filed. The Complaint asserts federal securities claims on behalf of all purchasers of Global Crossing securities between February 1, 1999 and January 28, 2002 against various defendants, including current and former officers and directors of Global Crossing, Arthur Andersen, Salomon Smith Barney and other financial institutions.

On August 11, 2003, an Amended Consolidated Class Action Complaint was filed for the purpose of asserting federal securities claims on behalf of all purchasers of Asia Global Crossing securities between October 6, 2000 and November 17, 2002 against various defendants, including current and former officers and directors of Asia Global Crossing, Arthur Andersen, Salomon Smith Barney and other financial institutions.

On November 10, 2004, the Court approved a settlement with the Global Crossing-related defendants, including Gary Winnick, and Simpson Thacher & Bartlett, Global Crossing's former outside counsel. The value of the settlement is approximately $245 million (subject to fluctuations in the US dollar/UK pounds exchange rate).

On July 8, 2005, the Court approved a $75 million settlement between the plaintiffs and Citigroup-related defendants (Salomon Smith Barney and Jack Grubman) was announced. Information concerning the settlement and the Proof of Claim form are available at www.globalcrossinglitigation.com.

On October 27, 2005, the Court approved a $25 million settlement with Arthur Andersen LLP and all Andersen-related defendants. On October 27, 2006, the Court approved a $99 million settlement with various financial institutions including Goldman Sachs, Merrill Lynch, JP Morgan, CIBC and others. CIBC is paying $16.5 million toward the settlement. The remaining $82.5 million is being paid by the other settling financial institutions.

On May 30, 2007, the Court preliminarily approved a $3.8 million settlement with Microsoft and Softbank. The Fairness Hearing is scheduled for September 27, 2007 at 4p.m. This partial settlement relates to only purchasers of Asia Global Crossing Securities. This settlement will conclude this class action.

In total, Grant & Eisenhofer has recovered $448 million for investors in this case. Further information about the settlement, including the Notice and Proof of Claim form, is available at www.globalcrossinglitigation.com

DISTRIBUTION OF THE PROCEEDS FROM THE PARTIAL SETTLEMENT DESCRIBED ABOVE WILL NOT OCCUR UNTIL LATE 2007 OR EARLY-2008 AT THE EARLIEST. PLEASE DO NOT CONTACT THE COURT ABOUT THE PAYMENT.