NYSE Suspends Trading In Asia Global Crossing Ltd. Moves To Remove From The List

The New York Stock Exchange announced today that it determined that the Class A common stock of Asia Global Crossing Ltd. (the "Company")-- ticker symbol AX - should be suspended immediately. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange (the "Committee"). Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE staff's decision.

The NYSE did not open trading on Wednesday, February 27, 2002 due to an order imbalance that occurred in response to the Company's press release of Tuesday evening, February 26, 2002. The NYSE subsequently decided to suspend trading in the Company's Class A common stock. This determination was based upon, among other things, the abnormally low selling price for the Class A common stock, and lower price indications obtained today during the trading halt. The Exchange also noted the other matters referenced in the Company's press release, including various ongoing liquidity and restructuring issues.

The NYSE also noted that its continued listing standards require maintenance of a minimum share price of $1 over a 30 trading day period. The NYSE had previously notified the Company of its non-compliance with this standard on January 25, 2002.

The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.