exchangeable preferred stock due 2008, the board of directors have announced.

A distribution of $5.22 per share of the stock is payable next Tuesday to holders of record on May 15.

This is the first dividend on this preferred stock since it was issued in December last year.

The dividend relates to the period from December 2 last year through to May 31 this year, which is for less than one full six-month period.

Prior to June 1, 2002, Global Crossing Holdings has the option to pay dividends in cash or additional shares of senior exchangeable preferred stock.