 First Quarter 2011 Earnings May 3, 2011 Global Crossing Filed by Global Crossing Limited Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Global Crossing Limited Commission File No.: 001-16201 |
 Safe Harbor and Non-GAAP Measures Statements made herein that are not historical financial results are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. Our actual results could differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially from those in these forward-looking statements are contained in our reports filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent Quarterly Reports on Form 10-Q. We are not obligated to publicly update or revise these forward-looking statements to reflect future events or developments except as required by law. Information contained herein is in summary format only and is qualified in its entirety by reference to the financial statements and other information contained in our Forms 10-K and 10-Q. We refer you to our financial press releases posted at www.globalcrossing.com which include explanations of and reconciliations with the closest GAAP financial measures for our non-GAAP financials such as OIBDA, Free Cash Flow and all measures referenced herein as “constant currency”. This presentation should be read in conjunction with the accompanying oral presentation, which may be accessed by visiting the company’s aforementioned web site. 2 © 2011 Global Crossing |
 IMPORTANT INFORMATION FOR INVESTORS 3 © 2011 Global Crossing This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The proposed transaction will be submitted to the stockholders of Level 3, Inc. ("Level 3") and the stockholders of Global Crossing Limited ("Global Crossing") for their consideration. Level 3 and Global Crossing will file a registration statement on Form S-4, a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. Level 3 and Global Crossing will each provide the final joint proxy statement/prospectus to its respective stockholders. Investors and security holders are urged to read the registration statement and the joint proxy statement/prospectus and any other relevant documents filed with the SEC when they become available, as well as any amendments or supplements to those documents, because they will contain important information about Level 3, Global Crossing and the proposed transaction. Investors and security holders will be able to obtain a free copy of the registration statement and joint proxy statement/prospectus, as well as other filings containing information about Level 3 and Global Crossing free of charge at the SEC's Web Site at Level 3, Global Crossing and their respective directors, executive officers, and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in favor of the proposed transactions from the stockholders of Level 3 and from the stockholders of Global Crossing, respectively. Information about the directors and executive officers of Level 3 is set forth in the proxy statement on Schedule 14A for Level 3's 2011 Annual Meeting of Stockholders, which was filed with the SEC on April 4, 2011 and information about the directors and executive officers of Global Crossing is set forth in the proxy statement for Global Crossing's 2011 Annual General Meeting of Shareholders, which was filed with the SEC on April 29, 2011. Additional information regarding participants in the proxy solicitation may be obtained by reading the joint proxy statement/prospectus regarding the proposed transaction when it becomes available. http://www.sec.gov. In addition, the joint proxy statement/prospectus, the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus and the other documents filed with the SEC by Level 3 may be obtained free of charge by directing such request to: Investor Relations, Level 3, Inc., 1025 Eldorado Boulevard, Broomfield, Colorado 80021 or from Level 3’s Investor Relations Pageon its corporate website at http://www.Level3.com and the joint proxy statement/prospectus, the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus and the other documents filed with the SEC by Global Crossing be obtained free of charge by directing such request to: Global Crossing 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. |
 Introduction Mark Gottlieb – SVP, Finance and Investor Relations Business Overview John Legere – Chief Executive Officer Financial Overview John Kritzmacher – EVP and Chief Financial Officer 4 © 2011 Global Crossing |
 BUSINESS OVERVIEW © 2011 Global Crossing © 2011 Global Crossing 5 |
 Strategic Highlights Strategic combination with Level 3 Increased scale with more than $6 billion of combined 2010 revenue Cost synergies estimated at annual run rate of $340 million Complementary network and product capabilities Beneficial to customers and shareholders Emergence of stronger global competitor Continued focus on executing 2011 business plan and strategy of moving up value chain Investing in sales resources Investing in network and new products and services aligned to market demand trends Improving customer experience Augmenting data center capabilities and expanding into cloud services © 2011 Global Crossing 6 |
 1Q11 Financial Highlights 1Q year-over-year revenue and OIBDA growth in line with annual guidance Sequential increases in “Invest and Grow” revenue expected to resume in 2Q Average order volumes up 9% year over year to $4.8M in 1Q (accompanied by seasonally higher revenue attrition) © 2011 Global Crossing 7 Metric Value 1Q11 vs. 1Q10 “Invest and Grow” Revenue $587M 6% OIBDA $84M 9% |
 Investment in Coverage, Capabilities, Customer Experience Quota-bearing sales headcount up 9% in 1Q Augmenting capacity and expanding network to meet demand Terrestrial upgrades New PoP in Turkey Strengthening product capabilities Expanded availability of media solutions to LatAm Augmented Telepresence solution suite Selected as SIP Trunking provider for Microsoft Technology Centers in North America Expanding into cloud services Launched “Communications as a Service” Other cloud services on roadmap for this year Continued investment in online portal functionality and higher touch customer services © 2011 Global Crossing 8 1Q11 Invest and Grow Revenue: $587M (Total Revenue: $661M) |
 1Q10 2Q10 3Q10 4Q10 1Q11 1Q11 vs. 1Q10 Data Center/Colocation Revenue ($M) $30.7 $31.9 $37.0 $39.2 $40.2 Occupied Footprints* 3,768 3,904 3,941 3,979 3,993 Quarter-End Utilization** 88% 91% 91% 92% 92% Total Customers 1,139 1,140 1,157 1,151 1,167 Data Center and Colocation 9 Currently operate 17 Data Centers and 64 Colocation facilities globally Implementing modular development of hosting solutions and augmenting capacity where demand requires Leveraging Data Center footprint to develop capabilities around emerging cloud-based, utility service model 9 *Excludes approximately 100,000 sq. ft. of Colocation space **Number of occupied footprints to total footprints 31% 6% N/A 2% |
 Summary © 2011 Global Crossing 10 Strategic combination with Level 3 to create significant value for customers and shareholders 1Q year-over-year revenue and OIBDA growth in line with annual guidance Sequential increases in “Invest and Grow” revenue expected to resume in 2Q Continued focus on executing 2011 business plan and strategy of moving up value chain Investing to strengthen value proposition and unique global capabilities Focus on serving our customers |
 FINANCIAL OVERVIEW |
 “Invest and Grow” Revenue “I & G” Revenue 1Q11 vs. 4Q10 1Q11 vs. 1Q10 As Reported ($15) $33 Constant Currency ($16) $29 ROW As Reported ($3) $20 Constant Currency ($3) $20 GCUK As Reported ($15) ($6) Constant Currency ($15) ($6) GC Impsat As Reported ($1) $21 Constant Currency ($2) $17 © 2011 Global Crossing $ in millions 12 |
 Total Revenue 1Q11 vs. 4Q10 1Q11 vs. 1Q10 As Reported ($22) $13 Constant Currency ($23) $9 GCUK As Reported ($15) ($6) Constant Currency ($15) ($6) GC Impsat As Reported ($2) $20 Constant Currency ($3) $16 Consolidated Revenue © 2011 Global Crossing ROW As Reported ($9) $1 Constant Currency ($9) $1 $ in millions 13 |
 Gross Margin % of Revenue Gross Margin Gross Margin 1Q11 vs. 4Q10 1Q11 vs. 1Q10 As Reported ($26) $12 Constant Currency ($26) $10 © 2011 Global Crossing Gross Margin $ $ in millions 14 |
 SG&A © 2011 Global Crossing $ in millions 15 SG&A 1Q11 vs. 4Q10 1Q11 vs. 1Q10 As Reported $11 $5 Constant Currency $11 $5 |
 OIBDA © 2011 Global Crossing $ in millions 16 OIBDA 1Q11 vs. 4Q10 1Q11 vs. 1Q10 As Reported ($37) $7 Constant Currency ($37) $5 |
 OIBDA by Segment OIBDA by Segment 1Q11 vs. 4Q10 1Q11 vs. 1Q10 ROW As Reported ($30) $10 Constant Currency ($29) $11 GCUK As Reported ($10) ($12) Constant Currency ($10) ($12) GC Impsat As Reported $3 $9 Constant Currency $2 $6 © 2011 Global Crossing $ in millions 17 |
 Free Cash Flow – Last Twelve Months © 2011 Global Crossing $ in millions 18 |
 Capital Structure & Major Maturities © 2010 Global Crossing All maturities reflect book value As of March 31, 2011 $500 $400 $300 $200 $100 $0 $600 2017 2018 2019 2013 2015 2014 2016 Senior Secured Notes GCUK Notes $700 $800 $441 $737 Shares Outstanding: 79.1M Common 61.1M Preferred 18.0M Potentially Dilutive: 3.0M Outstanding Stock Awards (Ex-Performance Units) 3.0M Debt Profile: $1,495 Major Maturities $1,328 Capital Leases & Other Debt $167 19 $ in millions Senior Unsecured Notes 2012 2011 Cash & Cash Equivalents: $274* GCUK $59 GC Impsat $116 Rest of World $99 *Note: Cash balance includes restricted balance of $9M for ROW $150 |
 Key Take-Aways © 2011 Global Crossing 20 Demand for IP-based services continues to drive year-over-year growth Strategic “Invest and Grow” revenue increased 6% year over year GC Impsat “Invest and Grow” revenue increased 16% Rest of World “Invest and Grow” revenue increased 6% 1Q year-over-year revenue and OIBDA growth in line with annual guidance Quarterly order volume improved by 9% year over year, providing a solid foundation for expected growth Sequential increases in “Invest and Grow” revenue expected to resume in 2Q We remain confident in our growth expectations for 2011 and look forward to our strategic combination with Level 3 |
 First Quarter 2011 Earnings May 3, 2011 Global Crossing |