$24.4 Million Flag Telecom Settlement Proposed

New York, NY: All persons or entities who purchased the common stock of FLAG Telecom Holdings Limited ("FLAG") between March 6, 2000 and February 13, 2002, or purchased FLAG common stock pursuant to or traceable to FLAG's IPO between February 11, 2000 and May 10, 2000, inclusive, and who were damaged thereby, except for those who sold all their shares prior to February 13, 2002 (the "Class"):

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that in the FLAG Telecom Holdings, Ltd. Securities Litigation, Master File No. 02-CV-3400 (CM) (PED), a summary notice has been issued as follows: has been certified as a class action and that a settlement for a total of $24.4 million in cash has been proposed. A hearing will be held before the Honorable Colleen McMahon in the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007-1312, at 2:00 p.m., on October 29, 2010 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses.

To participate in the Settlement, you must submit a Proof of Claim no later than November 30, 2010. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court. To seek to exclude yourself from the Class, you must submit a request for exclusion conforming to the instructions in the Notice of Pendency of Class Action and Proposed Settlement postmarked no later than September 22, 2010. Any objections to the Settlement must conform to the instructions in the Notice of Pendency of Class Action and Proposed Settlement and be filed by September 22, 2010. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Order and Final Judgment of the Court.

Further information may be obtained by contacting the Claims Administrator, at FLAG Telecom Holdings, Ltd. Securities Litigation, c/o A.B. Data, Ltd., Claims Administrator, P.O. Box 170500, Milwaukee, WI 53217-8042; (800) 332-2952 . or through the website: www.flagtelecomsecuritiessettlement.com

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Published on Jul-21-10