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How the mighty have fallen!

Is it me, or does the whole 360 Networks thing smell a lot like LEDCOR making a lot of money from a subsidiary’s IPO and generating a lot of construction business worldwide?

I’d be interested to know how many of 360’s cheques are written back to LEDCOR for providing construction services. Further I’d be interested to know how many shares in 360 LEDCOR still has.

360, by all accounts, has never really had a business plan other than to BUILD, BUILD, BUILD. Is it possible that the whole 360 thing was just a mechanism for LEDCOR to grow as a company?

-Ian.

—— Forwarded Message From: “360networks” Date: Wed, 27 Jun 2001 15:12:45 -0700 To: Undisclosed recipients:; Subject: 360networks – News Release

June 27, 2001

For immediate release

360NETWORKS REDUCES WORKFORCE BY 800 POSITIONS WORLDWIDE

Vancouver ­ As part of its efforts to reduce operating expenses and conserve capital, 360networks today announced it is reducing its global workforce by approximately 800 positions.

³This was an extremely difficult decision, but necessary in light of the very challenging telecom environment and our need to operate as cost-efficiently as possible,² said Greg Maffei, president and chief executive officer of 360networks. ³I want to thank our employees for their dedication to the company and their many achievements in both the development of our network and the provision of services to our customers.²

The workforce reduction includes a range of positions in North America, Europe, South America and Asia. The company will continue to employ about 1,000 people globally.

About 360networks 360networks (NASDAQ: TSIX and TSE: TSX) offers optical network services to telecommunications and data-centric organizations. The company¹s fiber optic network connects more than 50 major cities in North America, Europe and South America with terrestrial segments and undersea cables. More information about 360networks is available at www.360.net.

For more information contact:

Investor Relations Nancy Bacchieri ir [at] 360 [dot] net

Media Michelle Gagné michelle.gagne [at] 360 [dot] net

—— End of Forwarded Message

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