FORM 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Operating Company
                                          )           CHAPTER 11
                                          )           Case No.01-25009 DK
                                          )
                    Debtor(s)             )

                            MONTHLY OPERATING REPORT
                       For the Month Ending May 31, 2002

                        FINANCIAL BACKGROUND INFORMATION


1. ACCOUNTING BASIS: Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.

    Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854 (301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                     193
--------------------------------------------------------------------------------
Current number of employees:                              192
--------------------------------------------------------------------------------
Gross monthly payroll:*
--------------------------------------------------------------------------------
        Officers, directors, and principals               $ 180,639
--------------------------------------------------------------------------------
        Other employees                                   $ 746,641
--------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                       YES
--------------------------------------------------------------------------------
Exceptions:                                     _______________________________

                                                _______________________________
================================================================================

* Represents gross payroll processed and paid during the month ending May
31, 2002. Actual expense incurred during period shown on Form 6.


4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period? NO.






                                                                          FORM 5
                                                                       Continued


5. Are all BUSINESS LICENSES or BONDS current? YES


6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's         $ 14,821,086.00
    ending balance)
--------------------------------------------------------------------------------
B.  Collected this Period                       $ (347,545.00)
--------------------------------------------------------------------------------
C.  Adjustments                                 $ 557,886.00
--------------------------------------------------------------------------------
D.  Ending Balance                              $ 15,031,427.00
================================================================================


7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                             $ 14,256,447.00
--------------------------------------------------------------------------------
B.  Incurred this Period                        $ 6,186,731.00
--------------------------------------------------------------------------------
C.  Collected this Period                       $ (5,090,018.00)
--------------------------------------------------------------------------------
D.  Intercompany billing                        $ 203,772.00
--------------------------------------------------------------------------------
E.  Offsets / Credits                           $ (1,128,270.00)
--------------------------------------------------------------------------------
F.  Ending Balance(1)                           $ 14,428,662.00
================================================================================


Ending Balance Aging (2):

0-30 Days:$ _______________  31-60 Days: $ _____________Over 60 Days:___________


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the
delinquencies. See Aging attached to Form 6.

(1) Does not include approximately $146,000,000 in intercompany accounts
receivable.
(2) See aging attached to Form 6


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                 $ 9,140,680
--------------------------------------------------------------------------------
B.  Incurred this Period                             $ 9,527,592
--------------------------------------------------------------------------------
C.  Pay this Period                                 $ (7,019,444)
--------------------------------------------------------------------------------
D.  Year Ending Journal Entries
--------------------------------------------------------------------------------
E.  Ending Balance                                  $ 11,648,828
================================================================================

Ending Balance Aging:

0-30 Days: $ _____________ 31-60 Days: $ _____________ Over 60 Days:___________


If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - See aging attached to Form 6.


9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                     NO (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement, payroll tax statement, unemployment tax
statement AND real estate tax statement with evidence of payment of these
taxes.

(1) The debtor has not yet paid certain pre-petition taxes that it was
authorized to pay. In addition, the debtor has not paid certain post-petition
taxes that became due and payable during the month ending May 31, 2002. The
debtor is currently reconciling the past due amounts of the post-petition taxes
to ensure accuracy and the debtor intends to pay these amounts as soon as the
reconciliation is completed.





                                                                          FORM 5
                                                                       Continued


10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period? NO

11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are
all current? YES


12.    INSURANCE:                Policy expiration date:
================================================================================
       Auto and truck           10/1/2002 *
--------------------------------------------------------------------------------
       Fire                     10/1/2002 *
--------------------------------------------------------------------------------
       D&O Insurance            10/1/2002 *
--------------------------------------------------------------------------------
       Liability                10/1/2002 *
--------------------------------------------------------------------------------
       Workers Comp.            10/1/2002 *
================================================================================

* - The insurance policies are held by Startec Global Communication Corporation,
Case No. 01-25013 DK

13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or opposed any action seeking to dispossess the debtor from
control or custody of any asset of the estate? NO

              OR consent to relief from the automatic stay ( S362)?  NO

(b) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going concern
value of the assets of the debtor? YES


14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? NO

If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets:

Type of Motion            Brief Description of Asset            Projected Income
================================================================================
                                                               $
--------------------------------------------------------------------------------
                                                               $
================================================================================

You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. NO

15. PAYMENTS TO SECURED CREDITORS during Reporting Period:
================================================================================
Creditor        Frequency        Amount of          Next          Post-Petition
                   of           Each Payment       Payment         Payments not
                Payments                            Due           Made: Numbers
                   per                                             and Amounts
                Contract
================================================================================
Allied Capital
Corporation      Monthly      $ 228,150.00        6/1/2002
--------------------------------------------------------------------------------
                              $
================================================================================






                                                                          FORM 5
                                                                       Continued


16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period:(2)

Professional                     Service                           Payment Made
================================================================================
White & Case LLP (1)      DIP Financing Agreement legal
                          services                                 $ 14,860.75
--------------------------------------------------------------------------------
William WL Fan & Co.(1)   DIP Financing Agreement legal
                          services                                 $ 959.00
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.

(1) Payment of legal expenses incurred by Allied Capital Corporation,
made pursuant to the order authorizing DIP financing (Docket No 174).

(2) The debtor remitted $3500 to Atlantax as payment for assisting Startec meet
its rating and reporting obligations for sales, use, telecommunications and
other transactional taxes and fees. The debtor does not believe Atlantax is a
professional within the meaning of the Bankruptcy Code and makes this disclosure
solely out of an abundance of caution. In any event, payment would be authorized
to Atlantax as an ordinary course professional pursuant to that certain Order
Authorizing Debtors to Employ Professionals Utilized in the Ordinary Course of
Business, entered January 14, 2002 (docket no. 69).


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                      Monthly Disbursements:
================================================================================
Month 1 ( current quarter)            $ 6,640,071.00
--------------------------------------------------------------------------------
Month 2 ( current quarter)            $ 8,087,831.00
--------------------------------------------------------------------------------
Month 3 ( current quarter)
================================================================================
Total                                 $ 14,727,902.00
================================================================================


Quarterly Fee Owed $10,000
Fee will be due and payable after June 30, 2002.


18. VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the
best of my knowledge, information and belief.

Dated: June 20, 2002                   DEBTOR IN POSSESSION
                                        By:             Prabhav Maniyar
                                        Name/Title:     Chief Financial Officer,
                                                        Director and Secretary
                                        Address:        1151 Seven Locks Road
                                                        Potomac, MD  20854
                                        Telephone:      (301) 610-4300

                                        /s/ Prabhav V. Maniyar


        REMINDER: Attach copies of debtor in possession bank statements.





                                                                          FORM 6

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:     Startec Global Operating Company )           CHAPTER 11
                                            )           Case No. 01-25009 DK
                                            )
                                            )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                        For the Month Ended May 31, 2002
                (All figures refer to post-petition transactions)



                                        This Month               Year to Date
================================================================================
A. TOTAL SALES/INCOME                 $ 5,307,045.00            $ 20,799,957.00
================================================================================
COST OF SALES:
--------------------------------------------------------------------------------
     Intercompany revenues            $ (2,261,589.00)          $ (8,353,058.00)
--------------------------------------------------------------------------------
     Purchased Services               $ 5,734,772.00            $ 21,516,477.00
================================================================================
B. SUBTOTAL Cost of Sales           - $ 3,473,183.00          - $ 13,163,419.00
================================================================================
C. GROSS PROFIT (A - B)             = $ 1,833,862.00          = $ 7,636,537.00
================================================================================
OPERATING EXPENSES:
--------------------------------------------------------------------------------
     Salaries and Payroll Taxes       $ 1,450,648.00            $ 4,958,032.00
--------------------------------------------------------------------------------
     Office expense                   $ 63,734.00               $ 230,168.00
--------------------------------------------------------------------------------
     Education /Training              $ 163.00                  $ 163.00
--------------------------------------------------------------------------------
     Professional Fees (Atty. Acct.)  $ 118,200.00              $ 224,331.00
--------------------------------------------------------------------------------
     Rent and Facilities Expense      $ 152,404.00              $ 604,980.00
--------------------------------------------------------------------------------
     Sales and Marketing              $ 301,293.00              $ 1,195,250.00
--------------------------------------------------------------------------------
     Travel                           $ 957.00                  $ 64,357.00
--------------------------------------------------------------------------------
     Other Operating Expenses         $ 1,466.00                $ 134,523
--------------------------------------------------------------------------------
     Billing Fees                     $ 112,082.00              $ 420,191.00
--------------------------------------------------------------------------------
     Taxes other than income          $ 232.00                  $ 31,619.00
--------------------------------------------------------------------------------
     Allocated to Affiliates          $ (788,239.00)            $ 2,529,852.00
================================================================================
D.  SUBTOTAL Operating Expenses      -$ 1,412,777.00            $ 5,333,762.00
================================================================================
E.  PROFIT/LOSS FROM OPERATION
     (C-D)                           =$ 421,085.00              $ 2,302,776.00
================================================================================
Other Income (Expenses)
--------------------------------------------------------------------------------
     Interest Expense                 $ (387,112.00)            $ (1,510,488.00)
--------------------------------------------------------------------------------
     Interest Income                  $ 2,511.00                $ 46,762.00
--------------------------------------------------------------------------------
     Depreciation and amortization    $ (1,476,981.00)          $ (5,935,966.00)
--------------------------------------------------------------------------------
     Equity earnings in subs          $                         $ 2, 051.00
================================================================================
F. SUBTOTAL Other Income (Expenses)  =$ (1,861,582.00)           $ (7,397,641.00)
================================================================================
G. Income Tax Expense                 $                         $
================================================================================
H. NET INCOME (LOSS) (E+F)            $ (1,440,497.00)          $ (5,094,865.00)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                                                          FORM 6
                                                                       Continued


          Case Number 01-25009 Debtor: Startec Global Operating Company
                        SCHEDULE AR (Accounts Receivable)
                               As of May 31, 2002
                    (List Post-Petition Receivables Only)(1)

================================================================================
Debtor (Due From)     Total Due    Date Incurred     Past Due         Past Due
                                                    31-60 Days      Over 60 Days
================================================================================
Retail                6,607,581      Daily           2,986,535         1,209,831
--------------------------------------------------------------------------------
Commercial            7,821,081      Daily           714,076           3,489,289
================================================================================
Total                 14,428,662                     3,700,611         4,699,120
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(1) Due to voluminous nature of aging reports, accounts receivable aging
information is presented in summary form. Detailed agings are available
upon request.



          Case Number 01-25009 Debtor: Startec Global Operating Company
                         SCHEDULE AP (Accounts Payable)
                               As of May 31, 2002
                     (List Post-Petition Payables Only) (2)

================================================================================
Due To        Total Due       Date Incurred       Past Due            Past Due
                                                  31-60 Days        Over 60 Days
================================================================================
Trade vendors  $ 11,656,328.00    Daily            1,307,354          2,888,672
--------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard
Statement of Sources and Uses of Cash to this Report.

(2) Due to voluminous nature of aging reports, accounts payable aging
information is presented in summary form. Detailed agings are available
upon request.






                                                                          FORM 8


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company                 )   CHAPTER 11
                                                         )   Case No.01-25009 DK
                                                         )
                        Debtors (s)                      )

                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                        For the Month Ending May 31, 2002
                (All figures refer to post-petition transactions)



                                      Operating Account               Totals
================================================================================
A. Beginning Cash Balance
   from Balance Sheet                                          $ 3,000,521.00
================================================================================
B. Net Income for month                                       +$ (1,440,497.00)
================================================================================
Expenses not requiring cash:
--------------------------------------------------------------------------------
       Depreciation                  $ 1,476,981.00
--------------------------------------------------------------------------------
       Foreign Exchange              $ (1,119.00)
================================================================================
C. SUBTOTAL Expenses Not
   Requiring Cash                                             +$ 1,475,862.00
================================================================================
D. Total Cash from Operations
   (A+B+C)                                                    =$ 3,035,886.00
================================================================================
Other Sources/Uses of Cash:
--------------------------------------------------------------------------------
       Decrease (Incr) - Accounts
       Receivable                    $ (371,789.00)
--------------------------------------------------------------------------------
       Decrease (Incr) - Receivables
       from employees and affiliates $ (1,124,148.00)
--------------------------------------------------------------------------------
       Decrease (Incr) - Other
       receivables                   $ (5,725.00)
--------------------------------------------------------------------------------
       Decrease (Incr)-
       Prepayments/Deposits          $ (2,118,421.00)
--------------------------------------------------------------------------------
       Decrease (Incr) - Equipment   $ (88,565.00)
--------------------------------------------------------------------------------
       Increase (Decr) - Accounts
       Payable                       $ 2,398,734.00
--------------------------------------------------------------------------------
       Increase (Decr) - Accrued
       Expenses                      $ 314,928.00
--------------------------------------------------------------------------------
       Increase (Decr) - Accrued
       Interest - DIP                $ 7,605.00
--------------------------------------------------------------------------------
       Proceeds from DIP Financing   $ 978,466.00
================================================================================
E. Subtotal Other Sources/Uses
   of Cash                                                    +$ (8,915.00)
================================================================================
F. Ending Cash Balance (D+E)                                  =$  3,026,971.00
================================================================================
Ending Balance per Bank Statement:
--------------------------------------------------------------------------------
         SunTrust 702307017                                    $ 873,951.00
--------------------------------------------------------------------------------
         SunTrust 206568819                                    $ 171,373.00
--------------------------------------------------------------------------------
         Merrill Lynch - 31833072128                           $ 993,795.00
--------------------------------------------------------------------------------
         Huntington Lockbox account                            $ 55,304.00
--------------------------------------------------------------------------------
         Comerica Securities                                   $ 1,010,340.00
--------------------------------------------------------------------------------
         ING Bank (FRANCE)                                     $ 66,765.00
--------------------------------------------------------------------------------
         Chevy Chase operating
         162-430501-6                                          $ 5,000.00
--------------------------------------------------------------------------------
         Chevy Chase payroll
         162-430504-1                                          $
--------------------------------------------------------------------------------
         Chevy Chase restricted
         investment 089-320485-4                               $ 96,084.00
--------------------------------------------------------------------------------
         State Bank of India                                   $ 180,000.00
--------------------------------------------------------------------------------
         Cash on Hand                                          $ 9,500.00
--------------------------------------------------------------------------------
Total Ending Balance per Bank
Statement                            $ 3,462,112.00
--------------------------------------------------------------------------------
Less Outstanding Checks:
--------------------------------------------------------------------------------
         SunTrust 206568819                                    $ 275,478.00
--------------------------------------------------------------------------------
         First Union 2065204149108
         (Payroll)                                             $ 87,154.00
--------------------------------------------------------------------------------
         Chevy Chase payroll
         162-430504-1                                          $ 23,595.00
--------------------------------------------------------------------------------
         First Union -
         2000005780239                                         $ 37,284.00
--------------------------------------------------------------------------------
Total Outstanding Checks             $ 423,511.00
--------------------------------------------------------------------------------
Add:  Deposits in Transit:
--------------------------------------------------------------------------------
         SunTrust 702307017                                    $ 2,231.00
--------------------------------------------------------------------------------
Total Deposits in Transit            $ 2,231.00
--------------------------------------------------------------------------------
       Add Voided check from Chevy
       Chase 089-320485-4            $ 7,500.00
--------------------------------------------------------------------------------
       Less Unrecorded interest
       on Comerica                   $ 7,711.00
--------------------------------------------------------------------------------
       Less Unrecorded interest on
       ING Bank (FRANCE)             $ 13,650.00
================================================================================
G. RECONCILED BANK BALANCE                                   =$ 3,026,971.00
================================================================================

    Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                             Attach Bank Statements.








                                                                          FORM 9


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company     )              CHAPTER 11
                                             )              Case No. 01-25009.DK
                                             )
                  Debtors (s)                )

                           CASH RECONCILIATION REPORT
                            Payroll and Tax Accounts
                        (Business Debtor, Accrual Basis)

                        For the Month Ending May 31, 2002
               (All figures refer to post-petition transactions)



                                      Operating Account       Tax Account
================================================================================
A.  Beginning Cash Balance from
    Balance Sheet                     $ (1,585.00)            $
--------------------------------------------------------------------------------
B. Cash Receipts                     +$                      +$
--------------------------------------------------------------------------------
C. Transfers from Operating
   Accounts                          +$ 47,129.00            +$
--------------------------------------------------------------------------------
D. Other:_________________           +$                      +$
--------------------------------------------------------------------------------
E. Other:_________________           +$                      +$
================================================================================
F. TOTAL CASH RECEIPTS (A+B+C+D+E)   =$ 45,544.00            =$
================================================================================
G. Cash Available
--------------------------------------------------------------------------------
Cash Disbursements:
--------------------------------------------------------------------------------
       Net Payroll Paid              -$ 68,690.00 -$
--------------------------------------------------------------------------------
       Bank Service Charges          -$ 448.00 -$
--------------------------------------------------------------------------------
       Other:_______________         -$                      -$
================================================================================
H. SUBTOTAL Disbursements            -$ 69,138.00            -$
================================================================================
I. Ending Cash Balance (F+G-H)        $ (23,594.00)           $
================================================================================
Ending Balance per Bank Statement    +$                       $
--------------------------------------------------------------------------------
       Less Outstanding Checks       -$ (23,594.00)
--------------------------------------------------------------------------------
       Add Deposits in Transit       +$
================================================================================
J. RECONCILED BANK BALANCE          =$ (23,594.00)          =$
================================================================================


   Ending Cash Balance (I) and Reconciled Bank Balance (J) Should be Equal.
                             Attach Bank Statements.







                                                                         FORM 10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company            )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                                  BALANCE SHEET
                               As of May 31, 2002




                                              Asset                Total
================================================================================
Current Assets:
--------------------------------------------------------------------------------
    Cash                                $ 3,026,971.00
--------------------------------------------------------------------------------
    Pre-Petition Acct. Receivables      $ 15,031,427.00
--------------------------------------------------------------------------------
    Post-Petition Acct. Receivables     $ 14,428,662.00
--------------------------------------------------------------------------------
    Allowance for Doubtful Accounts     $ (16,871,241.00)
--------------------------------------------------------------------------------
    Receivables from Officers,
    Employees, Affiliate                $ 146,851,972.00
--------------------------------------------------------------------------------
    Other Current Assets:
--------------------------------------------------------------------------------
          Deposits                      $ 1,298,646.00
--------------------------------------------------------------------------------
          Prepaids                      $ 5,758,608.00
--------------------------------------------------------------------------------
          Other Accounts Receivable     $ 687,927.00
================================================================================
A.  SUBTOTAL Current Assets                                   $ 170,212,972.00
================================================================================
Fixed Assets:
--------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures     $ 122,136,407.00
--------------------------------------------------------------------------------
    Less:  Accumulated Depreciation     $ (41,750,613.00)
================================================================================
B.  SUBTOTAL Fixed Assets                                    $ 80,385,794.00
================================================================================
Other Assets:  (Identify)
--------------------------------------------------------------------------------
    Licenses and other intangibles      $ 25,604.00
--------------------------------------------------------------------------------
    Restricted securities               $
================================================================================
C.  SUBTOTAL  Other Assets                                    $ 25,604.00
================================================================================
D.  TOTAL ASSETS (A+B+C) (1)                                  $ 250,624,370.00
================================================================================




                                         Liability                  Total
================================================================================
Post-Petition Liabilities:
--------------------------------------------------------------------------------
    Accounts Payable                  $ 11,656,328.00
--------------------------------------------------------------------------------
    Accrued expenses                  $ 2,308,847.00
--------------------------------------------------------------------------------
    DIP Financing                     $ 24,050,755.00
================================================================================
E.  SUBTOTAL Post-Petition
    Liabilities                                                $ 38,015,930.00
================================================================================
Pre-Petition Liabilities:
--------------------------------------------------------------------------------
    Priority Claims (3)
--------------------------------------------------------------------------------
    Secured Debts (2), (4)            $ 13,986,639.00
--------------------------------------------------------------------------------
    Unsecured Liabilities             $ 43,780,343.00
================================================================================
F.  SUBTOTAL Pre-Petition Liabilities                         $ 57,766,982.00
================================================================================
Stockholders' Equity (Deficit):
--------------------------------------------------------------------------------
    Common Stock                      $
--------------------------------------------------------------------------------
    Unearned Compensation             $ 4,225.00
--------------------------------------------------------------------------------
    Accumulated Other Comprehensive
    Loss                              $ (117,558.00)
--------------------------------------------------------------------------------
    Additional Paid-in Capital        $ 198,003,765.00
--------------------------------------------------------------------------------
    Retained Earnings (deficit):
--------------------------------------------------------------------------------
          Pre-Petition                $ (34,526,209.00)
--------------------------------------------------------------------------------
          Post-Petition (5)           $ (8,522,765.00)
================================================================================
G.  SUBTOTAL Stockholders' Equity                            $ 154,841,458.00
================================================================================
H.  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)       $ 250,624,370.00
================================================================================





                                                                         FORM 10
                                                                       Continued


(1) Represents the carrying value of assets. Does not include any adjustments to
reflect current market value or any adjustments associated with our audit for
the year ending December 31, 2001, which has not yet been completed.

(2) The debtor has pledged as collateral all of its assets to secure a debt owed
by the debtor's parent company to NTFC Capital Corporation. The balance of this
obligation (including unpaid interest) was approximately $40 million as of May
31, 2002.

(3) In the debtor's Schedule of Assets and Liabilities, the debtor acknowledged
the existence of priority claims, however the amount is unknown as of May 31,
2002.

(4) Startec Global Operating Company and Startec Global Licensing Company are
jointly indebted to Allied for $20.0 million in principal amount (the "Allied
Facility"). A portion of the Allied Facility equal to $10 million is jointly
secured by the accounts receivable of Startec Operating and Startec Licensing
(subordinate to NTFC's lien thereon), and the remaining $10 million is
unsecured. For bookkeeping purposes, the debt is divided evenly between the
co-debtors.

(5) Includes approximately $3.7 million in prior period adjustments. These
adjustments were the result of the Company's ordinary year-end close procedures.
The Company will restate its Monthly Operating Report for the post petition
period ending December 31, 2001 after the audit for the year ending December 31,
2001 has been completed.






                                                                         FORM 12



                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:   Startec Global Operating Company           )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                        Cash Disbursements Summary Report
                        For the Month Ending May 31, 2002

================================================================================
Total Disbursements from Operating Account  (Note 1)             $ 6,622,203.00
--------------------------------------------------------------------------------
Total Disbursements from Self Funded Medical Insurance Account
--------------------------------------------------------------------------------
Total Disbursements from Payroll Account  (Note 2)               $ 1,465,628.00
--------------------------------------------------------------------------------
Total Disbursements from Tax Escrow Account  (Note 3)
--------------------------------------------------------------------------------
Total Disbursements from other Account  (Note 4)                 $
================================================================================
Grand Total Disbursements from all Accounts                      $ 8,087,831.00
================================================================================


NOTE 1 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the general operating account. Exclude only transfers
to the debtor in possession payroll account, the debtor in possession tax escrow
account or other debtor in possession account where the disbursement will be
listed on this report.

NOTE 2 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the payroll account. Exclude only transfers to the
debtor in possession operating account, the debtor in possession tax escrow
account or other debtor in possession account where the disbursement will be
listed on this report.

NOTE 3 - Include in this amount all checks written, wire transfers made from, or
any other withdrawal from the tax escrow account. Exclude only transfers to the
debtor in possession operating account, the debtor in possession payroll account
or other debtor in possession account where the disbursement will be listed on
this report.

NOTE 4 - Include in this amount any other disbursements made by the debtor
including (but not limited to) cash paid from a petty cash fund or cash
register, amounts paid from any other debtor in possession account, and amounts
paid from the accounts of others on the debtor's behalf (for example,
disbursements made from a law firm's escrow account as a result of a sale of
property.)