The Level 3 Story

Introduction to Level 3

© 2006 Level 3 Communications, Inc. All rights reserved. Level 3 Communications, Level 3 and the Level 3 logo are registered service marks of Level 3 Communications, Inc. in the United States and/or other countries. Proprietary and Confidential.

2 2006 Level 3 Communications, Inc. All Rights Reserved. 2

Overview

Level 3 Profile

Level 3 History

Leadership Team

The Right Network

The Right Services

Investing in Growth

Trusted by Industry Leaders

3 2006 Level 3 Communications, Inc. All Rights Reserved. 3

Level 3 Profile

Established: 1998

Headquarters: Broomfield, CO

2005 Annual Revenue: $3.6 Billion

Employees: 5,800

Four Groups Wholesale Markets Content Markets Business Markets European Markets

Customers: MySpace, Yahoo!, YouTube, British Telecom,

The Hershey Company, Internet2, Comcast

Network: One of the largest global Internet backbones

Services: Complete portfolio of voice, data, video and

Internet services

Broomfield Headquarters

A premier provider of services over one of the world’s most advanced, IP-optimized networks

4 2006 Level 3 Communications, Inc. All Rights Reserved. 4

Level 3 Heritage

1998

• Raised $14 billion; called the “best funded start-up in history”

• Dug 19,600 route miles and built the world’s first continuously upgradeable network that is fully optimized for IP

• Explosive demand for bandwidth fuels growth in sales

• By end of 2000, Level 3 provided service to 2,700 customers

Filling the Network

• Attained the highest operating margins in the industry

• Invested in systems to become a world-class operator

• Some of the world’s most sophisticated communications companies trust Level 3 for their network services

• Acquired WilTel, Progress Telecom, ICG, TelCove and Looking Glass Networks — building on 2003 acquisition of Genuity

• Selected to support 16 of the 17 largest recent VoIP roll-outs

• Robust quarter-over-quarter growth in new VoIP services

Consolidatorand VoIP Leader

20062002

2000 2004

• Pursued a unique strategy that focused on both the balance sheet and investing for an inevitable industry rebound

• Investors showed confidence as Level 3 raised more money than all NexGen carriers combined

• Became one of the top three Internet traffic carriers

AWorld-Class Operator

Post-Bubble Agility

Start-up and Construction

5 2006 Level 3 Communications, Inc. All Rights Reserved. 5

Leadership Team

James Q. CroweChief Executive Officer

Sunit PatelChief Financial Officer

Jack WatersChief Technology Officer

Kevin J. O’HaraPresident & ChiefOperating Officer

Charles C. Miller, IIIExecutive Vice President, Vice Chairman

Sureel Choksi President, WholesaleMarkets

Brady RafusePresident, ContentMarkets and Chief Executive Officer, Europe

J. Neil HobbsPresident, GlobalNetwork Services

Robert E. GuthPresident, BusinessMarkets

Thomas C. StortzExecutive Vice President, Chief Legal Officer

Lynn ReferPresident, MetroNetwork Services

Kevin HartGroup Vice President,

Chief Information Officer

Don GipsGroup Vice President,Corporate Strategy

Robin GreySenior Vice President,Treasurer

Joseph M. Howell, IIIGroup Vice President,Corporate Marketing

Christopher P. YostGroup Vice President,Human Resources

Craig ButrymManaging Director, Europe

6 2006 Level 3 Communications, Inc. All Rights Reserved. 6

Level 3 – The Right NetworkDesigned to maximize coverage, performance, flexibility and scalability

More Long-Haul and Metro Route Options than Other Providers > 77,000 intercity route miles available in North America and Europe > 21,000 metropolitan route miles

High-Capacity, Nationwide Backbone Overbuilt backbone with new DWDM, IP and private-line switching layers in 2005 Long-haul capacity grew 50% this year and will double every two years IP backbone capacity tripled between 3Q05 and 1Q06

Expanding Voice Footprint Connectivity to every long distance tandem office in the U.S., as well as a large

and growing number of end offices Ability to terminate calls anywhere in the world over the Level 3 Network

7 2006 Level 3 Communications, Inc. All Rights Reserved. 7

Level 3 – The Right Network

Principal Locations: -- Broomfield, Colorado: Corporate HQ and NOC -- London: European HQ and NOC -- Tulsa, Oklahoma: NOC -- Atlanta, Georgia: NOC

8 2006 Level 3 Communications, Inc. All Rights Reserved. 8

Level 3 – The Right Services

Complete Portfolio of Data, Voice and VoIP services Only carrier with Tier 1 status and leadership across wholesale IP, wavelength and dark fiber Uniquely positioned to support migration from TDM- to IP-based voice applications

On-going Investments to Keep Pace with Rapidly Evolving Customer Requirements NexGen DWDM enables deployments in 100 Gbps increments VoIP infrastructure in place to accommodate rapid growth Roadmap to 40 Gbps waves; 10 GigE LAN PHY waves already available

One of the Largest IP Backbones in the World World-class peering with over 470 Gbps of global peering capacity More than 5.1 petabytes of traffic per day

Unique ability to invest in and serve enterprises’ telecommunications needs Premium, high-availability fiber builds enable us to connect companies to international network

footprint, network services, and business applications

Collaborative account service with local support for buying decisions — Level 3 is the only provider exclusively focused on the needs of business customers versus residential

Flexibility to Create Custom Network Solutions at All Layers

9 2006 Level 3 Communications, Inc. All Rights Reserved. 9

Every Level 3 Network “layer” (and service) can rapidly leverage the others. Customers have the flexibility to create custom solutions at all layers.

Level 3 – The Right Services

10 2006 Level 3 Communications, Inc. All Rights Reserved. 10

Trusted by the World’s Largest Bandwidth Consumers

Wireless companies Cable companies Voice service providers RBOCs, ILECs, and International PTTs Internet content providers Media and entertainment companies Research and academic institutions Government agencies

Customers Include: 18 of the world’s top 20 telecom carriers 8 of the top 10 carriers in Europe 3 of the top 4 carriers in Asia 8 of the top 10 U.S. Internet service

providers 9 of the top 10 U.S. cable companies 4 of the top 5 U.S. wireless service

providers

Our services support:

11 2006 Level 3 Communications, Inc. All Rights Reserved. 11

2006 Industry Recognition

Global Comm Award of Excellence (June 2006) Excellence in Network Design and

Services

Frost and Sullivan Growth Strategy Leadership Award (May 2006) SONET services

ATLANTIC-ACM Wholesale Report Card (March 2006) Awards for customer service and

billing based on Customer Satisfaction Survey

ATLANTIC-ACM Metro Carrier Report Card (October 2006) Best in Class across five

categories

12 2006 Level 3 Communications, Inc. All Rights Reserved. 12

Investing in GrowthLevel 3 is prepared to grow with your business into the long term

Top- and bottom-line growth – and continued investor confidence – is fueling network augmentation

ICG, Looking Glass, Progress Telecom, TelCove and WilTel acquisitions Physical build-outs

Investing resources in expansion Expanding into new buildings and increasing on-net footprint Now a major national provider of metro and regional services More than 5,700 traffic aggregation points in over 110 local markets

Implementing organizational structure to enhance responsiveness Dedicated support for regional businesses Customer-focused organizations to help ensure readiness for industry

opportunities