1. 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. 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. 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. 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 Consolidator and VoIP Leader 2006 2002 20002004 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 A World-Class Operator Post-Bubble Agility Start-up and Construction

5. 5  2006 Level 3 Communications, Inc. All Rights Reserved. 5 Leadership Team James Q. Crowe Chief Executive Officer Sunit Patel Chief Financial Officer Jack Waters Chief Technology Officer Kevin J. O’Hara President & Chief Operating Officer Charles C. Miller, III Executive Vice President, Vice Chairman Sureel Choksi President, Wholesale Markets Brady Rafuse President, Content Markets and Chief Executive Officer, Europe J. Neil Hobbs President, Global Network Services Robert E. Guth President, Business Markets Thomas C. Stortz Executive Vice President, Chief Legal Officer Lynn Refer President, Metro Network Services Kevin Hart Group Vice President, Chief Information Officer Don Gips Group Vice President, Corporate Strategy Robin Grey Senior Vice President, Treasurer Joseph M. Howell, III Group Vice President, Corporate Marketing Christopher P. Yost Group Vice President, Human Resources Craig Butrym Managing Director, Europe

6. 6  2006 Level 3 Communications, Inc. All Rights Reserved. 6 Level 3 – The Right Network Designed 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. 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. 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. 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. 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. 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. 12  2006 Level 3 Communications, Inc. All Rights Reserved. 12 Investing in Growth Level 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