1.  2007 Level 3 Communications, Inc. All Rights Reserved. 1 Business Markets Group: Reliable and Responsive Prepared for CUSTOMER NAME PRESENTER’S NAME DATE

2.  2007 Level 3 Communications, Inc. All Rights Reserved. 2 Level 3 Provides a Winning Combination Reliable: an established, end-to-end facilities-based network provider with full portfolio of network solutions Responsive: a company organized around customer segments with dedicated sales and support resources and the commitment to invest in fiber-based customer solutions Trust: a trusted partner to over 300 companies in the Fortune 500 for their most critical application needs

3.  2007 Level 3 Communications, Inc. All Rights Reserved. 3 Level 3 Profile Customers Serve the needs of the most demanding and bandwidth-intensive customers Market Focus Four business groups focused on Enterprise Business, Content, Wholesale and European customers Experience Established in 1998; consistent executive leadership Stability $4B* in revenue in 2007; >$1Billion in cash Included in Fortune 500 and NASDAQ 100 Index Solutions IP, data, transport, video and voice Network End-to-end, fiber-based network *Estimated revenues for 2007 based on guidance provided on 2/8/07

4.  2007 Level 3 Communications, Inc. All Rights Reserved. 4 Unique Capabilities to Support Enterprise Customers Reliable Stable Leadership and Financials Financial strength and rapid revenue growth Expansive Fiber-Based Footprint Fiber-based network Broad end-to-end reach Proven Network Services Leader Demonstrated capabilities in high bandwidth services Best-in-class IP performance Responsive Focused on Customer Segments Business Markets Group Local market teams Helping Customers Migrate to New Enterprise Technologies Leadership in Ethernet, VPN, VoIP and High-Speed services Continued Investment Fiber builds to key locations Value-adding acquisitions

5.  2007 Level 3 Communications, Inc. All Rights Reserved. 5 Reliable: Stable Leadership and Financials “The Level 3 management team remains intact and without controversy. Founding CEO Jim Crowe is a straightforward industry veteran with a wealth of significant telco management experience….” - The Yankee Group “We give management high marks for execution, and believe that the potential leverage to LVLT’s operating model is likely to be very substantial going forward.” - Needham & Company Revenue ($ millions) EBITDA ($ millions) Source: 2007 revenue & EBITDA estimates represent mid-points of external guidance provided 2/8/07

6.  2007 Level 3 Communications, Inc. All Rights Reserved. 6 More intercity routes improve performance  ~47,000 intercity route miles in the US and Europe  Connects 16 countries  Diverse routing options Fiber-based metro access to your key locations  125 metro fiber markets  ~25,000 metro fiber route miles  ~6,500 on-net buildings  > 100,000 enterprise buildings within 500 feet of the network  Recently acquired AT&T’s divested metro assets to >200 buildings and >1,600 metro fiber route miles  Single provider of reliable, end-to-end services Reliable: Expansive Fiber-based Footprint Enables End-to-end Networking and Communications

7.  2007 Level 3 Communications, Inc. All Rights Reserved. 7 Leader in key network services and attributes MetricLevel 3 Market Position Commercial wavelength sales#1 Intercity backbone fiber route miles#2 Competitive metro fiber markets#1 Competitive fiber-served buildings#2 Constructed colocation/technical space (sq. ft.)#1 Top 5 IP network connectivity#2 Content delivery network services market share#3 Native video services market share#1 Best-in-class IP backbone performance (more than 1 terabit of customer traffic) Reliable: Proven Network Services Leader Source: http://www.fixedorbit.com/metrics.htmhttp://www.fixedorbit.com/metrics.htm Source: www.renesys.comwww.renesys.com

8.  2007 Level 3 Communications, Inc. All Rights Reserved. 8 Division focused on enterprise customers  Dedicated Sales, Customer Support, Product Delivery and Offer Management  ~25% of total Level 3 Revenue Local market support  Collaborative, in-market account service  Deep understanding of regional customers and their businesses  Application of best-practices to support common vertical solutions Enterprise-dedicated customer service and support  Teams focused on responsiveness to customers throughout the service lifecycle Responsive: Business Markets Group Focused on the Needs of Enterprise Customers

9.  2007 Level 3 Communications, Inc. All Rights Reserved. 9 Responsive: Helping Customers Migrate Leadership in services that matter most to Enterprise Deployment of Ethernet in the LAN, MAN and WAN Migration from legacy technologies to IP and VPN services Demand for reliable high- bandwidth solutions Replace circuit-switched voice with VoIP Leadership in Ethernet: Metro and Long-haul, SONET and Packet based, 3 Megabit to 10 Gigabit speeds, point-to-point and fully meshed Unique VPN portfolio including IP VPN, Ethernet VPN (virtual EPL) and VPLS (fully-meshed layer 2) Leadership in high-speed services, from Internet Access to Private Lines and Wavelengths Complete range of VoIP solutions and industry leading softswitch coverage Enterprise ChallengesUnique Level 3 Strengths

10.  2007 Level 3 Communications, Inc. All Rights Reserved. 10 Responsive: Leading Services Portfolio Services Designed to Meet Key Business Drivers Data Services Internet VPN Data Services Transport Private Line Wavelengths Ethernet Metro and Intercity Transport Infrastructure Colocation, Space and Power Switched and Dedicated TDM and IP-based Long Distance Voice Services Local Voice Services Suite of TDM and IP-based Voice Video & Content Services

11.  2007 Level 3 Communications, Inc. All Rights Reserved. 11 Challenge: Only 13.4% of U.S. commercial buildings have fiber connectivity Incumbents not investing to extend Enterprise fiber reach Level 3 Response: Commitment to extend fiber-based network to key customer locations  Targeting addition of 1,000 buildings/year Team focused on planning and managing metro network buildouts  Metro Network Services  Local Operations teams that have deep knowledge of the local market and footprint Strong financial and cash position to support builds Responsive: Willing to Invest in You Fiber Builds to Serve Your Most Critical Business Sites

12.  2007 Level 3 Communications, Inc. All Rights Reserved. 12 Trusted by the Most Demanding Businesses Top 10 companies on the 2006 Fortune 1000 Over 300 companies on the Fortune 500 Four of the five largest research and education backbones in North America Eight of the top 10 bank holding companies in the United States 20 of the top 25 U.S. hospital systems Carries traffic for 22 of the top 25 doctoral and research universities in the United States