1. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. The Level 3 Story © 2014 Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, MyLevel3, the Level 3 Communications Logo, and the Level 3 Logo, and are either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Microsoft, Lync are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners.

2. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Today’s Business Drivers and IT Challenges  Globalization trends continue as customers look for growth from emerging markets – particularly in the enterprise space  Regulatory uncertainty (consumer and healthcare privacy, financial securitization)  Cloud adoption for specific applications  Mobility & the Internet of things including device proliferation  Big Data and more information available than ever before  IP video and TV anywhere changing the supply chain and eco system of content distribution  Cyberthreats are at an all time high and only projected to grow  Data protection and privacy are even more important as applications move to the cloud 2  Need global sourcing to overcome sub optimal results with local procurement as a result of global operational models and ability to develop solutions that can be replicated in different markets without increasing overall complexity  Lack of clear risk and compliance guidelines for customer data  Continued pressure to improve efficiency and variablize costs  Need to seamlessly integrate mobile and wired environments and lack of enterprise-grade solutions  Need for scalable and efficient platform to collect, move, store and harness value of Big Data  Bandwidth requirements changing and growing exponentially  Growing expectations for elastic, on-demand IT resources  Businesses must continually monitor, collect and analyze massive volumes of security event data to avoid breach or failure  Smoothly integrated IT platforms and applications  Maintaining a highly trained, experienced, and certified staff DriversChallenges SECURITY GROWTH EFFICIENCY

3. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. The Level 3 Global Value Proposition 3 GROWTH Our solutions help customers grow their businesses faster and expand into new markets EFFICIENCY We enable customers to improve the efficiency of their business operations SECURITY We provide customers with the peace of mind that their network solutions are secure & reliable CUSTOMER EXPERIENCE EASE OF DOING BUSINESS ALIGNMENT TO CUSTOMER BUSINESS MODEL OBJECTIVES

4. © 2015 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. 4 Company Overview

5. © 2015 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. 5 Company Overview

6. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. An End-to-End Global Network Fiber networks with reach to North America, Latin America, Europe, the Middle East, Africa and the Asia-Pacific region o Route miles: Over 200,000 globally o Fiber route miles: Over 10 million Connected by extensive undersea facilities o 33,000 subsea route miles Services reaching six continents in more than 60 countries and counting 6 Local-to-global connectivity

7. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. A Network Built for Business 7 Driving growth, efficiency and scalability Infrastructure Based on Proven Technology  Built from the ground up for efficiency and scalability  Continuing to invest and grow to reach your business locations  Expansive global IP transit network Core Network, Media & IP, Voice & UCC, Security & Cloud, Managed and Professional Services  More routes, more diversity and redundancy means higher reliability  Continuously upgradable network  Secure infrastructure constantly monitored  Serving business, content, government and wholesale customers  Clear views of network elements, segment by segment – anytime, anywhere Level 3 Patents  Approximately 100 issued U.S. patents pertaining to VoIP and voice technologies  Approximately 75 issued U.S. patents pertaining to CDN and content distribution technologies  Approximately 200 issued U.S. patents pertaining to networking and optical transport technologies

8. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Comprehensive Portfolio 8 *Available in Latam and EMEA today Managed & Professional Services Private Line, Wavelength, and Ethernet Transport IPVPN, VPLS and EVPL Converged Dark Fiber & Managed Fiber Managed Network Services Cloud Connectivity Data Centers Managed Hosting Services* DATA NETWORKS Internet Services Vyvx® Solutions Content Delivery Network (CDN) CONTENT DISTRIBUTION Voice Contact Center Unified Communications & Collaboration Audio, Video and Web Conferencing Services VOICE AND UC&C DDoS Mitigation Secure Access Managed Security Security Consulting SECURITY WAN Optimization Website Acceleration Intelligent Network APPLICATION PERFORMANCE

9. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Global Product Investments*- 2015 NETWORK SDN and NFV - North American expansion of Intelligent Network Platform with Enhanced Management, Dynamic Capacity and Dynamic Prioritization Kick-off Unified Global Ethernet Network Edge 100G MPLS core network upgrade with full 10G service ports Next Gen/High Bandwidth Multicast Services VPN POP expansion in China and India Ultra-high-speed (100G) Internet Service Ports Internet expansion in APAC Optical Transport Unit (OTU) Waves Managed High Availability VPN, Internet Bundles Managed WiFi Network Solutions Trial SECURITY DDoS Mitigation (Carrier Agnostic) Advanced Threat Intelligence Secure Access Enhancements EMEA Security Operations Center CLOUD AND DATA CENTER Level 3 ® Cloud Connect Geographic and Partner Expansion Dynamic Connections to Cloud Partners, Partner API integration Cloud Voice Ecosystem Data Center Sacramento, San Antonio Premier Elite and Cleveland Premier Select Facilities Metered Power Expansion Video Cloud – Internet Access and Enhanced Full-time Distribution Web Acceleration – Feature Enhancements VOICE AND UC&C Level 3 ® Voice Complete Feature Expansion EMEA Expansion Managed Voice Migration Solution Expansion Contact Center – Call Scoring and Anti-Fraud Feature Enhancements Collaboration and UC Hosted UC trial – North America Level 3 SM Ready-Access ® and Microsoft ® Lync ® Integration *Reflects Level 3’s plan as of Dec. 31, 2014. Subject to change at the sole discretion of Level 3 Communications.

10. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Global Product Investments*- 2016 NETWORK SDN & NFV – Global expansion of Intelligent Network Platform with Enhanced Management, Dynamic Capacity and Dynamic Prioritization SDN & NFV – Virtual Managed CPE Service Continued Deployment of Unified Global Ethernet Network Edge Managed LAN Service Rapid Deploy Wireless Access SECURITY NG Network-Based Security Expansion Anomaly Detection CLOUD AND DATA CENTER Level 3 ® Cloud Connect Compute and Storage IaaS Cloud Connect – Cloud Marketplace, Partner Expansion, Dynamic Connections Expansion Data Center – New Premier Elite and Select Facilities VOICE AND UC&C Level 3 ® Voice Complete Continue Feature Expansion EMEA Expansion Contact Center Next generation — Toll Free, Contact Center *Reflects Level 3’s plan as of Dec. 31, 2014. Subject to change at the sole discretion of Level 3 Communications.

11. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. 11 Proven Customer Experience Level 3’s vision is to be the trusted connection to the networked world, providing global communication solutions to enterprise and wholesale customers with a consistent and reliable global customer experience. Throughout the customer journey, we always strive to continuously improve how we provide what matters most to our customers. We aim to deliver a superior customer experience that meets the unique needs of our customers by being reliable, responsive, delivering on our promises and being easy to do business with. We enable our customers to deliver services while growing their own businesses, through the use of our global network, our tools and applications, and leveraging the knowledge and dedication of our global workforce. Constantly improving to adapt to the needs of our customers

12. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Our Online Vision 12 Convenience, control and confidence to manage your network  Visually rich online experience based on flexible web services platform  Customer-focused user interface design and experience  Custom-tailored view across product lines  Data analytics to deliver customer value  Common web services infrastructure to deliver portal, API and mobile app views  Scalable and flexible approach to serving customer requirements  Network intelligence provides visibility, flexibility and control you need to manage your application performance

13. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Industry Analyst Awards and Recognition 2015 2015 Atlantic-ACM North American Business Connectivity Service Provider Excellence Awards for Large Service Provider Brand, Network Performance, Voice Value and Data Value 2015 Atlantic-ACM U.S. Long Haul Wholesale Service Provider Excellence Awards for Brand, Sales Reps, Provisioning and Data Value 2015 Frost & Sullivan Excellence in Best Practices Award for: –North American Wholesale Wavelength Services Market Share Leadership –North American VoIP Access and SIP Trunking Services Competitive Strategy Leadership Gartner named Level 3 Communications a Challenger in its January 2015 Magic Quadrant for Network Services, Global.* To view the full report, visit http://www.gartner.com/reprints/level-3- communications---co?id=1-28QPS4Q&ct=150128&st=sg.http://www.gartner.com/reprints/level-3- communications---co?id=1-28QPS4Q&ct=150128&st=sg *Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 13

14. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Industry Analyst Awards and Recognition 2014 2014 Frost & Sullivan Excellence in Best Practices Award for: –North American Wholesale Wavelength Services Market Share Leadership –North American VoIP Access and SIP Trunking Services Competitive Strategy Leadership Level 3 receives a 3.96 out of 5 for overall product score in use cases in Gartner’s Critical Capabilities for U.S. Wireline Telecom Services Report, 2014.* Report link: http://gtnr.it/1nyHyHqhttp://gtnr.it/1nyHyHq 2014 Atlantic-ACM U.S. Long Haul Wholesale Service Provider Excellence Award for Brand *Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 14

15. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. The Level 3 Difference 15 Applied knowledge and capabilities solve our customers’ unique problems  Helping customers succeed by leveraging our deep industry experience and product solutions tailored to fit our customers Reliable and secure network offering the best performance and delivery solutions  Level 3 optimizes for our customer’s biggest pain points: efficiency, security and reliability Global network, products, & operations  Whether it’s a local service or a global network, Level 3 provides a consistent offering and customer experience that reduces operational complexity for our customers

16. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Appendix

17. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Company Timeline 17

18. © 2014 Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential. Financial Overview Access the most recent customer-facing slides that explain our financial position at: http://salessource.corp.global.level3.com/News/Pages/IR_Center_for_Sales.aspx Please see “Customer Financial Presentation” 18