Cautionary Statement

Some statements made in this presentation are forward-looking in nature and are based on management's

current expectations or beliefs. These forward-looking statements are not a guarantee of performance and

are subject to a number of uncertainties and other factors, many of which are outside Level 3's control,

which could cause actual events to differ materially from those expressed or implied by the statements.

Important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to,

the company's ability to: successfully integrate the Global Crossing acquisition or otherwise realize the

anticipated benefits thereof; manage risks associated with continued uncertainty in the global economy;

obtain additional financing, particularly in the event of disruptions in the financial markets; manage

continued or accelerated decreases in market pricing for communications services; maintain and increase

traffic on its network; develop and maintain effective business support systems; manage system and

network failures or disruptions; develop new services that meet customer demands and generate

acceptable margins; adapt to rapid technological changes that could adversely affect the company’s

competitiveness; defend intellectual property and proprietary rights; obtain capacity for its network from

other providers and interconnect its network with other networks on favorable terms; attract and retain

qualified management and other personnel; successfully integrate future acquisitions; effectively manage

political, legal, regulatory, foreign currency and other risks it is exposed to due to its substantial international

operations; mitigate its exposure to contingent liabilities; and meet all of the terms and conditions of its debt

obligations. Additional information concerning these and other important factors can be found within Level

3's filings with the Securities and Exchange Commission. Statements in this presentation should be

evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any

such obligation to, update or alter its forward-looking statements, whether as a result of new information,

future events, or otherwise.

References to “pro forma” (PF) figures assume the Global Crossing acquisition took place on the first day of

the period referenced.

2

Level 3 is Well Positioned for Growth

• Large and growing global addressable market

• Broad portfolio of IP, optical and data center services

• Positive CNS revenue growth rate

• High operating leverage

• Improving credit profile

3

4

• Offers Businesses, Carriers, and Governments local-to-global solutions

• Creates an industry-leading customer experience

Provider of Choice for Global Wireline Business Needs

• Network infrastructure on 3 continents in 45 countries

• ~450 cities

• 100,000 intercity route miles

• 30,000 metropolitan route miles

• 35,000 subsea route miles

• ~350 data centers

5

Global Assets: A Platform for Growth

• ~30% of Core Network Services (CNS) from outside the U.S.

• 64% of CNS revenue from enterprises

Diverse Customer Base = Multiple Growth Engines

3Q12 Core Network Services Revenue

By Region

By Customer Type

6

72%

15%

13%

North America

EMEA

Latin America 64%

36%Enterprise

Wholesale

7

Colocation & Data Center 10%

Voice Services 19%

Transport & Fiber 35%

IP & Data 36%

Note: Percentages are of 3Q12 Core Network Services Revenue

• Broad range of services addressing needs of service

providers, enterprises, and content owners

Broad Product Portfolio = Multiple Growth Engines

8

• Unique ability to connect bandwidth intensive traffic aggregation points

• Lower capital intensity than peers at 12% of revenue

Level 3 Intercity Network

Cable Headends

Large Enterprises Medium Enterprises

Data Centers

Wireless Towers

Mobile Switching

Centers

Central Offices

Level 3 Metro

Networks

Content Sites

Advantageous Capital Expenditure Profile

• Achieved $165 million of annualized run-rate synergies since the integration closed in October 2011

• Remain on track to achieve 2/3 of synergies by the end of Q1 2013

• Additional synergy opportunities

• Improved credit profile

• Revenue synergies across geographies, products, and customer bases

• Remain focused on:

• Excellent customer service experience

• Continued milestone-based synergy achievement

Integration and Synergy Plan on Target

9

OpEx Synergies

$101

NetEx Synergies

$64

Annualized Run-Rate EBITDA

Synergies Achieved*

* Annualized Run-Rate EBITDA Synergies Achieved as of September 30, 2012

$172 $775 $801 $640

$4,620

$1,675

2012 2013 2014 2015 2016 2017 2018 2019 2020

Improving Credit Profile

($ in Millions)

10

Pro forma

Sept 30, 2012

• The company completed multiple capital market transactions during and after the close of the quarter, of approximately $3.7 billion

• Total Debt as of September 30, 2012 of $8.8 billion

• Cash on hand as of September 30, 2012 of $793 million

• Pro forma Net Debt to Adjusted EBITDA ratio of 5.4x

• Target leverage ratio of 3x-5x

• Average interest rate to 7.5%

Note:

• Maturities exclude capital leases and other debt of approximately $107 million

• Pro forma balances include $1.2 billion term loan refinancing completed in October, 2012

Summary: Multiple Opportunities for Growth

11

• Unique global fiber network and data center platform

• Broad set of services

• Geographic and customer segment diversification

• $300 million of expected cost synergies

• Potential revenue synergies

• Industry leading incremental margins

• Rapidly improving credit profile

• Solid financial position with substantial liquidity