2. 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

3. 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. Provider of Choice for Global Wireline Business Needs
• Offers Businesses, Carriers, and Governments local-to-global solutions
• Creates an industry-leading customer experience
4

5. Global Assets: A Platform for Growth
• 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

6. Diverse Customer Base = Multiple Growth Engines
3Q12 Core Network Services Revenue
By Region By Customer Type
13%
North America 36%
15% EMEA
Enterprise
Wholesale
Latin America
72% 64%
• ~30% of Core Network Services (CNS) from outside the U.S.
• 64% of CNS revenue from enterprises
6

7. Broad Product Portfolio = Multiple Growth Engines
Colocation & Data Center Transport & Fiber
10% 35%
IP & Data Voice Services
36% 19%
• Broad range of services addressing needs of service
providers, enterprises, and content owners
Note: Percentages are of 3Q12 Core Network Services Revenue 7

8. Advantageous Capital Expenditure Profile
Large Enterprises
Medium Enterprises
Content Sites
Cable Headends
Level 3 Metro
Networks
Wireless Towers
Data Centers
Mobile Switching Central Offices
Centers Level 3 Intercity Network
• Unique ability to connect bandwidth intensive traffic
aggregation points
• Lower capital intensity than peers at 12% of revenue
8

9. Integration and Synergy Plan on Target
• Achieved $165 million of annualized
run-rate synergies since the
integration closed in October 2011 Annualized Run-Rate EBITDA
Synergies Achieved*
• Remain on track to achieve 2/3 of synergies by
the end of Q1 2013
• Additional synergy opportunities
NetEx
• Improved credit profile Synergies
OpEx
• Revenue synergies across geographies, $64 Synergies
products, and customer bases $101
• Remain focused on:
• Excellent customer service experience
• Continued milestone-based synergy
achievement
* Annualized Run-Rate EBITDA Synergies Achieved as of September 30, 2012 9

10. Improving Credit Profile
• 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%
$4,620
Pro forma
Sept 30, 2012
($ in Millions)
$1,675
$775 $801 $640
$172
2012 2013 2014 2015 2016 2017 2018 2019 2020
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
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11. Summary: Multiple Opportunities for Growth
• 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
11