Level 3 Communications is a global fiber network provider with over 200,000 miles of fiber and 13,000 employees. It generates over $8 billion in annual revenue. Enterprise services are its main growth area and account for around 70% of combined revenue following its acquisition of tw telecom. The acquisition further strengthens Level 3's position by expanding its metro footprint and market opportunity in the enterprise sector. On a pro forma basis, the combined company has $7.9 billion in annual revenue and a net debt to Adjusted EBITDA ratio of 4.5x following synergies of $240 million from operational efficiencies and reduced capital expenditures.

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BAML Leveraged Finance ConferenceDecember 3, 2014

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200,000+ miles of fiber in over 60 countries
Over 13,000 employees across North America, LATAM, EMEA, Asia
Over $8 billion in annual revenue pro forma for tw telecom
~350 datacenter and colocation facilities
Level 3 is Local to Global

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Fundamental Strategy
We want to be the premier provider of global communications
Enterprise is the growth engine for Level 3
Enterprise is about 70% of the combined company’s revenue
We are taking market share and we have a large opportunity to grow
To win in Enterprise we focus on Operational Excellence, not just scale and price
Deliver a differentiated customer experience
Simplifyour processes, tools, and systems
Our Wholesale business gives us scale, reach and efficiency
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Enterprise is Level 3’s Growth Engine
2013 2014(3)(4)
Wholesale CNS Enterprise CNS
2011(1)(2)
~
~
71%
29%
(1) Level 3 standalone results
(2) FY2011 Wholesale CNS includes Europe revenue
(3) 2014 results are annualized based on the third quarter 2014 results for the combined company
(4) Combined company CNS revenue is adjusted for $60 million on an annualized basis related to intercompany eliminations 6
36%
64%
$3B $5.6B $7.6B
$ in millions
59%
41%

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Combination with tw telecom further strengthens the company’s position
New company size and trajectory leads to:
Increased breadth and scale of the combined company’s metro footprint, expanded addressable market and service portfolio
Growing market opportunity as the competitive landscape shifts to favor our strengths and our combined market share is still in the single digits
Our network, products and sales and marketing capabilities will give us complete customer coveragefrom global multi-national corporations to medium-size businesses
Innovation in new products and services our customers need for their growth, efficiency and security for the long term
Enhances credit and Free Cash Flow profileenables increase opportunity for de-leveraging, investments and other value-enhancing opportunities
Creates a more focused, capable and powerful competitor to the incumbents and provides choice to customers
Level 3 Going Forward
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FINANCIALS

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$905
$939
$962
$984 $992
3Q13 4Q13 1Q14 2Q14 3Q14
7
CNS By Region CNS By Customer
Type CNS revenue grew to $1.482
billion or 5.8% YoY on a
constant currency basis
 Enterprise CNS grew 9.1% YoY
on a constant currency basis:
 12% YoY from North America
 8.3% YoY from Latin America
 3.7% YoY from EMEA(1)
 CNS revenue churn(2) was 1.4%
in 3Q14 and flat YoY
(1) Excludes EMEA UK Government CNS revenue
(2) Level 3 measures revenue churn as disconnects of Core Network Services
monthly recurring revenue as a percent of Core Network Services revenue. This
calculation excludes usage. Also included in the churn calculations are customers
who are disconnecting existing service, but are replacing their old service with
new, generally higher speed services
Total Enterprise CNS Revenue
($ in millions, at actual rates)
33%
67%
Wholesale Enterprise
72%
15%
13%
North America EMEA Latin America
Core Network Services Revenue

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 Year to date, capital expenditures
of 12.5% as a percent of total
revenue
Level 3 Adjusted EBITDA and Capital Expenditures
8
 Continued double digit growth
in Adjusted EBITDA on a YoY
basis
Adjusted EBITDA(1)
($ in millions)
$404
$471
25.7%
28.9%
3Q13 3Q14
Adj EBITDA Adj EBITDA % of Total Revenue
$194
$204
3Q13 3Q14
Capital Expenditures
($ in millions)
(1) Third quarter 2013 Adjusted EBITDA and resulting Adjusted EBITDA margin are adjusted to include the $11 million in bonus-related non-cash compensation expenses and to
exclude $30 million of severance charges

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Level 3 Free Cash Flow
9
Free Cash Flow – Year to Date
($ in millions)
($42)
$354
3Q13 3Q14
Free Cash Flow – Rolling Four Quarters
($ in millions)
 Strong improvement in Free Cash
Flow on a rolling four quarter
basis
 Year to date, Free Cash Flow
of $157 million
($244)
$157
3Q13 3Q14

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$ in millions
Revenue
$6,345
$1,591
$7,936
Adj EBITDA
(3)
$1,696
$553
$2,249
$2,449
Capital Expenditures
$754
$387
$1,141
Net Debt/Adj EBITDA
(3)
4.5x
Last 12 Months Ended March 31, 2014
Level 3
Stand Alone
tw telecom
Stand Alone
Combined
(1)
Post
Synergies
(2)
(1)Combined balances represent pro forma results of Level 3 and tw telecom as of Last 12 Months Ended March 31, 2014
(2)Pro Forma w/Synergies reflects $200 million of expected annual Adjusted EBITDA synergies and $40 million of annual capital expenditure synergies
(3)See schedule of non-GAAP metrics for definition and reconciliation to GAAP measures on Level 3’s website
Combined company enterprise value of $25 billion
Transaction Summary
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11
Synergies Create Value
$240 million expected total run-rate synergies
•$200 million of expected annualized run-rate Adjusted EBITDA savings
•Expect to achieve 70% of annualized AdjustedEBITDA savings within 18 months of closing
•$40 million of expected capital expenditure synergies
Expect integration costs of $170 million with:
•60% from operating expenses
•40% from capital expenditures
•Expect to incur the majority of integration expenses by the end of 2015
NPV of Expected Synergies of $2.2 billion
Annualized Adjusted EBITDA Savings
55% 45% NetExOpEx

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$475
$300
$2,815
$3,471
$640
$3,600
2014 2015 2016 2017 2018 2019 2020 2021 2022
Pro Forma Debt Maturity Profile
16
 Raised an aggregate of $3 billion through two capital markets transactions to facilitate the
closing of the tw telecom transaction
 In the fourth quarter 2014, refinanced 11.875% Senior Notes with 5.75% Senior Notes due
2022, lowering cash interest expense
2015 maturity is 7% Convertible Senior Notes that convert at $27 per share
 Continue to target lower end of leverage ratio of 3x-5x
No material maturities until 2019
Note: Maturity chart excludes capital leases and other debt of approximately $225 million
Pro forma
Q4 2014
($ in Millions)

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Q&A