Broomfield, Colorado – (The Hosting News) – January 8, 2009 – Fiber-based communications network services firm, Level 3, has completed its tender offer to purchase any and all of its outstanding 6% Convertible Subordinated Notes due 2009, for cash.

In accordance with the terms of the tender offer, Level 3 accepted for payment $123,850,000 principal amount of its 6% Convertible Subordinated Notes due 2009 at a purchase price of $920.00 per $1,000 principal amount of notes, plus, with respect to the notes, accrued and unpaid interest up to, but not including, December 31, 2008. The Payment Date (as defined in the Offer to Purchase dated November 17, 2008, as modified prior to today) is expected to be today with respect to validly tendered notes.

The depositary for the tender offers has advised Level 3 that an aggregate of $123,850,000 principal amount of its 6% Convertible Subordinated Notes due 2009 were validly tendered in the tender offer for such notes prior to the expiration of the tender offer.

Pursuant to the terms of the offer, 6% Convertible Subordinated Notes due 2009 not tendered in the tender offer will remain outstanding, and the terms and conditions governing such notes, including the covenants and other protective provisions contained in the indenture governing such notes, will remain unchanged.

Citi and Merrill Lynch and Co. are the dealer managers for the tender offer. Questions regarding the tender offer may be directed to Citi at (800) 558-3745 (toll-free) and (212) 723-6106 or Merrill Lynch at (888) 654-8637 (toll-free) and (212) 449-4914.

Level 3 Communications, Inc. is an international provider of fiber-based communications services. Enterprise, content, wholesale and government customers rely on Level 3 to deliver services with an industry-leading combination of scalability and quality, over an end-to-end fiber network. Level 3 offers a portfolio of metro and long-haul services over an end-to-end fiber network, including transport, data, internet, content delivery and voice.

Level 3 Communications, Level 3, the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC and/or its affiliates in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc.

For more information, please visit: www.level3.com.

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