Morgan Stanley Leveraged Finance Conference

Cautionary Statement & Pro Forma Adjustment 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; maintain and increase traffic on its network; develop and maintain effective business support systems; manage system and network failures or disruptions; avert the breach of its network and computer system security measures; develop new services that meet customer demands and generate acceptable margins; defend intellectual property and proprietary rights; manage the future expansion or adaptation of its network to remain competitive; manage continued or accelerated decreases in market pricing for communications services; 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. In 2013, the company accrued 60 percent of its annual employee bonus compensation expense in the form of equity and 40 percent in cash, compared to 100 percent cash in 2014. The amount of the bonus accrued as equity based compensation in the first quarter of 2013 was $15 million. SG&A, Adjusted EBITDA and Adjusted EBITDA margin for the first quarter of 2013 have been adjusted on a pro forma basis to include the $15 million to present the results on a consistent basis with the accrual of bonus compensation expense in 2014 as 100 percent cash. 2

Level 3 Overview Today ~ 180,000 fiber route miles More than 60 countries ~350 datacenter and colocation facilities ~25,000 customers 3

Global Infrastructure Supports Multinational Customers Level 3 provides services and solutions with a unique combination of security, reliability and reach Note: Percentages are of 1Q14 Core Network Services Revenue 4

Comprehensive Portfolio Provides A One-Stop Solution Full portfolio of services that meets the the needs needs of enterprises, of service service providers providers and content and owners content owners IP & Data Services Transport & Fiber Local & Enterprise Voice Colocation & Datacenter 39% of CNS Revenue 35% of CNS Revenue 16% of CNS Revenue 10% of CNS Revenue Note: Percentages are of 1Q14 Core Network Services Revenue 5

Broad Customer Set 18 of the world s top 20 telecom carriers 5 out of 5 of the top U.S. wireless service providers 9 of the top 10 U.S. banks 9 of the top 10 U.S. cable providers Top U.S. broadcast networks 9 of the top 10 U.S. Internet service providers 9 of the top 10 carriers in Europe Largest social networking sites More than 200 U.S. federal agencies and divisions Level 3 Communications, LLC. All Rights Reserved. Proprietary and Confidential.

Core Network Services Revenue CNS By Region CNS By Customer Type CNS revenue grew to $1.457 billion or 6.6% YoY on a constant currency basis Enterprise CNS grew 11% YoY on a constant currency basis: 15% 13% 72% 34% 66% 14% YoY from North America 13% YoY from Latin America 10% YoY from EMEA (1) CNS revenue churn (2) was 1.5% compared to 1.6% in the first quarter 2013 North America EMEA Latin America $871 Enterprise Total Enterprise CNS Revenue $939 $905 $884 Wholesale $962 (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 1Q13 2Q13 3Q13 4Q13 1Q14 7

Level 3 Gross Margin and SG&A Gross Margin SG&A (1) $948 $995 $577 $537 60.1% 61.8% 36.6% 33.4% 1Q13 1Q14 1Q13 (2) 1Q14 GM $ GM % SG&A SG&A % total revenue Gross Margin improvement driven by high margin CNS revenue growth SG&A improved as a result of headcount reductions and nonheadcount savings (1) SG&A excludes non-cash compensation expense (2) First quarter 2013 SG&A expense is adjusted to include the $15 million in bonus-related non-cash compensation 8

Level 3 Adjusted EBITDA and Capital Expenditures Adjusted EBITDA (1) $458 $169 Capital Expenditures $163 $371 28.5% 23.5% 1Q13 1Q14 1Q13 1Q14 Adj EBITDA Adj EBITDA % of Total Revenue Continued YoY double digit growth Capital expenditures are expected to represent 12-13% of revenue for 2014 (1) First quarter 2013 Adjusted EBITDA and the resulting Adjusted EBITDA margin are adjusted by $15 million 9

Level 3 Free Cash Flow Free Cash Flow Year over Year Free Cash Flow Rolling Four Quarters $93 ($22) ($162) 1Q13 1Q14 ($114) 1Q13 1Q14 Free Cash Flow improved by $140 million YoY, driven by EBITDA improvements and cash interest expense savings Strong improvement of $207 million in Free Cash Flow on a rolling four quarter basis 10

Debt Maturity Profile Net Debt to Adjusted EBITDA ratio was 4.6x, compared to 5.3x in the first quarter 2013 Focused on the lower end of target leverage range of 3 to 5 times Average interest rate was 6.8%, compared to 7.4% in the first quarter 2013 2015 maturity is 7% Convertible Senior Notes that convert at $27 Cash on hand as of March 31, 2014 of $607 million March 31, 2014 ($ in Millions) $3,420 $3,471 $475 $300 $640 2014 2015 2016 2017 2018 2019 2020 2021 Note: Maturity chart excludes capital leases and other debt of approximately $82 million 11

Summary Level 3 is a Fortune 500 company with a diversified, global customer base Attractive service offerings focused on enterprise customers Nine consecutive quarters of enterprise Core Network Services (CNS) revenue growth Raised full year outlook for Adjusted EBITDA and Free Cash Flow Adjusted EBITDA is expected to grow 14-18% Free Cash Flow is expected to be in the range of $250 to $300 million Recently upgraded by both Fitch and S&P Continue to target low end of Net Debt to Adjusted EBITDA leverage target. 12