Level 3 Expects to Meet or Exceed First Quarter 2006 Projections

Company Increases Estimates for First Quarter and Full Year 2006Consolidated Adjusted OIBDA.

BROOMFIELD, Colo., March 28, 2006 Level 3 Communications, Inc. (Nasdaq:LVLT) announced today that it expects to meet and, for certain metrics, exceed its first quarter 2006 projections issued on February 7, 2006. The company increased its first quarter 2006 Consolidated Adjusted OIBDA projection from $105-125 million to $140-150 million. For full year 2006, Level 3 also increased its Consolidated Adjusted OIBDA projection from $550-600 million to $600-650 million and its 2006 Net Cash Interest Expense projection from $505 million to $520 million.
“The improvements to our OIBDA projections are a result of better than expected performance in our communications business,” said Sunit S. Patel, Level 3’s chief financial officer. “Our higher margin core communications services results are stronger than anticipated. Additionally, the progress we’ve made integrating WilTel Communications has also led to our improved forecast.”
As previously announced, the company is holding its 2006 Analyst and Investor Day today beginning at 8:30 a.m. EST, at the Grand Hyatt in New York City. A webcast and an archive of the event will be available on Level 3’s investor relations Web site at www.Level3.com/582.html.
About Level 3 Communications
Level 3 (Nasdaq:LVLT) is an international communications and information services company. The company operates one of the largest Internet backbones in the world, is one of the largest providers of wholesale dial-up service to ISPs in North America and through its customers, is the primary provider of Internet connectivity for millions of broadband subscribers. The company offers a wide range of communications services over its broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, and patented softswitch managed modem and voice services. Its Web address is www.Level3.com.
The company offers information services through its subsidiary, Software Spectrum, and fiber-optic and satellite video delivery and advertising distribution solutions through its subsidiary, Vyvx. For additional information, visit their respective Web sites at www.softwarespectrum.com and www.vyvx.com.
The Level 3 logo is a registered service mark of Level 3 Communications, Inc. in the United States and/or other countries. Level 3 services are provided by a wholly owned subsidiary of Level 3 Communications, Inc.
Forward-Looking Statement Some of the statements made by Level 3 in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: increasing the volume of traffic on Level 3’s network; developing new products and services that meet customer demands and generate acceptable margins; successfully completing commercial testing of new technology and information systems to support new products and services, including voice transmission services; stabilizing or reducing the rate of price compression on certain of our communications services; integrating strategic acquisitions; attracting and retaining qualified management and other personnel; ability to meet all of the terms and conditions of our debt obligations; overcoming Software Spectrum’s reliance on financial incentives, volume discounts and marketing funds from software publishers; and reducing downward pressure of Software Spectrum’s margins as a result of the use of volume licensing and maintenance agreements. 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 release should be evaluated in light of these important factors.

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Level 3 Communications, Inc.

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