Level 3 Holds 2008 Annual Meeting Of Stockholders

BROOMFIELD, Colo., May 2008 — Level 3 Communications, Inc. (NASDAQ: LVLT) held its 2008 Annual Meeting of Stockholders today in Broomfield, Colorado.

At the meeting, the company’s stockholders:

Re-elected Walter Scott, Jr., James Q. Crowe, Douglas C. Eby, Admiral James O. Ellis, Jr., Richard R. Jaros, Robert E. Julian, Michael J. Mahoney, Arun Netravali, John T. Reed, Michael B. Yanney and Dr. Albert C. Yates as directors of the company. All directors will serve a one-year term until the 2009 Annual Meeting of Stockholders.
Approved granting to the company’s Board of Directors discretionary authority to amend in the future the company’s restated certificate of incorporation to implement a reverse stock split at one of four possible ratios: 1-for-5, 1-for-10, 1-for-15, and 1-for-20. The company’s Board of Directors has taken no action with respect to a reverse stock split at this time.
Approved an amendment to the company’s restated certificate of incorporation removing the supermajority voting provisions therein to permit stockholders to amend Level 3’s amended and restated by-laws and its restated certificate of incorporation by the affirmative vote of a majority of the outstanding shares of Level 3 common stock.
Approved the amendment and restatement of Level 3’s restated certificate of incorporation.
“Level 3 Communications,” ”Level 3" the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service, product or company names recited herein may be trademarks or service marks of their respective owners.

Forward-Looking Statement
Some of the statements made in this press release are forward looking in nature. These statements 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. The most 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 acquisitions; increase the volume of traffic on the network; defend intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of 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 press release 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.