Level 3 Communications

Level 3 reports communications cash revenue of US$1.26 billion for the year 2000 - part 3 of 4

Network Development Highlights

    North American Intercity Network Construction Substantially Complete: As previously announced, conduit installation is now complete on 98 percent of the total planned North American intercity network, bringing total miles of conduit construction completed to 15,486. The company also installed an additional 1,400 miles of fiber optic cable during the quarter, bringing the total intercity route miles with fiber installed to approximately 14,700 miles. The company lit over 7,100 miles during the fourth quarter, bringing the total lit miles on the North American intercity network to more than 10,000, which represents more than 60 percent of the total miles. A fiber network is considered "lit" when electronics are installed, thereby enabling the network to carry customer traffic.

    Ring 1 and Ring 2 of the European Intercity Network: As previously announced, Ring 1 of the European intercity network is lit and currently carrying customer traffic. During the fourth quarter, Level 3 completed the installation of fiber on Ring 2, and expects to light and fully operate it during the first quarter of 2001. Major cities on Ring 1 of the European intercity network include London, Amsterdam, Frankfurt, Paris and Brussels. Major cities on Ring 2 include Frankfurt, Dusseldorf, Hamburg, Berlin and Munich.

    New Markets and Local Fiber Networks in Service: At the end of the fourth quarter, Level 3 offered services in 60 markets: 49 North American markets, nine European markets and two Asian markets. The thirteen new markets in service added during the quarter were Albany, Berlin, Buffalo, Dusseldorf, Hamburg, Hartford, Indianapolis, Las Vegas, Munich, New Orleans, Portland, Sacramento and Tokyo. To date, the company has secured approximately six million square feet of data center space around the world and has pre-funded the acquisition of another half a million square feet. Approximately 2.8 million square feet of data center space is built out globally as of the end of the fourth quarter.

    At the end of the fourth quarter, markets with Level 3 local fiber networks totaled 32, including 26 in the U.S. and six in Europe.

    Transatlantic Cable System Complete: As previously announced, the company's transatlantic cable system is complete and the company began offering service over this system during the fourth quarter.

    Partnership Announced on Pan-Asia Cable System: The company announced an agreement with FLAG Telecom in January 2001 on the development of a pan-Asia submarine cable system. This agreement expands the previously announced Hong Kong to Japan undersea cable system to include connections to Korea and Taiwan. The total cost of the system is approximately $900 million. Level 3's share of the cost for this system is approximately $450 million. The Hong Kong to Japan segment is expected to be complete in the second quarter of 2001, with the Taiwan segment to follow in late 2001. The western link, connecting Hong Kong, Taiwan and Japan is expected to be ready for service in early 2002.

    About Level 3 Communications

    Level 3 (Nasdaq: LVLT) is a global communications and information services company offering a wide selection of services including IP services, broadband transport services, colocation services, and the industry's first Softswitch based services. Level 3 offers services primarily to communications intensive companies, which deliver their services over the Level 3 Network. Its Web address is www.Level3.com.

    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: substantial capital requirements; development of effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in the company's target markets. 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.

part 4 to follow

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