Level 3 Communications, Inc. (Nasdaq: LVLT) announced today the early participation results of its previously announced private exchange offers. As of 5:00 p.m., New York City time, on Thursday, December 22, 2005, approximately $690 million in total principal amount of old notes had been validly tendered, representing approximately 54% of the aggregate principal amount outstanding of all Level 3’s notes with a 2008 maturity and approximately 56% of the aggregate principal amount of the outstanding old notes.

The offers are scheduled to expire at 11:59 p.m., New York City time, on January 10, 2006. Old notes tendered after 5:00 p.m. New York City time, on December 22, 2005, will not receive the early participation payment. Old notes tendered pursuant to the offers may no longer be withdrawn, unless certain specified events occur. The settlement date for each exchange offer is expected to be on or about January 13, 2006. The exchange offers are being made only to qualified institutional buyers and institutional accredited investors inside the United States and to certain non-U.S. investors located outside the United States.

The new notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Level 3 will enter into a registration rights agreement pursuant to which it will agree to file an exchange offer registration statement with the Securities and Exchange Commission with respect to the new notes.