Level 3 and tw telecom enter into Settlement-Free Peering Agreement

     Level 3 and tw telecom enter into Settlement-Free Peering Agreement

Agreement Based on Balanced Mileage Principles Addresses Growing Customer
Demand

PR Newswire

BROOMFIELD, Colo., Dec. 3, 2012

BROOMFIELD, Colo., Dec. 3,2012 /PRNewswire/ -- Level 3 Communications, Inc.
(NYSE: LVLT) and tw telecom inc. (NASDAQ: TWTC) today announced they have
entered into a long-term settlement-free Internet traffic exchange agreement.

(Logo: http://photos.prnewswire.com/prnh/20111004/LA77008LOGO)

The settlement-free agreement, commonly referred to as a peering agreement in
the Internet industry, allows the two Internet service provider networks to
exchange data, enabling Internet customers on one network to send and receive
Internet content with customers on the other network more efficiently and
cost-effectively.

As the Internet continues to grow and evolve, Internet service providers must
exchange Internet traffic in a scalable, resilient and reliable manner,
allowing consumers to enjoy the highest performance and fastest speeds that
enable new, innovative high-bandwidth applications. Broadband consumers now
download much more data than they send, requiring Internet carriers to
dynamically adjust traffic routing and interconnection locations to maintain a
fair and equitable relationship between the two networks.

The Level 3 and tw telecom peering agreement measures both the volume of
traffic exchanged and the distance over which that traffic is carried by each
network. This approach is called bit-mile peering. In order to keep the
relationship equitable, both networks carry approximately the same "bit miles"
of data. This model promotes efficient, high-quality service for customers,
while ensuring a balanced cost burden across each network.

"Level 3's primary focus is on providing quality service for Internet
consumers," said Jack Waters, Level 3's chief technology officer. "We look
forward to working with our peering partners to drive broader adoption of this
bit-mile model to ensure fair and equitable interconnection. We are also
working with providers of traffic-flow monitoring systems to make the
measurement process straightforward and consistent across the industry."

"tw telecom supports this settlement-free Internet peering approach based on
bit-mile balance as a model that assures the most efficient interconnection in
the evolving Internet," said Harold Teets, tw telecom senior vice president of
Network and Information Technologies. "This agreement will support
high-quality service for our respective customers, and will keep the backbone
cost burden balanced between our two networks."

The Level 3 – tw telecom peering agreement also contains provisions to add
capacity and establish new interconnection locations between the two networks
to stay ahead of growing traffic demand. This approach offers flexibility to
each network while improving performance and reliability for customers and is
based on efficient interconnection principles for non-managed Internet
traffic. The agreement does not cover the exchange of managed voice traffic.

Please see Level 3's IP Traffic Exchange Policy for more information.

For more information on Level 3's advanced network and service offerings,
visit www.level3.com.

About tw telecom
tw telecom, headquartered in Littleton, Colo., is a leading national provider
of managed services, including Business Ethernet, converged and IP VPN
solutions for enterprises throughout the U.S. and globally. tw telecom also
delivers secure, scalable private connections for transport data networking,
Internet access, voice, VPN, VoIP and security to large organizations and
communications services companies. Employing a resilient fiber network
infrastructure, robust product portfolio and its own Intelligent Network
capabilities, tw telecom delivers customers overall economic value, an
industry-leading quality service experience, and improved business
productivity. Please visit www.twtelecom.com for more information.

About Level 3 Communications
Level 3 Communications, Inc. (NYSE: LVLT) provides local, national and global
communications services to enterprise, government and carrier customers. Level
3's comprehensive portfolio of secure, managed solutions includes fiber and
infrastructure solutions; IP-based voice and data communications; wide-area
Ethernet services; video and content distribution; data center and cloud-based
solutions. Level 3 serves customers in more than 450 markets in 45 countries
over a global services platform anchored by owned fiber networks on three
continents and connected by extensive undersea facilities. For more
information, please visit www.level3.com

© Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3
Communications, Level (3) and the Level 3 Logo either registered service
marks or service marks of Level 3 Communications, LLC and/or one of its
Affiliates in the United States and/or other countries. Any other service
names, product names, company names or logos included herein are the
trademarks or service marks of their respective owners. Level 3 services are
provided by subsidiaries of Level 3 Communications, Inc.

Website Access to Company Information
Level 3 maintains a corporate website at www.level3.com, and you can find
additional information about the company through the Investors pages on that
website at http://lvlt.client.shareholder.com/. Level 3 uses its website as a
channel of distribution of important information about the company. Level 3
routinely posts financial and other important information regarding the
company and its business, financial condition and operations on the Investor
Relations web pages.

Visitors to the Investors Relations web pages can view and print copies of
Level 3's SEC filings, including periodic and current reports on Forms 10-K,
10-Q, 8-K, as soon as reasonably practicable after those filings are made with
the SEC.

Copies of the charters for each of the Audit, Compensation and Nominating and
Governance committees of Level 3's Board of Directors, its Corporate
Governance Guidelines, Code of Ethics, press releases and analysts and
investor conference presentations are all available through the Investor
Relations web pages.

Please note that the information contained on any of Level 3's web sites is
not incorporated by reference in, or considered to be a part of, any document
unless expressly incorporated by reference in that document.

Forward-Looking Statement

Some statements made in this press release 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; obtain
additional financing, particularly in the event of disruptions in the
financial markets; manage continued or accelerated decreases in market pricing
for communications services; maintain and increase traffic on its network;
develop and maintain effective business support systems; manage system and
network failures or disruptions; develop new services that meet customer
demands and generate acceptable margins; adapt to rapid technological changes
that could adversely affect the company's competitiveness; defend intellectual
property and proprietary rights; 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 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.

Contact Information
Media:                                             Investors:
Richard Larris                                     Mark Stoutenberg
North America                                      +1 720-888-2518
+1 973-937-0153                                    Mark.Stoutenberg@Level3.com
Richard.Larris@Level3.com 
 
Bob Meldrum
tw telecom
+1 303-566-1354
bob.meldrum@twtelecom.com

SOURCE Level 3 Communications, Inc.