Market Overview

Level 3 Determines Acquisition by Institutional Investor is Exempted Transaction for Purposes of NOL Rights Plan

Level 3 Communications, Inc. (NASDAQ: LVLT) today announced that its Board of Directors has determined that the acquisition of more than 4.9 percent of the company's shares of common stock by an institutional investor, as reported on a Schedule 13G filed with the SEC on May 23, 2011, is an exempted transaction for purposes of the stockholder rights plan adopted by the company on April 10, 2011 to protect the company's federal Net Operating Losses.

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