1. Fourth Quarter 2013 Results
February 05, 2014
© Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, and the Level 3 Logo are 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. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners.

2. Cautionary Statement
Some statements made in this presentation 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;
maintain and increase traffic on its network; develop and maintain effective business support systems;
manage system and network failures or disruptions; avert the breach of its network and computer system
security measures; develop new services that meet customer demands and generate acceptable margins;
defend intellectual property and proprietary rights; manage the future expansion or adaptation of its
network to remain competitive; manage continued or accelerated decreases in market pricing for
communications services; 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 presentation 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.
Issued on February 05, 2014
2

3. 2013 Highlights
 Eight consecutive quarters of Enterprise CNS revenue growth on a
constant currency basis
 Adjusted EBITDA grew 11% for the full year 2013 compared to the
full year 2012
 Adjusted EBITDA grew 12%, excluding severance charges in 2012 and
2013
 Free cash flow was positive $29 million for the full year 2013,
excluding interest rate swap payments of $46 million and accelerated
cash interest expense payments of $30 million
 Reached company’s longstanding target leverage range of 3 to 5
times
 Net Debt to Adjusted EBITDA ratio was 4.8
Issued on February 05, 2014
3

4. Core Network Services
Revenue
CNS revenue grew to $1.443
billion or 4.1% YoY on a constant
currency basis
CNS By Region
CNS By Customer Type
14%
35%
15%
65%
71%
 Enterprise CNS grew 8.7% YoY on
a constant currency basis:
 11% YoY from North America
 14% YoY from Latin America
North America
EMEA
Latin America
Enterprise
Total Enterprise CNS Revenue
 4.2% YoY from EMEA(1)
Wholesale
($ in Millions)
$939
 CNS revenue churn(2) decreased to
1.3% from 1.4% in 3Q13 and 1.6%
$871
$871
4Q12
1Q13
$884
$905
in 1Q13
(1) Excludes EMEA UK Government
(2) Level 3 measures revenue churn as disconnects of Core Network Services
monthly recurring revenue as a percent of Core Network Services
revenue. This calculation excludes usage. Also included in the churn
calculations are customers who are disconnecting existing service, but are
replacing their old service with new, generally higher speed services
Issued on February 05, 2014
2Q13
3Q13
4Q13
4

5. Level 3 Gross Margin / SG&A
Gross Margin
($ in millions)
Gross Margin improved to 61.4% in
$959
$984
$961
4Q13 from 59.4% in 4Q12
61.2%
FY13 Gross Margin improved to 60.9%,
61.4%
3Q13
4Q13
59.4%
compared to 59.2% for FY12
4Q12
SG&A expenses(1) declined by
GM $
GM %
approximately 6% YoY in 4Q13
SG&A(1)(2)
For the full year, SG&A (1) as a
percentage of revenue improved to
35.1% from 36.3%
($ in millions)
$576
$552
$518
36.7%
34.2%
32.3%
(1) SG&A excludes non-cash compensation and non-cash impairment charge
(2) SG&A includes $30 million and $20 million of severance charges in 3Q13 and 4Q12,
respectively
Issued on February 05, 2014
4Q12
3Q13
SG&A
4Q13
SG&A % revenue
5

6. Level 3 Adjusted EBITDA and Capital Expenditures
(2)
Adjusted EBITDA
($ in millions)
Excluding a Latin America tax benefit(1):
 Adjusted EBITDA(2) was $456 million for 4Q13
$466
$407
$385
29.1%
 Adjusted EBITDA
28.5% from 25.2% in 4Q12
margin(2) expanded
to
 For FY13, Adjusted EBITDA margin improved
to 25.7% from 22.9% for FY12
25.2%
24.5%
4Q12
3Q13
Adj EBITDA
4Q13 (1)
Adj EBITDA % of Revenue
Capital Expenditures
($ in millions)
For full year 2013, capital expenditures
$194
$189
4Q12
were 12% of total revenue
$198
3Q13
4Q13
(1) $10 million non-recurring Latin America non-income tax benefit in 4Q13
(2) Adjusted EBITDA includes $30 million and $20 million of severance charges in 3Q13 and 4Q12,
respectively
Issued on February 05, 2014
6

7. Level 3 Cash Flow
Unlevered Cash Flow
($ in millions)
$627
 For FY13, Unlevered Cash Flow
improved by $99 million compared to
the FY12
 For the FY13, Free Cash Flow
improved by $118 million compared to
the FY12
$528
FY12
FY13
Free Cash Flow
($ in millions)
 For FY13, Free Cash flow was positive
$29 million, excluding interest rate
swap and accelerated cash interest
payments
($47)
($165)
FY12
Issued on February 05, 2014
FY13
7

8. Debt Maturity Profile
 Net Debt to Adjusted EBITDA ratio was 4.8x, compared to 5.3x at the
end of 2012
 Focused on the low end of target leverage range of 3 to 5 times
 Average interest rate at the end of 2013 was 6.8%, compared to 7.6% at
the end of 2012
 Cash on hand as of December 31, 2013 of $631 million
$3,420
Dec 31, 2013
$3,471
($ in Millions)
$475
2014
2015
Issued on February 05, 2014
$640
$300
2016
2017
2018
2019
2020
2021
Note: Maturity chart excludes capital leases and other debt of approximately $87 million
8

9. Full Year 2014 Business Outlook
 For the full year 2014, expect CNS revenue growth to be higher than the 2.9%
growth we saw for the full year 2013
 Expect Adjusted EBITDA growth of 11% to 14% for the full year 2014
compared to the full year 2013
 From a starting point of $1.565 billion
 Expect Free Cash Flow of $225 - $275 million for the full year 2014
 Expect Depreciation and Amortization of approximately $750 million for the full
year 2014
Issued on February 05, 2014
9

10. Appendix
Issued on February 05, 2014
10

11. Revenue by Region
Level 3 Communications
($ in millions)
4Q12
3Q13
4Q13
4Q13/
4Q12
%Change
Constant
Currency
4Q13/
3Q13
%Change
Constant
Currency
4.6 %
(5.1)%
11.2 %
3.7 %
2.1 %
4.7 %
4Q13
% CNS
FY 2012
FY2013
71 %
26 %
45 %
$ 3,840
$ 1,541
$ 2,299
$ 3,949
$ 1,478
$ 2,471
FY2013/
FY2012
%Change
Constant
Currency
CNS Revenue ($ in
millions)
North America
Wholesale
Enterprise
$
$
$
979
392
587
$
$
$
987
365
622
$ 1,025
$
374
$
651
EMEA
Wholesale
Enterprise
UK Government
$
$
$
$
228
87
99
42
$
$
$
$
222
88
102
32
$
$
$
$
223
89
105
29
(3.9)%
0.2 %
4.2 %
(31.2)%
(2.4)%
(0.8)%
(0.3)%
(13.3)%
15 %
6%
7%
2%
$
$
$
$
911
364
372
175
$
$
$
$
888
354
403
131
(2.6)%
(3.7)%
8.1 %
(23.1)%
Latin America
Wholesale
Enterprise
$
$
$
184
41
143
$
$
$
188
39
149
$
$
$
195
41
154
11.3 %
3.6 %
13.5 %
4.7 %
6.2 %
4.3 %
14 %
3%
11 %
$
$
$
712
156
556
$
$
$
754
160
594
10.7 %
5.5 %
12.1 %
Total
Wholesale
$ 1,391
$
520
$ 1,397
$
492
$ 1,443
$
504
4.1 %
(3.5)%
2.9 %
1.9 %
100 %
35 %
$ 5,463
$ 2,061
$ 5,591
$ 1,992
2.9 %
(3.4)%
Enterprise(1)
$
$
$
939
8.7 %
3.4 %
65 %
$ 3,402
$ 3,599
6.8 %
Total CNS
Wholesale Voice
Services and Other
Revenue
Total Revenue
$ 1,391
$ 1,397
$ 1,443
4.1 %
2.9 %
$ 5,463
$ 5,591
2.9 %
223
$ 1,614
172
$ 1,569
159
$ 1,602
(28.4)%
(0.4)%
(7.6)%
1.7 %
913
$ 6,376
$
722
$ 6,313
(20.9)%
(0.5)%
( 1)
871
905
2.8 %
(4.2)%
7.5 %
Includes EMEA UK Government
2013 Pro Forma EMEA
CNS Revenue ($ in
millions)
FY 2013
EMEA
Wholesale
Enterprise
$
$
$
Issued on February 05, 2014
888
354
534
1Q13
$
$
$
223
89
134
2Q13
$
$
$
220
88
132
3Q13
$
$
$
222
88
134
4Q13
$
$
$
223
89
134
© Level 3 Communications, Inc. All Rights Reserved.
11

12. Services Revenue
Level 3 Communications
($ in millions)
Core Network Services Revenue
Colocation and Datacenter Services
Transport and Fiber
IP and Data Services
Voice Services (Local and
Enterprise)
Total Core Network Services
Wholesale Voice Services and
Other
Total Revenue
4Q12
$
$
$
145
494
512
3Q13
$
$
$
144
491
528
4Q13/
4Q13/
4Q12
3Q13
%Change %Change
4Q13
$
$
$
FY2012
FY2013
FY2013/
FY2012
%Change
154
499
554
6.2 %
1.0 %
8.2 %
6.9 %
1.6 %
4.9 %
11 %
35 %
38 %
$
561
$ 1,950
$ 2,002
$
585
$ 1,962
$ 2,106
4.3 %
0.6 %
5.2 %
16 %
100 %
$
950
$ 5,463
$
938
$ 5,591
(1.3)%
2.3 %
$
913
$ 6,376
$
722
$ 6,313
(20.9)%
(1.0)%
$
240
$ 1,391
$
234
$ 1,397
$
236
$ 1,443
(1.7)%
3.7 %
0.9 %
3.3 %
$
223
$ 1,614
$
172
$ 1,569
$
159
$ 1,602
(28.7)%
(0.7)%
(7.6)%
2.1 %
11%
4Q13 Percent of CNS
Revenue by Service
Type
4Q13
% CNS
38%
Data Center and
Colocation Services
16%
Voice Services
(Local and Enterprise)
Transport & Fiber
IP and Data Services
35%
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
12

13. Non-GAAP Reconciliation
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
13

14. Schedule To Reconcile To Non-GAAP Financial Metrics
Pursuant to Regulation G, the company is hereby providing definitions of non-GAAP financial metrics
and reconciliations to the most directly comparable GAAP measures.
The following describes and reconciles those financial measures as reported under accounting
principles generally accepted in the United States (GAAP) with those financial measures as adjusted
by the items detailed below and presented in the accompanying news release. These calculations are
not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping
with its historical financial reporting practices, the company believes that the supplemental
presentation of these calculations provides meaningful non-GAAP financial measures to help investors
understand and compare business trends among different reporting periods on a consistent basis.
In addition, measures referred to in the accompanying news release as being calculated “on a
constant currency basis” or "in constant currency terms" are non-GAAP metrics intended to present
the relevant information assuming a constant exchange rate between the two periods being compared.
Such metrics are calculated by applying the currency exchange rates used in the preparation of the
prior period financial results to the subsequent period results.
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
14

15. Schedule To Reconcile To Non-GAAP Financial Metrics
Consolidated Revenue is defined as total revenue from the Consolidated Statements of Operations.
Core Network Services Revenue includes revenue from colocation and datacenter services, transport
and fiber, IP and data services, and voice services (local and enterprise).
Gross Margin ($) is defined as total revenue less cost of revenue from the Consolidated Statements of
Operations.
Gross Margin (%) is defined as gross margin ($) divided by total revenue. Management believes that
gross margin is a relevant metric to provide to investors, as it is a metric that management uses to
measure the margin available to the company after it pays third party network services costs; in essence,
a measure of the efficiency of the company’s network.
Adjusted EBITDA is defined as net income (loss) from the Consolidated Statements of Operations before
income taxes, total other income (expense), non-cash impairment charges, depreciation and amortization
and non-cash stock compensation expense.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenue.
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
15

16. Schedule To Reconcile To Non-GAAP Financial Metrics
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to
provide to investors, as they are an important part of the company’s internal reporting and are key measures used
by Management to evaluate profitability and operating performance of the company and to make resource
allocation decisions. Management believes such measures are especially important in a capital-intensive industry
such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin to compare
the company’s performance to that of its competitors and to eliminate certain non-cash and non-operating items in
order to consistently measure from period to period its ability to fund capital expenditures, fund growth, service
debt and determine bonuses. Adjusted EBITDA excludes non-cash impairment charges and non-cash stock
compensation expense because of the non-cash nature of these items. Adjusted EBITDA also excludes interest
income, interest expense and income taxes because these items are associated with the company’s capitalization
and tax structures. Adjusted EBITDA also excludes depreciation and amortization expense because these noncash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of
capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted
EBITDA excludes the gain (or loss) on extinguishment of debt and other, net because these items are not related
to the primary operations of the company.
There are limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with
comparing companies that use similar performance measures whose calculations may differ from the company’s
calculations. Additionally, this financial measure does not include certain significant items such as interest income,
interest expense, income taxes, depreciation and amortization, non-cash impairment charges, non-cash stock
compensation expense, the gain (or loss) on extinguishment of debt and net other income (expense). Adjusted
EBITDA and Adjusted EBITDA Margin should not be considered a substitute for other measures of financial
performance reported in accordance with GAAP.
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
16

17. Schedule To Reconcile To Non-GAAP Financial Metrics
Debt is defined as total gross debt, including capital leases from the Consolidated
Balance Sheet.
Net Debt to Last Twelve Months (LTM) Adjusted EBITDA Ratio is defined as debt,
reduced by cash and cash equivalents and divided by LTM Adjusted EBITDA.
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
17

18. Schedule To Reconcile To Non-GAAP Financial Metrics
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital
expenditures, plus cash interest paid and less interest income all as disclosed in the Consolidated
Statements of Cash Flows or the Consolidated Statements of Operations. Management believes that
Unlevered Cash Flow is a relevant metric to provide to investors, as it is an indicator of the
operational strength and performance of the company and, measured over time, provides
management and investors with a sense of the underlying business’ growth pattern and ability to
generate cash. Unlevered Cash Flow excludes cash used for acquisitions and debt service and the
impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to measure the company’s cash
performance as it excludes certain material items such as payments on and repurchases of longterm debt, interest income, cash interest expense and cash used to fund acquisitions. Comparisons
of Level 3’s Unlevered Cash Flow to that of some of its competitors may be of limited usefulness
since Level 3 does not currently pay a significant amount of income taxes due to net operating
losses, and therefore, generates higher cash flow than a comparable business that does pay income
taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of
the timing of payments related to accounts receivable and accounts payable and capital
expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash and
cash equivalents in the Consolidated Statements of Cash Flows
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
18

19. Schedule To Reconcile To Non-GAAP Financial Metrics
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital
expenditures as disclosed in the Consolidated Statements of Cash Flows. Management
believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of
the company’s ability to generate cash to service its debt. Free Cash Flow excludes cash used
for acquisitions, principal repayments and the impact of exchange rate changes on cash and
cash equivalents balances.
There are material limitations to using Free Cash Flow to measure the company’s performance
as it excludes certain material items such as principal payments on and repurchases of longterm debt and cash used to fund acquisitions. Comparisons of Level 3’s Free Cash Flow to that
of some of its competitors may be of limited usefulness since Level 3 does not currently pay a
significant amount of income taxes due to net operating losses, and therefore, generates higher
cash flow than a comparable business that does pay income taxes. Additionally, this financial
measure is subject to variability quarter over quarter as a result of the timing of payments
related to interest expense, accounts receivable and accounts payable and capital
expenditures. Free Cash Flow should not be used as a substitute for net change in cash and
cash equivalents on the Consolidated Statements of Cash Flows.
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
19

20. Schedule To Reconcile To Non-GAAP Financial Metrics
Level 3
Communications
($ in millions)
(unaudited)
4Q12
3Q13
4Q13
FY2012
FY2013
Core Network Services
Wholesale Voice Services and
Other
Total Revenue
$ 1,391
$ 1,397
$ 1,443
$ 5,463
$ 5,591
$
223
$ 1,614
$
172
$ 1,569
$
159
$ 1,602
$
913
$ 6,376
$
722
$ 6,313
Adjusted EBITDA(1)
Capital Expenditures
$
$
407
198
$
$
385
194
$
$
466
189
$ 1,459
$
743
$ 1,624
$
760
Unlevered Cash Flow(1)
$
325
$
88
$
358
$
528
$
627
Free Cash Flow(1)
$
202
$
(90)
$
197
$
(165)
$
(47)
Gross Margin
59.4 %
61.2 %
61.4 %
59.2 %
60.9 %
Adjusted EBITDA Margin (1)
25.2 %
24.5 %
29.1 %
22.9 %
25.7 %
(1)
See schedule of non-GAAP metrics for definition and reconciliation to GAAP measures
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
20

21. Schedule To Reconcile To Non-GAAP Financial Metrics
Level 3 Communications, Inc. and Consolidated Subsidiaries
Adjusted EBITDA
2012
Q4
($ in millions)
Consolidated Net Income (Loss)
Income Tax Expense (Benefit)
Total Other Expense
Depreciation and Amortization
Expense
Non-cash Compensation Expense
Non-cash Impairment
Consolidated Adjusted EBITDA
$
Consolidated Revenue
Adjusted EBITDA Margin
Bonus-related Non-cash
Compensation
FY 2013 Pro Forma Adjusted
EBITDA, adjusted for Bonus-related
Non-cash Compensation
FY 2013 Pro Forma Adjusted
EBITDA Margin, adjusted for Bonusrelated
Non-cash Compensation
Issued on February 05, 2014
2013
Q1
(56)
13
231
$
Q2
Q3
Q4
FY 2012
(78) $
14
219
(24) $
11
153
(21) $
14
159
14
(1)
206
199
48
—
387 $
203
30
—
385 $
204
36
7
466
$
186
33
—
407
$
194
37
—
386 $
$
1,614
$
1,577 $
1,565 $
1,569 $
1,602
24.5 %
24.7 %
24.5 %
29.1 %
25.2 %
$
(422)
48
949
FY 2013
$
(109)
38
737
$
749
135
—
1,459
$
800
151
7
1,624
$
6,376
$
6,313
22.9 %
25.7 %
$
15 $
15 $
11 $
18
$
59
$
371 $
372 $
374 $
448
$
1,565
23.5 %
23.8 %
23.8 %
© Level 3 Communications, Inc. All Rights Reserved.
28.0 %
24.8 %
21

22. Schedule To Reconcile To Non-GAAP Financial Metrics
Level 3 Communications, Inc. and Consolidated Subsidiaries
Cash Flows
2012
Q4
($ in millions)
Net Cash Provided by Operating
Activities
Capital Expenditures
Free Cash Flow
Cash Interest Paid
Interest Income
Unlevered Cash Flow
Issued on February 05, 2014
$
$
$
400
(198)
202
123
—
325
2013
Q3
$
$
$
Q4
104
$
(194)
(90) $
178
—
88
$
© Level 3 Communications, Inc. All Rights Reserved.
386
(189)
197
161
—
358
FY 2012
$
$
$
578
(743)
(165)
695
(2)
528
FY 2013
$
$
$
713
(760)
(47)
674
—
627
22

23. Schedule To Reconcile To Non-GAAP Financial Metrics
Level 3 Communications, Inc. and Consolidated
Net Debt to LTM Adjusted EBITDA ratio as of December 31, 2013
($ in millions)
Debt
$
Cash and Cash Equivalents
8,392
(631)
Net Debt
$
7,761
LTM Adjusted EBITDA
$
1,624
Net Debt to LTM Adjusted EBITDA Ratio
Issued on February 05, 2014
© Level 3 Communications, Inc. All Rights Reserved.
4.8
23