Dear Stockholder:
As you know, Level 3 Communications, Inc.’s 2004 Annual Meeting of Stockholders is scheduled to take place on Tuesday, May 18, 2004, in Omaha, Nebraska. Your vote is very important to us. If you have not yet returned your proxy, or otherwise voted your shares by telephone or the Internet, we ask that you do so at your earliest convenience and no later than 11:59 p.m. Eastern Time on Monday, May 17, 2004.
In connection with reviewing our proxy materials, we discovered that a double-counting error had occurred in the reporting of Jim Crowe’s bonus payments for 2002 and 2001, which resulted in the overstatement of Jim’s bonus for those years. The correct information for 2002 and 2001 is as follows:
Year Salary Bonus
2002 $365,000 $1,261,862
2001 $364,423 $1,260,494
As stated in the proxy statement for the 2002 Annual Meeting, the Compensation Committee of the Board deferred a decision on Jim’s bonus for 2001 until 2002. It was in the determination of the bonus for both 2001 and 2002 that this overstatement occurred.
We apologize for any confusion that this overstatement may have created. Again, if you have not yet returned your proxy card or otherwise voted, please do so at your earliest convenience.
Very truly yours,
/s/ Walter Scott, Jr.
Walter Scott, Jr.
Chairman of the Board
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT), an international communications company, operates one of the largest Internet backbones in the world, connecting 180 markets in 18 countries. The company serves a broad range of wholesale, enterprise and content customers with a comprehensive suite of services including: Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice and voice over IP services, content delivery and media distribution services. These services provide the building blocks to enable Level 3’s customers to meet their growing demands for advanced communications solutions. The company’s Web address is www.Level3.com.
"Level 3 Communications,” "Level 3," the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC 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, product or company names recited herein may be trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements that we make in this press release are forward looking in nature. These statements 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 our control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent us from achieving our stated goals include, but are not limited to our ability to: successfully integrate acquisitions; increase the volume of traffic on our network; defend our intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of our 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.
