Terremark Worldwide, Inc., an operator of integrated Tier-1 Internet Exchanges and network services, today announced that VeriSign, Inc., an intelligent infrastructure provider, has signed a multi-year colocation and services contract to expand its Internet infrastructure at Terremark`s NAP of the Americas. Terremark`s flagship facility, the NAP of the Americas, provides various services including colocation, peering, managed services and dedicated hosting services. While VeriSign`s expansion at the NAP includes increasing the capacity for its Top Level Domain (TLD) servers and Certificate Revocation List system (CRL). In addition to deploying infrastructure at the NAP, VeriSign has become one of the first customers to select the NAP`s 10 GigE Peering Fabric. Terremark`s 10GigE peering services, the means by which Internet traffic, from e-mail to video is interchanged between networks, can offer enhanced capabilities such as increased capacity, fast and reliable traffic exchange across the NAP`s redundant peering fabric to its more than 500 customers, the company said in its release. "Terremark has consistently provided us with secure and reliable services," said Ken Silva, Chief Security Officer of VeriSign. "Expanding our footprint at the NAP was a decision made easier with Terremark`s global reach, always on environment and innovative facilities. As our intelligent infrastructure services grow, we look forward to a continued relationship."

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The indenture governing the Debentures requires Broadwing to make the offer as a result of the merger (the "Merger") on January 3, 2007 of (i) Level 3 Services, Inc., a wholly owned subsidiary of Level 3 ("Merger Sub"), with and into Broadwing and (ii) Broadwing with and into Level 3 Colorado, Inc., a wholly owned subsidiary of Level 3 ("Sister Subsidiary"), pursuant to an Agreement and Plan of Merger dated as of October 16, 2006, as amended by an Amendment dated as of November 21, 2006, by and among Level 3, Broadwing, Merger Sub and Sister Sub. As part of the Merger, Sister Subsidiary changed its name to Broadwing Corporation.

Broadwing is offering to purchase the Debentures for cash at a purchase price, per $ 1,000 principal amount, equal to 100% of the principal amount, together with $ 7.29 per $ 1,000 principal amount, representing accrued and unpaid cash interest to, but excluding, February 9, 2007. In the event that all of the outstanding Debentures are tendered in the tender offer, the aggregate purchase price required for Broadwing to purchase the tendered Debentures is estimated to be approximately $ 181,312,500. The tender offer for the Debentures will expire at 11:59 p.m., Eastern Time, on Friday, February 9, 2007, unless extended or earlier terminated. Holders may withdraw their tendered Debentures at any time prior to the expiration time. As required by the indenture governing the Debentures, on February 9, 2007, Broadwing will purchase all Debentures properly tendered and not withdrawn. All Debentures purchased pursuant to Broadwing`s offer will be retired upon purchase. Broadwing expects to fund the tender offer with cash on hand.

As a result of the Merger, each $ 1,000 principal amount of the Debentures is now convertible at the option of the holder at any time and from time to time into $ 492.77 in cash and 80.789 shares of Level 3 common stock, representing a conversion price equal to the consideration payable to Broadwing stockholders in the Merger of (i) $ 8.18 in cash per share of Broadwing, multiplied by 60.241, and (ii) 1.3411 shares of Level 3 common stock, multiplied by 60.241. Additionally, as a result of the Merger, a make-whole premium will be paid on Debentures converted prior to February 17, 2007, consisting of (i) 14.969 additional shares of Level 3 common stock and (ii) an additional $ 91.31 in cash per $ 1,000 principal amount of Debentures. On January 11, 2007, the last reported sale price of Level 3`s common stock (into which the Debentures are convertible) on the Nasdaq Global Select Market(TM) was $ 6.48. Fractional shares of Level 3 common stock will not be issued upon conversion. Instead, Level 3 will pay cash for any shares of fractional Level 3 common stock holders would otherwise have received.

Neither Level 3`s Board of Directors, Broadwing`s Board of Directors nor any other person makes any recommendation as to whether holders of Debentures should choose to tender their Debentures in this offer, and no one has been authorized to make such a recommendation.

Level 3 Communications, Inc., an international communications company, operates one of the largest Internet backbones in the world. Through its customers, Level 3 is the primary provider of Internet connectivity for millions of broadband subscribers. The company provides a comprehensive suite of services over its broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice services and voice over IP services. The services are designed to provide building blocks that enable Level 3`s customers to meet growing demands for advanced communications solutions.The principal components offered by Level 3`s VoIP Enhanced Local service include network trunking, local telephone numbers, local number portability, the safety of E-911, operator assistance, caller ID, directory listings, and directory assistance. The service is designed to allow Level 3 customers to retain the flexibility to manage and control end-user features without the difficulties of implementing complex interconnection arrangements.

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SAVVIS`s CDN services business, based in Thousand Oaks, Calif., with approximately 50 employees and over 100 customers, provides solutions that improve performance, reliability, scalability and reach of customers` online content. Initially developed in 1996 as Sandpiper Networks, the division developed, deployed and operated the world`s first content delivery network. It has a globally distributed infrastructure in more than 20 countries.

"The acquisition of SAVVIS`s CDN services business will enable Level 3 to better address the increasing opportunity presented by rich media applications such as video, Web 2.0 applications, multiplayer online gaming and software as a service over the Internet," said Kevin O`Hara, president and chief operating officer of Level 3. "We are looking forward to welcoming the pioneers of CDN to our team.

"The largest customers of CDN services rely on a combination of capabilities to support their businesses. These include services like CDN, IP transit, wavelengths, metro transport, and colocation. Upon completion of this transaction, Level 3 believes that it will be the only CDN services provider with a single source, full portfolio of end-to-end content distribution solutions, and will be in a unique position to offer a range of building blocks to meet these customers` needs.

"Level 3 already has a strong brand and capabilities in video distribution through its Vyvx business. With native CDN capabilities and with Level 3`s highly scalable, industry-leading IP backbone, we believe that Level 3 will be able to bring additional value to all video-centric companies by delivering video in a more intelligent and comprehensive way to a broader range of destinations.

"This acquisition does not require the type of physical integration associated with the metro and backbone transactions we announced earlier this year. We are confident in our ability to incorporate this key capability into our portfolio."

SAVVIS`s content delivery customers include some of the largest enterprises in the world, including Microsoft.

"As we grow our online services business, stability and control over our network infrastructure becomes increasingly important to deliver great experiences for our customers, partners and advertisers," said Arne Josefsberg, general manager of Global Foundation Services at Microsoft. "We look forward to a continued relationship with Level 3 as they embark upon this next phase of their network evolution."

SAVVIS`s CDN business had approximately $ 15 million in revenue for the nine months ending September 30, 2006.

Closing is subject to customary conditions, including receipt of Hart- Scott-Rodino approval. Closing is expected to occur in the first quarter of 2007.

Forward-Looking Statement

Some of the statements made by Level 3 in this press release are forward- looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: increasing the volume of traffic on Level 3`s network; developing new products and services that meet customer demands and generate acceptable margins; successfully completing commercial testing of new technology and information systems to support new products and services, including voice transmission services; stabilizing or reducing the rate of price compression on certain of our communications services; integrating strategic acquisitions; attracting and retaining qualified management and other personnel; and the ability to 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 release should be evaluated in light of these important factors.

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