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North America:
Toll Free: 877 784 9900
Toll: 720-888-1000

Latin America:
Voice: +54.11.5170.0000

European Union:
Voice: +44(0)20 7954 5454

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Wells Fargo Bank,
Shareowner Services,
Phone: 1 800 468-9716



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Our Board of Directors believes in establishing principles for management that reflect the highest standards of responsibility, ethics, and integrity. The company’s corporate governance principles are centered on ensuring that we set corporate policies and practices that reflect our core values and maximize long-term value for our stockholders.

Investor confidence is key for publicly traded companies, and Level 3 believes that expressing our values and conducting our business in accordance with them is an important part of maintaining that confidence.

We believe that our Board of Directors must take responsibility for articulating and ensuring adherence to our Company’s core values.

The Level 3 Board of Directors has eleven members, ten of whom are independent directors. The members of our Board of Directors collectively contribute a breadth of experience in finance, technology, strategy, and senior management experience, and each has a reputation for integrity over the course of their distinguished business careers.

Each member of the Audit Committee, the Compensation Committee, and the Nominating and Governance Committee is an independent director. No members of the Board of Directors are related to each other or to senior management. Our independent directors meet periodically without management present.

To support our goal of providing accessible information to our stockholders, we provide, on our Investor Relations Web site, Corporate Governance and Board of Director information including links to the annual proxy, SEC filings, and board committee information. Our Web site also explains the Board’s philosophy and approach to executive compensation and details the company’s Outperform Stock Option plan.

We encourage you to review our Corporate Governance Guidelines and all related material contained within this Web site. We appreciate your interest, and thank you for your continued support of Level 3.

Sincerely,
James O. Ellis Jr.
Chairman, Board of Directors

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