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<div class="MsoNormal">Abbreviated from Qwest's web site. We'll be seeing lots more news about this. RL</div><div class="MsoNormal">----------</div><div class="MsoNormal"><br></div>
<div class="MsoNormal"><a href="http://news.qwest.com/centurylinkqwestmerger">http://news.qwest.com/centurylinkqwestmerger</a><o:p></o:p></div><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-outline-level:1"><span style="mso-font-kerning:18.0pt"><b>CenturyLink and
Qwest Agree to Merge<o:p></o:p></b></span></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-outline-level:2"><b>CenturyLink to Become National, Industry-Leading
Communications Company with Pro Forma 2009 Revenues of $19.8 Billion<o:p></o:p></b></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-outline-level:2"><b>Combined Company to Have Extensive Broadband
Capabilities with 173,000-mile Fiber Network<o:p></o:p></b></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-outline-level:2"><b>Compelling Choice for Consumer, Business and Wholesale
Customers Offering Full Array of Communications Services<o:p></o:p></b></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-outline-level:2"><b>Transaction Expected to be Accretive to Free Cash Flow
per Share, Excluding Integration Costs, Immediately Following Close of the
Transaction<o:p></o:p></b></p><p class="MsoNormal" style="mso-margin-top-alt:auto"><b>MONROE, La. and DENVER,
Co. – April 22, 2010</b><span style="font-weight:normal"> – CenturyLink
and Qwest Communications announced today that their boards of directors have
approved a definitive agreement under which CenturyLink will acquire Qwest in a
tax-free, stock-for-stock transaction. Under the terms of the agreement,
Qwest shareholders will receive 0.1664 CenturyLink shares for each share of
Qwest common stock they own at closing. Upon closing of the transaction,
CenturyLink shareholders are expected to own approximately 50.5 percent and
Qwest shareholders are expected to own approximately 49.5 percent of the
combined company. <o:p></o:p></span></p><p class="MsoNormal" style="mso-margin-top-alt:auto">Based on the closing stock
price of CenturyLink on April 21, 2010, the per share consideration to be
received by Qwest shareholders would be equivalent to $6.02 of CenturyLink
stock, which represents a premium to Qwest shareholders of approximately 15
percent over Qwest’s closing stock price on April 21, 2010. Based on the
closing stock price of CenturyLink on April 21, 2010, the transaction reflects
an enterprise value of Qwest of approximately $22.4 billion, including the
assumption of $11.8 billion of Qwest net debt outstanding as of December 31,
2009. <o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto">The parties expect the
transaction to be accretive to CenturyLink’s free cash flow per share,
excluding integration costs, immediately following the close of the
transaction. Leveraging CenturyLink’s proven integration experience, the
transaction is expected to generate annual operating and capital synergies of
approximately $625 million when fully recognized over a three- to five-year
period following the close of the transaction. <o:p></o:p></p>
<div class="MsoNormal">This combination will result in a company whose enterprise
business will be a significant contributor to its growth which, along with the
consumer business, will allow it to offer innovative broadband products and
services over its advanced networks. As of December 31, 2009, CenturyLink
and Qwest served local markets in 37 states with approximately 5 million
broadband customers, 17 million access lines, 1,415,000 video subscribers and
850,000 wireless consumers.<o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal">Glen F. Post III, CenturyLink’s chief executive officer and
president, said, “We believe the combination of CenturyLink’s and Qwest’s
employees, assets and service areas will provide us greater scale, scope and
expertise and will provide significant benefits for shareholders, customers and
our communities. This combination will enhance our ability to deploy
innovative IP products and high-bandwidth services to business customers,
expand broadband availability and speed to consumers, and offer superior,
differentiated video products.<o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal">“The combined company’s highly recognized national network
will significantly expand our ability to deliver strategic and customized product
and service solutions to our business, wholesale and government customers
throughout the country. In addition, we will still maintain the focus on
our local markets through our effective regional operating model and targeted
marketing strategies. We believe shareholders will benefit through their
investment in a company that has greater financial resources and flexibility,
including a more diversified revenue base and an enhanced competitive
position.”<o:p></o:p></div>
<div class="MsoNormal">Edward A. Mueller, Qwest’s chairman and chief executive
officer, said, “Over the last several years, Qwest has been focused on
generating sustainable free cash flow and strengthening the balance sheet, as
well as creating innovative approaches to drive efficiency and perfect the
customer experience. We are pleased with the progress we have made and
believe that the combined company will be well positioned to win in an
increasingly competitive marketplace.<o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal">“This transaction is compelling for our shareholders, who
will benefit from an immediate premium for their shares, an increase of
approximately 50 percent in the annual dividend, and the opportunity to
participate in the upside potential of the combined company through their
ownership of CenturyLink stock. We look forward to becoming part of a larger
company with a strong financial profile, an industry-leading local and national
network, and a shared commitment to customers, employees, communities and
shareholders. We also look forward to maintaining a key presence in
Denver.”<o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal"><b>Key Benefits of the Transaction</b><span style="font-weight:normal"><o:p></o:p></span></div>
<div class="MsoNormal"> <o:p></o:p></div>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l1 level1 lfo1;tab-stops:list .5in"><b>Increased
Capabilities: </b><span style="font-weight:normal">The combination creates
a robust, national 173,000-mile fiber network. With a more diverse
mix of offerings, increased scale and stronger product portfolio, the
company will be able to reach more customers with a broad range of
solutions.<o:p></o:p></span></li>
</ul>
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-list:l2 level1 lfo2;tab-stops:list .5in"><b>Expanded and Enhanced
Competitive Offerings: </b><span style="font-weight:normal">The company
will have the national breadth and local depth to provide a compelling
array of broadband products and services including high speed Internet,
video entertainment, data hosting and managed services, as well as fiber
to cell tower connectivity and other high bandwidth services. In
addition, Qwest Business serves 95 percent of Fortune 500 companies and is
one of the three universal service providers for Networx, the largest communications
services contract in the world. <o:p></o:p></span></li>
</ul>
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
mso-list:l3 level1 lfo3;tab-stops:list .5in"><b>Financial Strength and
Flexibility:</b><span style="font-weight:normal"> For the 12 months ended
December 31, 2009, the combined company would have had pro forma revenues
of $19.8 billion, pro forma EBITDA of approximately $8.2 billion, and pro
forma free cash flow of approximately $3.4 billion, excluding
synergies. The combined company’s pro forma net leverage would have
been 2.2 times EBITDA for the 12 months ended December 31, 2009, including
synergies on a full run-rate basis and excluding integration costs.
No new financing or refinancing is required as a result of this
transaction. The combined company’s sound capital structure and
significant free cash flow generation are expected to support its ability
to take advantage of opportunities that may arise, while continuing to
invest in its business, reduce indebtedness and return substantial capital
to shareholders.<o:p></o:p></span></li>
</ul>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l0 level1 lfo4;tab-stops:list .5in"><b>Significant
Synergy Opportunities:</b><span style="font-weight:normal"> The
transaction is expected to generate annual operating cost synergies of
approximately $575 million, which are expected to be fully realized three
to five years following closing. Key drivers of these synergies
include reduction of corporate overhead, elimination of duplicate
functions and systems, and increased operational efficiencies.</span><b>
</b><span style="font-weight:normal">The transaction also is expected to
generate annual capital expenditure synergies of approximately $50 million
within the first two years after close. Based on current
expectations, CenturyLink estimates that it will incur approximately $650
to $800 million of operating costs and approximately $150 to $200 million
of one-time capital costs to achieve these operational synergies. <o:p></o:p></span></li>
</ul><p class="MsoNormal" style="mso-margin-top-alt:auto"><strong>Management, Board of
Directors and Headquarters</strong> <o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto">The combined company’s
senior leadership team is expected to be comprised of executives from both
CenturyLink and Qwest, of which the following are being announced today.<o:p></o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l4 level1 lfo5;tab-stops:list .5in">William
A. Owens will be chairman of the board<o:p></o:p></li>
<li class="MsoNormal" style="mso-list:l4 level1 lfo5;tab-stops:list .5in">Glen
F. Post, III will be chief executive officer and president<o:p></o:p></li>
<li class="MsoNormal" style="mso-list:l4 level1 lfo5;tab-stops:list .5in">R.
Stewart Ewing, Jr. will be chief financial officer<o:p></o:p></li>
<li class="MsoNormal" style="mso-list:l4 level1 lfo5;tab-stops:list .5in">Karen
A. Puckett will be chief operating officer<o:p></o:p></li>
<li class="MsoNormal" style="mso-list:l4 level1 lfo5;tab-stops:list .5in">Christopher
K. Ancell will be president of business markets group<o:p></o:p></li>
</ul><p class="MsoNormal" style="mso-margin-top-alt:auto">Following the close of the
transaction, the board of directors of CenturyLink will add four members from
the current Qwest board, including Edward A. Mueller, Qwest’s chairman and
chief executive officer.<o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto">The corporate headquarters
of the company will remain in Monroe, La. The company also will maintain
a key operational presence in Denver, including a regional headquarters, the
Qwest Business Markets Group, as well as other functions to be determined. <o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto"><strong>Approvals and Timing
</strong><o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto">The transaction is subject
to regulatory approvals, including expiration or termination of the applicable
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act as well
as approvals from the Federal Communications Commission and certain state
public service commissions, along with other customary closing conditions.
The transaction also is subject to the approval of CenturyLink and Qwest
shareholders. The companies anticipate closing this transaction in the
first half of 2011.<o:p></o:p></p>
<div class="MsoNormal"><b> </b><span style="font-weight:normal"><o:p></o:p></span></div>
<div class="MsoNormal"><b>Teleconference and Webcast</b><span style="font-weight:
normal"><o:p></o:p></span></div>
<div class="MsoNormal"><b> </b><span style="font-weight:normal"><o:p></o:p></span></div>
<div class="MsoNormal">CenturyLink and Qwest will host a conference call with the
financial community today, April 22, 2010, at 9:30 a.m. EDT / 8:30 a.m. CDT /
7:30 a.m. MDT to discuss this morning’s announcement. The conference call
will be webcast live over CenturyLink’s website at <a href="file://localhost/FCKeditor/editor/www.CenturyLink.com"><span style="color:#00853F">www.CenturyLink.com</span></a> and over Qwest’s website
at <a href="http://investor.qwest.com/"><span style="color:#00853F">investor.qwest.com</span></a>.
Interested parties also can join the call by dialing (866) 610-1072
(international: (973) 935-2840), and referencing code 69793352, 10 minutes
prior to the start of the call. <o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal">More information about the transaction is available on <a href="http://www.centurylinkqwestmerger.com/"><span style="color:purple">centurylinkqwestmerger.com</span></a>.
<o:p></o:p></div><p class="MsoNormal" style="mso-margin-top-alt:auto"><strong>About CenturyLink</strong><o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto">CenturyLink is a leading
provider of high-quality voice, broadband and video services over its advanced
communications networks to consumers and businesses in 33 states.
CenturyLink, headquartered in Monroe, La., is an S&P 500 Company and is
listed in the Fortune 500 list of America’s largest corporations. For
more information on CenturyLink, visit <a href="file://localhost/FCKeditor/editor/www.CenturyLink.com"><span style="color:#00853F">www.CenturyLink.com</span></a>.<o:p></o:p></p><p class="MsoNormal" style="mso-margin-top-alt:auto"><strong>About Qwest</strong><o:p></o:p></p>
<div class="MsoNormal">Customers coast-to-coast turn to Qwest's industry-leading
national fiber-optic network and world-class customer service to meet their
communications and entertainment needs. For residential customers, <a href="http://www.qwest.com/"><span style="color:windowtext">Qwest</span></a>
offers a new generation of <a href="http://www.qwest.com/residential/internet/fiber-optics.html"><span style="color:windowtext">fiber-optic-fast Internet service</span></a>, <a href="http://www.qwest.com/residential/internet/index.html"><span style="color:windowtext">high-speed Internet solutions</span></a>, as well
as <a href="http://www.qwest.com/localphone/"><span style="color:windowtext">digital home
phone</span></a>, wireless service available through <a href="http://www.qwest.com/residential/products/wireless/index.html"><span style="color:windowtext">Verizon Wireless</span></a> and <a href="http://www.qwest.com/residential/products/tvservices/index.html"><span style="color:windowtext">DIRECTV</span></a> services. Qwest is
also the choice of 95 percent of Fortune 500 companies, offering a full suite
of network, data and voice services for <a href="http://www.qwest.com/smallbusiness/index.html"><span style="color:windowtext">small
businesses</span></a>, <a href="http://www.qwest.com/business"><span style="color:windowtext">large businesses</span></a>, <a href="http://www.qwest.com/business/government/"><span style="color:windowtext">government
agencies</span></a> and <a href="http://www.qwest.com/wholesale/"><span style="color:windowtext">wholesale customers</span></a>. Additionally,
Qwest participates in <a href="http://www.qwest.com/networx/"><span style="color:windowtext">Networx</span></a>, the largest communications
services contract in the world, and is recognized as a <a href="http://www.qwest.com/qcms/qCmsRepository/resources/pdfs/nemertes-pilothouse-ethernet-services-award.pdf"><span style="color:windowtext">leader</span></a> in the network services market by
leading technology industry analyst firms.<o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
<div class="MsoNormal"> <o:p></o:p></div>
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<div><br></div><div><br><div apple-content-edited="true"> <span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div><div><div>------------------------------------------------------------</div><div>Richard Lowenberg<br>P. O. Box 8001, Santa Fe, NM 87504<br>505-989-9110 off.; 505-603-5200 cell</div><div>------------------------------------------------------------</div><div><br></div></div></div></div></div></div></div></div></div></div></span> </div><br></div></body></html>