J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the dealer managers for the Offer.This press release is neither an offer to purchase, nor a solicitation of an offer to sell, any securities. Qwest is making the Offer only by, and pursuant to the terms and conditions of, the Offer to Purchase dated October 1, 2012 (the "Offer to Purchase"). The complete terms and conditions of the Offer are set forth in the Offer to Purchase and related letter of transmittal, which are expected to be made available to holders of Notes beginning later today. Holders are urged to read the tender offer documents carefully when they become available. Copies of these documents may be obtained from the information agent for the Offer, D.F. King & Co., Inc., at 800-659-5550 (US toll-free) and (212) 269-5550 (collect) or from the dealer managers, J.P. Morgan Securities LLC at 866-834-4666 (US toll-free) and 212-834-4811 (collect) and RBC Capital Markets, LLC at 877-381-2099 (US toll-free) and 212-618-7822 (collect). CenturyLink Debt Offering Concurrently with the Offer, CenturyLink announced today that it expects, subject to market conditions, to sell fixed-rate senior notes with 10 and 30 year maturities (the "Debt Offering"). The actual maturities of the senior notes, if any, sold by CenturyLink in connection with the Debt Offering will depend on market conditions. CenturyLink has not yet entered into a definitive agreement with respect to the Debt Offering, and no assurance can be given that such offering will be completed. CenturyLink expects to use the net proceeds from the Debt Offering, together with available cash or borrowings under its revolving credit facility, to provide Qwest the total amount of funds required to complete the Offer (and the related proposed "make-whole" redemption described above) and redeem on October 26, 2012 all $550 million aggregate principal amount of Qwest's 8.00% Notes due 2015, including the payment of accrued interest on the debt securities purchased under these transactions and all related fees and expenses. The Debt Offering is not conditioned upon the consummation of the Offer.