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10.5 °% INCREASE We expect the Qwest transaction to be free cash flow accretive immediately following the close, and we expect to achieve annual run -rate operating expense synergies of approxi- CENTURYLINK QWEST mately $575 million over a three- to five -year period. Given our history of strong free cash December 31, 2010, we have delivered flow generation, we believe we will have the financial flexibility to continue to invest in an average annual return to shareholders of 10.5 percent, exceeding both the growth opportunities, effectively manage our leverage and return cash to our shareholders. S &P 500 and our peer companies. Positioning for the Future CenturyLink has a long history successfully acquiring, integrating and With the advent of smartphones and a huge variety of Web -based content and applica- operating complementary assets that tions, data consumption by consumers and businesses continues to grow dramatically. position the company to deliver advanced At CenturyLink, we believe this growing demand for data services will underscore the products and services. In addition to improving network speeds and capacity, we are investing in applications that Each member of our leadership team importance of robust wireline high- bandwidth connections. 10.5 °% INCREASE We are in the process of transitioning from a Time - Division Multiplexing (TDM) voice - centric network to a converged Voice over Internet Protocol (VoIP) platform with IP -based Over the past 15 years, ending applications that meet the growing broadband needs of our residential and business cus- December 31, 2010, we have delivered tomers. We continue to deploy fiber deeper into our markets to reach multi- tenant busi- an average annual return to shareholders of 10.5 percent, exceeding both the nesses, multi - dwelling residential units and tower sites of the major U.S. wireless service S &P 500 and our peer companies. providers. With these fiber investments, we are able to deliver speeds of 1 Gbps and higher and strengthen our wireless backhaul capacity. We have also invested in technolo- 28YEARS gies to increase copper -based broadband speeds to up to 10 Mbps for 65 percent of our broadband - enabled access lines and up to 50 Mbps in select markets. OF EXPERIENCE In addition to improving network speeds and capacity, we are investing in applications that Each member of our leadership team leverage our broadband network. We expect to launch PrismTm TV and extend key services has a proven track record of success and an average of 28 years in the such as Ethernet, MPLS and VoIP into additional markets in 2011. We are developing other communications industry. advanced applications including converged voice communications, data hosting, business continuity and disaster recovery, managed IP and dedicated IP services. With continued customer - focused investments, we believe we will have a competitive advantage in meeting the growing demand for data services. The future holds exceptional opportunity for broadband and data service providers, and we believe CenturyLink has the assets, abilities and experience to take advantage of this opportunity. With the Qwest acquisition, CenturyLink has a network with national breadth and an operating model that cultivates local depth. We have an experienced leadership team with a proven track record of success, and we are maintaining a culture that is guided by our Unifying Principles, which include fairness, honesty and integrity, commitment to excellence, positive attitude, respect, faith and perseverance. We are in a strong financial position with a sound capital structure and significant free cash flow to sustain our dividend and support strategic investments and acquisitions. Our achievements in 2010 and prior years demonstrate our ability to execute and compete effectively in diverse markets.