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Level 3 and Cogent Reach Agreement on Equitable Peering Terms

BROOMFIELD, Colo. and WASHINGTON D.C., October 28, 2005 - Level 3 Communications (Nasdaq:LVLT) and Cogent Communications (Amex:COI) today announced that the companies have agreed on terms to continue to exchange Internet traffic under a modified version of their original peering agreement. The modified peering arrangement allows for the continued exchange of traffic between the two companies' networks, and includes commitments from each party with respect to the characteristics and volume of traffic to be exchanged. Under the terms of the agreement, the companies have agreed to the settlement-free exchange of traffic subject to specific payments if certain obligations are not met.

The modified arrangement is designed to mitigate any impact to customers' Internet connectivity as it sets forth an agreed process to protect customers upon the expiration of the peering relationship, or upon violations of the agreement that are not remedied in accordance with the revised agreement. Those protections include advance written notice to the customers of each party upon termination of the agreement, as well as terms assuring the continued exchange of traffic for a reasonable transition period.

The specific terms of the agreement are confidential.

As part of today's joint announcement, Level 3 and Cogent underscored their common view that the implementation of their modified peering agreement, effective immediately, serves the best interests of both companies' customers. As a result of the agreement, Level 3 will not proceed with disconnection on November 9, as previously announced.

About Cogent Communications

Cogent Communications (AMEX: COI) is the number one provider of Ethernet services in the United States based on the number of ports in service as ranked by Ovum-RHK and is one of the fastest growing Tier 1 ISPs in the world. Its facilities based, all-optical network delivers ultra-high speed Internet access and transport services to businesses and service providers in major metropolitan areas. Cogent offers services across its 30,600-mile IP network spanning 12 countries located in North America and Europe.

The combination of technology, IP network architecture and unique business model make Cogent one of the most popular solutions for reliable, cost-effective Internet service in the industry. Cogent offers several focused services that complement its On-Net Internet access service including dedicated Off-Net (T1, T3) Internet service, colocation services in 28 data centers across North America and Europe, and Layer 2 Point-to-Point services in every On-Net market.

Cogent Communications is headquartered at 1015 31st Street, NW, Washington, D.C. 20007. For more information, visit www.cogentco.com. Cogent Communications can be reached in the United States at (202) 295-4200 or via email at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Level 3 Communications

Level 3 (Nasdaq:LVLT) is an international communications and information services company. The company operates one of the largest Internet backbones in the world, is one of the largest providers of wholesale dial-up service to ISPs in North America and is the primary provider of Internet connectivity for millions of broadband subscribers, through its cable and DSL partners. The company offers a wide range of communications services over its 23,000-mile broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, and patented Softswitch managed modem and voice services. Its Web address is www.Level3.com.

The company offers information services through its subsidiaries, Software Spectrum and (i)Structure. For additional information, visit their respective Web sites at www.softwarespectrum.com and www.i-structure.com.

The Level 3 logo is a registered service mark of Level 3 Communications, Inc. in the United States and/or other countries. Services described in this press release are provided by wholly owned subsidiaries of Level 3 Communications, Inc.

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Cogent Forward-Looking Statements

Information in this release may involve expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Cogent Communications Group, Inc. as of the date of the release, and we assume no obligation to update any such forward-looking statement. The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Some of the factors and risks associated with our business are discussed in Cogent's registration statements filed with the Securities and Exchange Commission and in its other reports filed from time to time with the SEC.

Level 3 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: developing new products and services that meet customer demands and generate acceptable margins; increasing the volume of traffic on Level 3's network; overcoming the softness in the economy given its disproportionate effect on the telecommunications industry; integrating strategic acquisitions; attracting and retaining qualified management and other personnel; successfully completing commercial testing of new technology and information systems to support new products and services, including voice transmission services; ability to meet all of the terms and conditions of our debt obligations; overcoming Software Spectrum's reliance on financial incentives, volume discounts and marketing funds from software publishers; reducing downward pressure of Software Spectrum's margins as a result of the use of volume licensing and maintenance agreements; and reducing rate of price compression on certain of the Company's existing transport and IP services. 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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Cogent Communications

Cogent is one of the world's largest Internet Service Providers, delivering high quality Internet, Ethernet and Colocation services to over 64,240 Enterprise and NetCentric customers. Cogent serves over 198 markets in 41 countries across its facilities-based, all-optical IP network.

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