TRC Amends Its Offer for Level 3 Communications, Inc.

TORONTO, ONTARIO--(Marketwired - Oct. 5, 2017) - TRC Capital Corporation ("TRC") announced today that in view of the pending merger between Level 3 Communications, Inc. and CenturyLink, Inc., TRC has amended the terms of its tender offer for up to 2,000,000 common shares of Level 3 Communications, Inc. (the "Company") and has changed the expiration time to 12:01 a.m. New York City time on October 10, 2017, unless further extended.

As of close of business on Tuesday, October 4, 2017, 16 shares had been tendered.

TRC will accept for payment and will pay for all shares validly tendered prior to the expiration date and not properly withdrawn in accordance with the terms of the offer. TRC will not be required to accept for payment or pay for any shares and may terminate the offer if certain conditions which, in the reasonable judgment of TRC in any such case, makes it inadvisable to proceed with the offer or with such acceptance for payment or payment.

Stockholders of the Company who have already tendered their shares and have not withdrawn such shares need not take any additional action with respect to TRC's amended tender offer.

TRC has amended its tender offer materials to reflect the amended expiry date.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY THE COMPANY'S CLASS A COMMON STOCK WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE AND RELATED MATERIALS, AS SUCH DOCUMENTS ARE SUPPLEMENTED AND AMENDED. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS CAN OBTAIN A COPY OF THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER BY CONTACTING THE INFORMATION AGENT FOR THE OFFER, CNRA FINANCIAL SERVICES INC. AT (416) 861-9446.

TRC Capital Corporation is a private investment corporation that manages a diverse investment portfolio focusing on manufacturing, commodity, pharmaceutical and basic industries.