CTE Announces Pricing of 4,741,326 CTE Common Shares Held by an Affiliate of Level 3 Communications.

Business Editors

DALLAS, Pa.--(BUSINESS WIRE)--Dec. 12, 2002

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO, CTCOB) announced today the pricing of 4,741,326 of its shares of common stock held by Eldorado Equity Holdings, Inc., an indirect wholly-owned subsidiary of Level 3 Communications, Inc. (Nasdaq: LVLT), at $35.00 per share.

CTE will not receive any of the proceeds from this offering. Morgan Stanley & Co. Incorporated acted as bookrunner and lead manager for the offering; Goldman, Sachs & Co. as co-lead manager; and, Legg Mason Wood Walker, Incorporated, Raymond James and Societe Generale as co-managers. A copy of the final prospectus with respect to this offering may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036.

About CTE

Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves a growing base of business and residential customers with the full array of technologically advanced data and voice telecommunications products and services, including broadband data services and high-speed Internet access, delivered over its 100% digitally switched, fiber-rich network.

CTE's primary operating segments are: Commonwealth Telephone Company ("CT"), the nation's eighth largest publicly held independent rural local exchange carrier ("RLEC"), which has been operating in various rural Pennsylvania markets since 1897; and, CTSI, LLC ("CTSI"), an RLEC "edge-out" local exchange carrier operating outside CT's territory, that formally commenced operations in 1997. CTE's support businesses include epix(R) Internet Services, one of the northeast's largest rural Internet Service Providers ("ISPs"); and, Jack Flash(R), a broadband data service that uses DSL technology to offer high-speed Internet access and digital connectivity solutions. Additionally, CTE operates two other support businesses that provide expertise to its CT and CTSI operations. These businesses are Commonwealth Communications, a provider of telecommunications equipment and facilities management services; and, CLD, a long-distance reseller.