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

Business Editors

DALLAS, Pa.--(BUSINESS WIRE)--Dec. 10, 2002

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO, CTCOB) announced today that Eldorado Equity Holdings, Inc., an indirect wholly-owned subsidiary of Level 3 Communications, Inc. (Nasdaq: LVLT), is proposing to sell 4,741,326 shares of CTE common stock, which represents all of the CTE common stock held by Eldorado Equity Holdings, in an underwritten offering.

None of the class B common stock owned by Eldorado Equity Holdings will be sold in the offering. CTE will not receive any of the proceeds from the sale of these shares. The shares of common stock are being offered pursuant to a resale shelf registration statement previously filed with the Securities and Exchange Commission and declared effective on November 22, 2002. Morgan Stanley & Co. Incorporated is acting as bookrunner and lead manager for the offering; Goldman, Sachs & Co. is co-lead manager; and, Legg Mason, Inc., Raymond James and Societe Generale are co-managers. A preliminary prospectus supplement relating to the 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.