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Level 3 Communications Sells Remaining CTE Shares.

Business Editors/High-Tech Writers

DALLAS, Pa.--(BUSINESS WIRE)--Jan. 21, 2004

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO), announced today that an indirect wholly-owned subsidiary of Level 3 Communications, Inc. ("Level 3") (Nasdaq: LVLT), has closed a privately-negotiated sale of 1,108,596 shares of CTE common stock to an institutional investor, which represents all of the CTE common stock held directly and indirectly by Level 3. Level 3's proceeds from the sale were approximately $41 million. Other terms of the sale were not disclosed. In connection with this transaction, and in accordance with the terms of a Registration Rights Agreement between CTE and Level 3, certain registration rights were assigned by the seller to the purchaser.

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 7th largest publicly held independent local exchange carrier, which has been operating in various rural Pennsylvania markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating in competitive markets 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 products, services and 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.

A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc., can be found on the Internet at
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 21, 2004
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