On May 3, 2017, CenturyLink, Inc. (“CenturyLink” or “we” or “us”
or “our”) issued a press release announcing operating results for
the first>quarter of 2017. The press release is included as
Exhibit 99.1.

Forward Looking Statements

Except for historical and factual information, the matters set
forth in this release and other of our oral or written statements
identified by words such as estimates, expects, anticipates,
believes, plans, intends, and similar expressions are
forward-looking statements as defined by the federal securities
laws, and are subject to the safe harbor protections thereunder.
These forward-looking statements are not guarantees of future
results and are based on current expectations only, are
inherently speculative, and are subject to a number of
assumptions, risks and uncertainties, many of which are beyond
our control. Actual events and results may differ materially from
those anticipated, estimated, projected, or implied by us if one
or more of these risks or uncertainties materialize, or if our
underlying assumptions prove incorrect. Factors that could affect
actual results include but are not limited to: the effects of
competition from a wide variety of competitive providers,
including decreased demand for our legacy offerings and increased
pricing pressures; the effects of new, emerging or competing
technologies, including those that could make our products less
desirable or obsolete; the effects of ongoing changes in the
regulation of the communications industry, including the outcome
of regulatory or judicial proceedings relating to intercarrier
compensation, interconnection obligations, access charges,
universal service, broadband deployment, data protection and net
neutrality; our ability to successfully complete our pending
acquisition of Level 3, including the timely receipt of all
requisite financing and all shareholder and regulatory approvals
free of any detrimental conditions, and to timely realize the
anticipated benefits of the transaction, including our ability to
attain anticipated cost savings, to use Level 3s net operating
losses in the amounts projected, to retain key personnel and to
avoid unanticipated integration disruptions; our ability to
effectively adjust to changes in the communications industry and
changes in the composition of our markets and product mix;
possible changes in the demand for our products and services,
including our ability to effectively respond to increased demand
for high-speed broadband service; our ability to successfully
maintain the quality and profitability of our existing product
and service offerings, to provision them efficiently to our
customers, and to introduce new offerings on a timely and
cost-effective basis; the adverse impact on our business and
network from possible equipment failures, service outages,
security breaches or similar events impacting our network; our
ability to generate cash flows sufficient to fund our financial
commitments and objectives, including our capital expenditures,
operating costs, periodic share repurchases, dividends, pension
contributions and other benefits payments, and debt repayments;
changes in our operating plans, corporate strategies, dividend
payment plans or other capital allocation plans, whether based
upon changes in our cash flows, cash requirements, financial
performance, financial position, market conditions or otherwise;
our ability to effectively retain and hire key personnel and to
successfully negotiate collective bargaining agreements on
reasonable terms without work stoppages; increases in the costs
of our pension, health, post-employment or other benefits,
including those caused by changes in markets, interest rates,
mortality rates, demographics or regulations; adverse changes in
our access to credit markets on favorable terms, whether caused
by changes in our financial position, lower debt credit ratings,
unstable markets or otherwise; our ability to maintain favorable
relations with our key business partners, suppliers, vendors,
landlords and financial institutions; our ability to effectively
manage our network buildout project and our other expansion
opportunities; our ability to collect our receivables from
financially troubled customers; any adverse developments in legal
or regulatory proceedings involving us; changes in tax,
communications, pension, healthcare or other laws or regulations,
in governmental support programs, or in general government
funding levels; the effects of changes in accounting policies or
practices, including potential future impairment charges; the
effects of terrorism, adverse weather or other natural or
man-made disasters; the effects of more general factors such as
changes in interest rates, in operating costs, in general market,
labor, economic or geo-political conditions, or in public policy;
and other risks referenced from time to time in our filings with
the U.S. Securities and Exchange Commission (the SEC). For all
the reasons set forth above and in our SEC filings, you are
cautioned not to place undue reliance upon any of our
forward-looking statements, which speak only as of the date made.
We undertake no obligation to publicly update or revise any of
our forward-looking statements for any reason, whether as a
result of new information, future events or developments, changed
circumstances, or otherwise. Furthermore, any information about
our intentions contained in any of our forward-looking statements
reflects our intentions as of the date of such forward-looking
statement, and is based upon, among other things, existing
regulatory, technological, industry, competitive, economic and
market conditions, and our assumptions as of such date. We may
change our intentions, strategies or plans without notice at any
time and for any reason.

The exhibits to this current report on Form 8-K are listed in the
Exhibit Index, which appears at the end of this report and is
incorporated by reference herein.