Qwest Communications Plans Public Offering of European Venture - Company Financial Information

Cambridge Telcom Report, Sept 6, 1999

Qwest Communications International Inc., the broadband Internet communications company, Monday announced that the supervisory board of its European joint venture, KPNQwest, has agreed that it will undertake an initial public offering (IPO) in the near future in the United States and Europe. The IPO proceeds will be used to expand KPNQwest's European operations.

"Both KPN and Qwest have authorized management to initiate an initial public offering of KPNQwest. We intend to get started on that task immediately," said Jack McMaster, CEO of KPNQwest.

The offering will be made only by means of a prospectus.

The KPNQwest venture was announced in November 1998 and finalized on April 13, 1999. The new company is building an 8,100 mile Internet protocol-based network to service customers in the key business markets throughout Europe. The company currently has activated two of its six OC-192 self-healing fiber-optic rings, covering 14 European business cities.

Customers for the company include multi-national and other firms worldwide that want integrated voice, data and image communications. In addition, KPNQwest also provides wholesale network capacity to other communications companies.

Qwest Communications International Inc. is a leader in reliable and secure broadband Internet-based data, voice and image communications for businesses and consumers. Headquartered in Denver, Qwest has more than 9,000 employees working in North America, Europe and Mexico. The Qwest Macro Capacity Fiber Network, designed with the newest optical networking, will span more than 18,500 route miles in the United States when it is completed by mid-1999, and an additional 315-mile network route that will be completed by the end of the year. Qwest also has nearly completed a 1,400-mile network in Mexico. FMI: www.qwest.com.