Qwest 2002 LRP Bond Rating Agency Presentation View

1
Qwests North American Network

• Qwest is the model of where the industry is going
  -- a local network with nationwide connectivity
• Qwest has a unique collection of local and
  long-haul assets with the ability to serve a
  broad range of customers, from residential
  consumers to Fortune 500 businesses
• Qwest is blurring the barriers between local
  carriers and IXCs
• Qwest has obtained FCC approval to offer
  long-distance services to customers in 9 states,
  providing these customers with a complete telecom
  services bundle

Qwests extensive 14-state local network service
area -- combined with its state-of-the-art,
fiber-optic national backbone -- enables delivery
of the full spectrum of telecommunication services
Voice Services
Data Services
New Technologies

• Local phone service
• Long-distance
• Wireless
• Voice features

• Data networking services
• Broadband private line
• Digital subscriber line (DSL)
• Dedicated internet access

• Virtual private networking
• Hosting services
• Video programming
• Managed services

These materials contain forward-looking
statements that are subject to risks and
uncertainties. Please see our filings with the
Securities and Exchange Commission for a
description of these risks and uncertainties.
2
Financial Update
Key Management Accomplishments
Qwest Net Debt
Phase 1 of Dex sale completed
Completed debt exchange -- reduced debt by 1.9B
Implemented Spirit of Service initiatives
Net debt (total debt less cash and cash
equivalents) reduced by 4.6B in the fourth
quarter of 2002
Long-distance launched in nine states FCC
applications filed for three more
Fully funded through 2005 (assumes completion of
Phase 2 of Dex sale in 2003)
B
Positive Analyst Comments

• Cost control measures gaining positive momentum.
  The company continues to achieve positive cost
  control measures as management estimates an
  incremental cost improvement of 150M in 4Q02.
  This translates into an annual run rate of 600M
  which is consistent with managements prior
  stated goal of reducing annual operating expenses
  by 1B. Prudential, 2/20/03
• We reiterate our Buy rating and continue to
  recommend owning Q heading into a better forecast
  2003, as the heavy lifting appears to be almost
  complete at the companys turnaroundWe think
  Qwest is not only more defensible than the other
  Bells, but that the company has better growth
  opportunities based on its broadband network and
  related push into enterprise long distance.
  KBRO, 2/20/03
• Qwest eliminated 4.6 billion in net debt in the
  4Q due to 2.8 billion in proceeds from the
  partial sale of the yellow pages unit and 1.9
  billion in the debt-reducing bond exchange.
  Jeffries, 2/20/03
• The company currently has 2.3 billion in
  cashWe believe the company will be able to meet
  its commitments. Soundview, 2/20/03
• Qwest received approval to provide long-distance
  service in 9 states in its 14-state ILEC
  territory, representing approximately 55 of
  Qwests total local access line base. Qwest also
  filed for approval on January 15, 2003, for three
  additional states, representing approximately 15
  of Qwests total local base the company plans to
  file for approval in its final two states
  (Arizona and Minnesota) later in 2003. Legg
  Mason, 2/19/03

Go-Forward Strategy
Recent Wins

• NASA
• Fairbanks Capital
• U.S. Treasury

• General Services Administration (GSA)
• Alaska Airlines
• U.S. State Department

These materials contain information prepared
by third parties for which we take no
responsibility These materials contain
forward-looking statements that are subject to
risks and uncertainties. Please see our filings
with the Securities and Exchange Commission for a
description of these risks and uncertainties.