Qwest CenturyLink (f/k/a CenturyTel) Merger Class Action Lawsuit Settlement

If you held Qwest Communications International Inc. common stock either of record or beneficially at any time from and including April 22, 2010, through and including December 17, 2010, your rights may be affected by a class action settlement.

A class action settlement has been reached in a class action lawsuit pending against Qwest Communications International Inc. (“Qwest”) and CenturyTel, Inc. n/k/a CenturyLink, Inc. (“CenturyLink” or “CenturyTel”) (collectively “Defendants”) in the United States District Court for the District of Colorado (styled Clara Dorn v. Edward A. Mueller, Charles L. Biggs, K. Dane Brooksher, Peter S. Hellman, R. David Hoover, Patrick J. Martin, Caroline Matthews, Wayne W. Murdy, Jan L. Murley, Michael J. Roberts, James A. Unruh, Anthony Welters, Qwest Communications International Inc., and CenturyTel, Inc., Class Action Case No. 1:10-cv-00925-WYD-CBS) alleging, among other things, that Qwest and its board of directors breached their fiduciary duties in connection with their consideration and approval of the Merger between Qwest and CenturyTel, Inc. n/k/a CenturyLink, Inc. and that CenturyLink aided and abetted those alleged breaches of duty, according to the Qwest CenturyLink (f/k/a CenturyTel) Merger class action lawsuit settlement notice.

The Qwest CenturyLink (f/k/a CenturyTel) merger shareholder class action lawsuit settlement class reportedly includes the following persons, unless otherwise excluded:

All persons who held Qwest common stock either of record or beneficially at any time from and including April 22, 2010, through and including December 17, 2010.

The Qwest CenturyLink (f/k/a CenturyTel) merger shareholder class action lawsuit settlement reportedly provides that Qwest and CenturyLink have made additional disclosures concerning the merger, including the following:

• Additional information regarding the Selected Company Trading Analysis provided by Lazard Freres & Co. LLC (“Lazard”), Deutsche Bank Securities, Inc. (“Deutsche Bank”), and Morgan Stanley & Company Incorporated (“Morgan Stanley”), financial advisors to Qwest;
• Additional information regarding the Selected Precedent Transactions Analysis provided by Lazard, Deutsche Bank, and Morgan Stanley;
• Additional information regarding the Discounted Cash Flow Analysis provided by Lazard, Deutsche Bank, and Morgan Stanley;
• Additional information regarding the Contribution Analysis provided by Lazard, Deutsche Bank, and Morgan Stanley;
• Additional information regarding the Has/Gets Analysis provided by Lazard, Deutsche Bank, and Morgan Stanley;
• Additional information regarding the Selected Publicly Traded Companies Analysis provided by Perella Weinberg Partners LP (“Perella Weinberg”), as the financial advisor to the Qwest Board of Directors;
• Additional information regarding Perella Weinberg’s Discounted Cash Flow Analysis;
• Additional information regarding Perella Weinberg’s Comparable Transactions Analysis;
• Additional information regarding Perella Weinberg’s Structurally Comparable Premia Paid Analysis;
• Additional information regarding Perella Weinberg’s Contribution Analysis;
• Additional information regarding the investment banker who introduced the Chairman and Chief Executive Officer of Qwest and the Chief Executive Officer and President of CenturyLink;
• Additional information regarding why Qwest allegedly did not pursue a potential alternative transaction with other parties;
• Additional information regarding why Qwest allegedly did not pursue any downside protection on the stock exchange ratio to Qwest shareholders with CenturyLink;
• Additional information regarding why Company A decided not to pursue an offer for Qwest;
• Additional information regarding the decision of the Qwest Board of Directors to retain Deutsche Bank and Morgan Stanley as additional financial advisors to assist Lazard;
• Additional information regarding the reasons why Qwest retained a financial advisor on February 16, 2010;
• Additional information regarding the authority of the transaction committee to evaluate and recommend potential strategic alternatives;
• Additional information regarding factors considered by the Qwest Board of Directors in its deliberations relating to the Merger; and
• Additional information regarding Qwest’s intention to redeem its convertible notes in light of the Merger.

A class action settlement hearing will be held on February 25, 2011, at 9:00 a.m., before the Honorable Wiley Y. Daniel, Chief Judge, at the United States District Court for the District of Colorado at the Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, Colorado 80294-3589 (the “Settlement Hearing”) for the purpose of determining whether the Qwest CenturyLink settlement should be approved as fair, reasonable, and adequate.

For more information on the Qwest CenturyLink (f/k/a CenturyTel) merger shareholder class action lawsuit settlement, visit the Qwest CenturyLink CenturyTel merger shareholder class action settlement website:

www.gilardi.com/qwestmerger

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