Rodent Regatta

Level 3 buys another software house!

BROOMFIELD, Colo., May 2, 2002 – Level 3 Communications, Inc. (Nasdaq:LVLT) announced today that it has signed a definitive agreement to acquire Software Spectrum, Inc. (Nasdaq:SSPE), a global provider, marketer and reseller of business software with revenue of approximately $1.3 billion and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of $24 million for the twelve months ending January 31, 2002. The aggregate purchase price is approximately $122 million, adjusted for option proceeds and Software Spectrum’s current cash position.