Denver, June 27, 2000 — Qwest Communications International Inc. (NYSE: Q), the broadband Internet communications company, today announced it will be added to the Standard & Poor's 500 (S&P 500) upon completion of its $86 billion merger with U S WEST, Inc. (NYSE: USW). Since its initial public offering in June of 1997, Qwest has grown its market capitalization from $3 billion to more than $40 billion.
Widely recognized around the world as the standard for measuring large-cap U.S. stock market performance, the S&P 500 includes a representative sample of leading companies in major U.S. industries. Other Internet and high technology companies listed on the S&P 500 include Cisco Systems, Microsoft Corp. and Oracle Corp. Qwest expects to generate pro forma 2000 revenue of $18.5 billion following the completion of its merger.
"It is a honor to be added to the S&P 500, a move that further demonstrates Qwest's leadership position in the broadband Internet communications marketplace," said Joseph P. Nacchio, chairman and CEO of Qwest. "The Qwest brand name continues to build momentum on a global basis and the move to the S&P 500 will help raise awareness with new investors and customers."
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable, scalable and secure broadband Internet-based data, voice and image communications for businesses and consumers. The Qwest Macro Capacity® Fiber Network, designed with the newest optical networking equipment for speed and efficiency, spans more than 25,500 miles in North America. In addition, KPNQwest (Nasdaq: KQIP), Qwest's European joint venture with KPN, the Dutch telecommunications company, is building and will operate a high-capacity European fiber optic, Internet-based network that will span 12,400 miles when it is completed in 2001. For more information, please visit the Qwest web site at www.qwest.com.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Qwest with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to maintain rights of way, financial risk management and future growth subject to risks, adverse changes in the regulatory or legislative environment. This release may include analysts' estimates and other information prepared by third parties, for which Qwest assumes no responsibility. Qwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
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