Qwest Completes Sale of PCS Licenses and Wireless Network Assets to Ve

    Business Editors

    DENVER & BEDMINSTER, N.J.--(BUSINESS WIRE)--March 4, 2005--Qwest Communications International Inc. (NYSE: Q) and Verizon Wireless today announced completion of the sale of Qwest's PCS licenses and related wireless network assets to Verizon Wireless. The transaction, originally announced in July 2004, does not impact any new or existing Qwest Wireless customers. Verizon Wireless paid $418 million in cash to obtain Qwest's PCS licenses (1900 MHz), as well as cell sites, wireless network infrastructure, site leases, and associated network equipment in 14 western states.
    Qwest offers service under the Qwest Wireless brand to residential and business customers through its relationship with Sprint PCS. Qwest Wireless customers have access to nationwide wireless coverage and features including enhanced voice, photo, video, Web and text applications. Qwest recently transitioned the remainder of its customers to the Sprint network.
    "We are pleased to complete this transaction in a timely manner. By selling these assets we eliminate associated capital expenditures in 2005 and obtain the full $418 million in cash," said Oren G. Shaffer, Qwest vice chairman and chief financial officer. "Qwest will continue to focus on serving wireless customers well, providing a completely integrated bundle of local, wireless and data services."

    About Qwest

    Qwest Communications International Inc. (NYSE: Q) is a leading provider of voice, video and data services. With more than 40,000 employees, Qwest is committed to the "Spirit of Service" and providing world-class services that exceed customers' expectations for quality, value and reliability. For more information, please visit the Qwest Web site at www.qwest.com.

    This release may contain projections and other 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 us with the Securities and Exchange Commission, 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 but not limited to: access line losses due to increased competition, including from technology substitution of our access lines with wireless and cable alternatives; our substantial indebtedness, and our inability to complete any efforts to de-lever our balance sheet through asset sales or other transactions; any adverse outcome of the current investigation by the U.S. Attorney's office in Denver into certain matters relating to us; adverse results of increased review and scrutiny by Congress, regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; rapid and significant changes in technology and markets; any adverse developments in commercial disputes or legal proceedings, including any adverse outcome of current or future legal proceedings related to matters that are the subject of governmental investigations, and, to the extent not covered by insurance, if any, our inability to satisfy any resulting obligations from funds available to us, if any; potential fluctuations in quarterly results; volatility of our stock price; intense competition in the markets in which we compete including the likelihood of certain of our competitors emerging from bankruptcy court protection or otherwise reorganizing their capital structure and competing effectively against us; changes in demand for our products and services; acceleration of the deployment of advanced new services, such as broadband data, wireless and video services, which could require substantial expenditure of financial and other resources in excess of contemplated levels; higher than anticipated employee levels, capital expenditures and operating expenses; adverse changes in the regulatory or legislative environment affecting our business; and changes in the outcome of future events from the assumed outcome included in our significant accounting policies.
    The information contained in this release is a statement of Qwest's present intention, belief or expectation and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, the economy in general and Qwest's assumptions. Qwest may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in Qwest's assumptions or otherwise. The cautionary statements contained or referred to in this release should be considered in connection with any subsequent written or oral forward-looking statements that Qwest or persons acting on its behalf may issue. 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.
    By including any information in this release, Qwest does not necessarily acknowledge that disclosure of such information is required by applicable law or that the information is material.

    The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.

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CONTACT: Qwest Communications International Inc. Media Contact: Carey Madsen, 303-896-3265 carey.madsen@qwest.com or Investor Contact: Stephanie Comfort, 800-567-7296 IR@qwest.com or Verizon Wireless Nancy Stark, 908.306.6762 nancy.stark@verizonwireless.com

KEYWORD: COLORADO NEW JERSEY INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS TELECOMMUNICATIONS SOURCE: Qwest Communications International Inc.

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