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Technology Stocks : (LVLT) - Level 3 Communications -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Miller who wrote (32)	1/30/1998 2:40:00 PM
From: zebraspot	Read Replies (2) \| Respond to of 3873

This is an email I received from the company concerning the KIWT Pink Sheet shares and what "outside" shareholders(us) can expect: >>Because the company has previously been very tightly held, we do not currently produce an annual report in the traditional sense - only the 10K, which should be out for Peter Kiewit Sons, Inc. in March. Once the separation of the Kiewit companies occurs, and Level 3 Communications becomes an independent company, we will begin a more public dispersion of information and will have mailing lists, etc. Until that time, I would recommend that you continue to check the web page (www.L3.com) <http://www.L3.com)> . If you currently hold your shares in street name, any mailings that go out to shareholders will be sent to your broker. In terms of risks, there are always some involved with a new company. I would recommend that you pull down our SEC filing that outlines the plans for the new company - the S4A filed on 11/10/97 - which outlines what we perceived to be the risks for the company going forward. The difficult thing about the how the stock is currently trading is the valuation or the lack of information that has been given about the future forecasts of the new company. In a stock that is traded on the national exchange, you typically have analysts that prepare financial models and valuations on those companies. Julie << Note: Her last two paragraphs are in response to my question about what, if any, risks are inherent in owning KIWT OTC Bulletin Board/Pink Sheet shares. She mentions no risks here particular to owning the KIWT shares, just general issues involving Pink Sheet companies. It sure seems that KIWT shares gives us non-employee shareholders all of the same rights enjoyed by all other (employee) shareholders. This is the real deal way to participate in Level 3 - before everyone else comes in via the eventual IPO. (If this were some fly- by-night Pink Sheet company -instead of the 2nd largest construction company in the world run by people with huge track records - I'd be more cautious. Bear in mind, Walter Scott, the CEO here, is a director of Warren Buffett's company, Berkshire Hathaway(also, he's Berkshires' office landlord in Omaha!), and a life-long friend.