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Notice to All Current and Former Kiewit Employees with Concentrated Positions In Level 3 Communications from the Securities Arbitration Law Firm of Kl

The Law Firm of Klayman & Toskes, P.A. ("K&T")( http://www.nasd-law.com ) announced today that it has filed a lawsuit before the National Association of Securities Dealers, Inc. ("NASD") Case No. 05-04784 on behalf of a former Kiewit employee who lost $48,664,539 due to an over-concentration of shares in Level 3 Communications Inc. (Nasdaq: LVLT), which was obtained as a result of a spinoff of Kiewit's holdings.

K&T represents numerous technology and telecommunications investors with concentrated positions managed by full-service brokerage firms in securities arbitration lawsuits filed before the NASD and the New York Stock Exchange ("NYSE"). The claims focus on the mismanagement of the clients' portfolios given the fact that there were risk management strategies that would have protected the value of the concentrated portfolio. Such risk management strategies include stop loss and limit orders, protective puts and collars. Stop loss orders, limit orders and protective puts provide an account with downside protection and an exit strategy should the stock decline in value. A hedge strategy, known as a "zero cost" collar, would have created a range of value that the portfolio would have maintained irrespective of the fluctuation and direction of the underlining stock price. The failure to use risk management strategies, as well as the failure to "hedge" the value of the portfolio concentrated in Level 3 Communications Inc., directly exposed the investors' concentrated portfolios to the fluctuations in the volatile securities market.

The sole purpose of this release is to investigate, on behalf of our clients, sales practice violations of licensed brokers at major Wall Street brokerage firms. K&T is pursuing arbitration claims before the NYSE and the NASD for securities violations including over-concentration, failure to supervise, unsuitability claims, misrepresentation and material omissions of fact. K&T would greatly appreciate any information from investors concerning the method or process used to manage their concentrated holdings.

K&T represents investors throughout the nation in securities litigation and arbitration matters. If you wish to discuss this announcement or have information relevant to our securities arbitration claims, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com .

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