X0202 4 2007-01-03 1 0001060490 BROADWING CORP BWNG 0001194018 ANDERSON LYNN D 1122 CAPITAL OF TEXAS HIGHWAY SOUTH AUSTIN TX 78746 0 1 0 0 SVP, CFO and Treasurer Common Stock 2007-01-03 4 D 0 101767 D 0 D Stock Option 6.30 2007-01-03 4 J 0 1160 0.00 D 2012-10-31 Common Stock 1160 0 D Stock Option 13.70 2007-01-03 4 J 0 25000 0.00 D 2014-02-10 Common Stock 25000 0 D Stock Option 13.70 2007-01-03 4 J 0 39669 0.00 D 2013-09-16 Common Stock 39669 0 D Stock Option 13.80 2007-01-03 4 J 0 3166 0.00 D 2014-05-25 Common Stock 3166 0 D Stock Option 13.80 2007-01-03 4 J 0 4834 0.00 D 2014-05-25 Common Stock 4834 0 D Pursuant to the Agreement and Plan of Merger, dated as of October 16, 2006, as amended by an Amendment, dated as of November 21, 2006 by and among the issuer and Level 3 Communications, Inc. and affiliates, each share of the issuer's common stock was exchanged for $8.18 in cash and 1.3411 shares of common stock of Level 3. Each share of Level 3 common stock had a market value of $5.65 on the effective date of the merger. The option became exercisable over time since the date of grant pursuant to a vesting schedule. Pursuant to the Agreement and Plan of Merger, dated as of October 16, 2006, as amended by an Amendment, dated as of November 21, 2006 by and among the issuer and Level 3 Communications, Inc. and affiliates, the option, vested or unvested, was cancelled in exchange for the aggregate difference between the exercise price and the deemed value of the per share merger consideration of $16.0175 paid out approximately 51% in cash and 49% in shares of Level 3 common stock. Each share of Level 3 common stock had a market value of $5.65 on the effective date of the merger. /s/ Lynn D. Anderson 2006-01-05