<table><tr><th>From:</th><th>Richard Kahn &lt;richardkahn12@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, April 18, 2017 5:06 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fixed-for-Life Re: New Issue $25 Par Qwest Corporation (CTL) Senior Notes, 6.75% - 6.875%;</td></tr></table>

boss may be interested after market on this so please keep me =osted thanks

Richard =ahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
tel =12-971-1306
fax 212-320-0381
cell =17-414-7584

On Apr 18, 2017, at 11:39 AM, jeffrey E. <jeevacation@gmail.com> wrote:

Let's =ee after market

On Tue, Apr 18, 2017 at 10:51 AM Richard Kahn <richardkahn12@gmail.com> wrote:

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, =Y 10022
tel 212-971-1306
fax =12-320-0381
cell 917-414-7584

Begin forwarded message:

From: =/b>"Atlas, Andrew S" <Andrew.Atlas@morganstanley.com>

Subject: =/b>New Issue $25 Par: =west Corporation (CTL) Senior Notes, 6.75% - 6.875%; =ixed-

for-Life

To: =/b>"Richard Kahn (richardkahn12@gmail.com)" <richardkahn12@gmail.com>

Good morning Rich.

Morgan Stanley is pricing a new =ssue $25 par preferred today.

Here are the details:

$25 Par New Issue Syndicate Offering: 
Qwest Corporation (CTL): 
Issuer: Qwest Corporation ("CTL"): 
Parent Company: CenturyLink Inc.: 
Securities offered: Notes due 2057: 
Expected ratings: Ba1 / BBB- / BBB- (Neg Watch/Stable/Neg Watch): 
Size: $250mm (10mm $25 par notes): 
Maturity: June 15, 2057: 
Price guidance: 6.75% - 6.875%:

Offer =rice: $25.00 per =ote &nbs=; =nbsp; &n=sp; &nbs=; =nbsp;
&nb=p; = & =bsp; &nb=p; = &=bsp; &nb=p; = &=bsp;
Payment =ates: &n=sp; Quarterly, beginning September 15, =017 &nbs=; =nbsp; &n=sp; &nbs=;
&nb=p; = &=bsp; &nb=p; = &=bsp;
Optional Redemption: =ssuer's option to redeem at par on or after June 15, =022 &nbs=; =nbsp; &n=sp; &nbs=;

Use of =roceeds: = We intend to use these net proceeds, together with available =ash or additional intercompany borrowings, to redeem, as soon as =easonably practicable, (i) all $500 million aggregate principal amount of the Maturing Notes at a premium and (ii) all $288.5 =illion aggregate principal amount of the 2051 Notes at par, including =n each case accrued and unpaid interest on all such redeemed =otes. &n=sp; &nbs=; =nbsp; &n=sp;

&nb=p; = &=bsp; &nb=p; = &=bsp;

&nb=p; = &=bsp; &nb=p; = &=bsp;

QDI/DRD:  Not =ligible =nbsp; &n=sp; &nbs=; =nbsp;
Subject to U.S. Tax Withholding for =RA =lients: =nbsp; Please see the Preliminary Prospectus for tax and =itholding =nformation* &n=sp; &nbs=; =nbsp; &n=sp;
&nb=p; = &nbsp; &nb=p; = &nbsp; &nb=p;
Expected =isting: =nbsp; =YSE &nbs=; =nbsp; &n=sp; &nbs=;
=nbsp;
&nb=p; = &nbsp; &nb=p; =
Timing: =oday's =usiness =nbsp; &n=sp; &nbs=; =nbsp; &n=sp;
&nbs=;
&nb=p; = &nbsp; &nb=p; = &nbsp; &nb=p;

Let me know if you have any questions.

Best,

Andrew

&nb=p;

Andrew S. Atlas

First Vice President

Equity Sales/Middle Markets Group

Financial Advisor

Morgan Stanley Wealth Management

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

Tel/Direct: +1 212 705 4521 | Fax: +1 201 633 8007
andrew.atlas@morganstanley.com <mailto:andrew.atlas@morganstanley.com>

NMLS ID # =326736

NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or =iews Dodd-Frank contained Wall herein Street are Reform not intended and =onsumer to be, Protection and do not Act. constitute, If you have advice received =ithin this the meaning communication of Section in error, 975 of please the =estroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. =organ Stanley reserves the right, to the extent permitted under applicable =aw, to monitor electronic communications. This message is subject to terms =vailable at the following link: http://www.morganstanley.com/disclaimers If you =annot access these links, please notify us by reply message and we will send =he contents to you. By communicating with Morgan Stanley you consent to the =foregoing and to the voice recording of conversations with personnel of =organ Stanley.

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