#1Investor Presentation November 2023 - January 2024 LUMEN#2Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout goals, strengthening our relationships with customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, taxes, pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services; our ability to successfully maintain the quality and profitability of our existing product and service offerings, to introduce profitable new offerings on a timely and cost-effective basis and to transition customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our deleveraging and buildout strategies; our ability to successfully and timely consummate the pending divestiture of our European, Middle Eastern and African business, to successfully and timely realize the anticipated benefits from that divestiture and our divestitures completed in 2022, and to successfully operate and transform our remaining business; changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, healthcare, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer and shareholder complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance there with; the impact of any purported notice of default or notice of acceleration arising from alleged breach of covenants under our credit documents; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits and other items on favorable terms; our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use or renew intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards and receive our expected tax refund in the amounts projected; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; continuing uncertainties regarding the impact that COVID-19 and its aftermath could have on our business, operations, cash flows and corporate initiatives; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, vandalism, societal unrest, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic or geopolitical conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, regulatory, technological, industry, competitive, economic and market conditions, and our related assumptions, as of such date. We may change our intentions, strategies or plans without notice at any time and for any reason. LUMEN#3Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, net-debt-to-adjusted-EBITDA and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures to exclude the effect of special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends. Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the financial schedules to the Company's accompanying earnings release. Reconciliation of information and additional non-GAAP historical financial measures that may be discussed during the call, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies. 2 LUMEN#4Table of Contents 3 Faith PARLE TALD Maryl 809 678 890 Leadership Team Our Priorities Ỏ Lumen Business Quantum Fiber Review of 3Q23 Results LUMENⓇ#54 Experienced New Executive Team With Expertise in Driving Business Growth and Transformation Kate Johnson President & Chief Executive Officer Jay Barrows Executive Vice President, Enterprise Sales & Public Sector Andrew Dugan Executive Vice President, Chief Technology Officer Ana White Executive Vice President, Chief People Officer 30+ years of experience 30+ years of experience 30+ years of experience 20+ years of experience Microsoft Red Hat ORACLE 6 GE Digital EDB% Red Hat BraveHeart Level (3) ml MCI Microsoft f5 Chris Stansbury Executive Vice President, Chief Financial Officer Ashley Haynes-Gaspar 20+ years of Executive Vice President, experience Customer Experience Officer Maxine L. Moreau President, Mass Markets 30+ years of experience Kye Prigg Executive Vice President, Enterprise Operations 30+ years of experience 30+ years of experience WWW hp ERICSSON PEPSICO Beyond Now. ACCESS NETWORKS LUMEN Broadwing Microsoft O ROGERS vodafone SoftBank LUMENⓇ#6Our Priorities 28-8-71752#76 OUR MISSION Igniting business growth by connecting people, data, and apps quickly, securely, and effortlessly Igniting Business Growth across data, applications, devices, buildings, and other end-points People consumers, enterprise customers, employees Data, Apps tools that help people achieve desired outcomes, from video entertainment to employee productivity Quickly speed of execution, integrate across portfolio, network speed, ease of use, delivering on time, on demand Securely protected, trusted, safe, data privacy Effortlessly trusted, on time, delivering on promises, communication, quality, availability LUMENⓇ#8THE PATH TO DISRUPTION OUR NORTH STAR 7 Purpose Mission Customer Challenges Portfolio Success Culture Unleashing the world's digital potential Igniting business growth by connecting people, data and apps - quickly, securely and effortlessly Reliable, flexible & cost-effective core operations ■ Network More productive, engaged employees Secure data & applications Security Ease of doing business for employees & customers across all segments Enable business process improvement, innovation Fabric Partner Ecosystem - A digital ecosystem of Trusted Partners to help us innovate and grow Profitable revenue growth Participate in the digital economy and culture We operate with Teamwork, Trust, Transparency We infuse Clarity, Customer Obsession, Courage, Growth Mindset in everything we do Services LUMENⓇ#9Principled Approach to Reposition Lumen for Stabilization and Growth 8 Monetizing irreplaceable assets Making Intentional Investments aligned to growth markets, mindful of efficiency and cash Leveraging Experienced Team to deliver on transformation Driving Financial Outcomes through material improvements LUMENⓇ#10Lumen Business Try#11Lumen Capabilities 10 Secure, Flexible, and Reliable Connectivity From metro connectivity to long-haul data transport, we have the right network for next-gen apps and data Edge Cloud Innovations Largest low-latency network & Edge capabilities within <5ms for 97% of businesses in the U.S. Security Solutions and Expertise Integrated network security solutions and automated threat detection from the core to the edge Managed Services End-to-end managed services to help customers get the most value out of the Lumen Platform The Partner Ecosystem A digital ecosystem of Trusted Partners to help us innovate and grow LUMENⓇ#12Lumen's Extensive Infrastructure Assets Portfolio contains nearly every next-gen fiber network built International 11 e Level (3) Qwest RACAL CenturyLink® Global Crossing National (U.S.) e Qwest. Broadwing CenturyLink® GENUITY Level (3) Global Crossing WilTel COMMUNICATIONS Qwest Q KMC Telecom Tel Cove Long-lived assets underpin our growth strategy; all emerging technologies rely on fiber Local (U.S.) 360networks ICG Communications tw telecom. O Progress Telecom Level (3) WilTel. Looking Glass" NETWORKS LUMENⓇ#13Recreating Lumen's Existing Fiber Network Could Cost Up to $150B Vancouver Seattle Bandon Portland Manchester San Francisco Sacramento Sandose San Luis Obispo Los Angeles Boise San Dieg Salt Lake City Las Vegas San Bernarding Tijuana Phoenix 12 Issued: June 5, 2023 Tucson FIBER COUNT Denver Albuquerque El Paso 432-864 Stratford Wichita Omaha Oklahoma City Minneapolis Des Moines Topeka Austin San Antoniol Tulsa Fort Worth Dallas 217-432 Kansas City Houston Springfield Memphis Chicago St. Louis Little Rock Indianapoli Nashville Milwaukee Birmingham Jackson Mobile New Orleans < 217 ● Louisville Detroit Columbus Cincinnati Montgomery Chattanooga Tallahassee Atlanta Charlotte Toronto Pittsburgh Orlando Tampa Cleveland Buffalo Columbia lacksonville Binghamton Miami Raleigh On-net market Albany New York Philadelphia Baltimore Washington, D.C Richmond West Palm Beach Fort Lauderdale Montreal ● Boston We're focused on monetizing our network asset which is newer, offers better coverage, and is cheaper to upgrade than our competitors' networks STATE-OF-THE-ART FIBER ULTRA-LOW LATENCY BROAD COVERAGE UNMATCHED ROUTE DIVERSITY & SCALABILITY LUMENⓇ#14Driving Revenue Shift to the Grow Category We zoomed in on our product suite, recategorized our offerings, and have now rotated our focus towards products that are high Customer Lifetime Value ¹ and high growth, with next- generation capabilities - Market Business Product Category GROW NURTURE HARVEST Strategy to Maximize Cash Flow Prioritize growth to: ● Future-proof company Increase CLV potential Maintain customer spend and loyalty Migrate to Grow to preempt churn Products Included (Non-exhaustive) VoIP/UC&C, SASE, SD-WAN, IP, Waves, Managed Security VPN Data Networks, Ethernet Legacy Voice, Managed Hosting, Private Line CLV1 ~10x ~3x 1x Note: Percentages in projections columns do not add up to 100% due to exclusion of "other" category. 1. Metrics represent results relative to Harvest category. 2. Enterprise channel projected revenue excludes financial results of Lumen's EMEA business which is under contract for sale. See "Forward-Looking Statements" 3. Projected FY23-FY26 CAGR. 13 Issued: June 5, 2023. 2023 Revenue 2027 Revenue Mix² Mix² 41% 33% 18% 59% 22% 11% 3-Yr CAGR ³ -8% - (3%) - (4%) LUMENⓇ#15NaaS Presents Significant Upside that Lumen Is Positioned Well to Win NaaS¹ is a game-changing market opportunity... Est. SAM² across Mid-Market and Large Enterprise channels $10-15B 49% 51% 2022 Mid-Market -20% $25-35B 49% 51% 2027 Large Enterprise Note: Small businesses not included in market sizing exercise; Mid-Market = 50 to 249 FTES, Large Enterprise = 250+ FTES. 1. Network-as-a-Service. 2. Serviceable Addressable Market. Source: Analysys Mason. 14 Issued: June 5, 2023 ...that Lumen is uniquely positioned to win given: ● ● ● Ⓡ Owned and high-performing fiber network Large install base of customers Ability to build integrated software solutions Strong digital experience delivery LUMENⓇ#16ESG Initiatives 15 Environmental We are combating climate change, both through our solutions and internally at Lumen and disclosing our efforts through CDP 25% decrease in CO2 emissions (Scope 1 and 2) since 2018. Well on our way to achieve our goal of 18% by 2025 Received an A-score from CDP for our 2020 climate change mitigation efforts, placing Lumen at the "leadership level" and among the top 6% of responding companies Social Named one of America's Best Employers for Diversity by Forbes for the second year in a row in 2021 Received a 100% perfect score on the prominent Human Right Campaign Index, which evaluates the LGBTQ climate in an organization Recognized amongst the Top 100 internship programs for the 3rd straight year; awarded the #1 internship program in the country in 2021 Governance We are acting on shareholder feedback, making changes to executive compensation to better align pay with performance Launched our first Ethics & Compliance survey in 2022 across Lumen to better understand how accessible and trusted our processes are and to identify areas for improvement. More than 10,000 employees participated in this survey, and the results were overwhelmingly positive LUMENⓇ#17Quantum Fiber#18Advantages of Fiber 17 Performance Speed and Latency Bandwidth Up/Down Symmetry Reliability Security Weather Resistance Electrical Resistance $ Affordability Power Consumption Repair Costs Maintenance Costs Quantum FIBER#193Q23 Mass Markets Broadband Metrics Fiber Enabled Locations Continue to Accelerate Q/Q Fiber (¹) Enabled Locations Subscribers Other (¹) Enabled Locations Subscribers 3Q23 18 Issued: October 31, 2023 3.5M 896K 3Q23 18.2M 1.9M Y/Y Change (²) 487K 83K Y/Y Change (2) (586K) (354K) Q/Q Change 141K 19K Q/Q Change (172K) (92K) (1) For more information on how we calculate enabled locations and subscribers, see our accompanying earnings release. (2) Prior year amounts have been adjusted to remove the impacts of the 20-state ILEC business divestiture completed October 3, 2022, which included (i) fiber broadband subscribers of 76 thousand, (ii) other broadband subscribers of 1,073 thousand, (iii) fiber broadband enabled units of 0.3 million and (iv) other broadband enabled units of 7.2 million. The Company believes that this information will allow analysts and investors to understand the operating metrics associated with the divestiture of the 20-state ILEC business to understand the impact they had in relation to historical performance which will not recur. 141K Fiber Enabled Locations Adds Q/Q > +60 average NPS score on Quantum Fiber ~$61 Fiber Broadband ARPU Quantum FIBER#20Review of 3Q23 Results#213Q 23 Year-Over-Year Total Reported Revenue Bridge -73% of Decline Due to Post-Closing Commercial Agreements and Divestitures $4,390 3Q22 Reported 20 Issued: October 31, 2023 ~73% (2) i $23 -$571 Post-Closing Commercial Agreements/ Divestitures (1) -$201 Other Declines ($ in millions) $3,641 3Q23 Reported ($ in millions) Business Mass Markets Total Y/Y Change $2,894 (10.1%) 3Q23 $747 $3,641 (36.3%) (17.1%) (1) The Company believes that these figures will allow analysts and investors to understand (i) the amounts associated with the divestitures and the impact that it had on the Company's revenue generating activities in the third quarter of 2022 in relation to the Company's past, but not current or future, financial performance and (ii) the impact that the post-closing agreements have had on the Company's activities in the third quarter of 2023 and its current financial performance. (2) Calculated by combining the impacts from Post-Closing Commercial Agreements and Divestitures and showing them a percent of the total dollar change from 3Q22 Reported Revenue to 3Q23 Reported Revenue. LUMEN#223Q23 Total Reported Revenue Improvement in Enterprise Channel Trends Revenue ($ in millions) Enterprise Channels Large Enterprise Mid-Market Enterprise Public Sector Wholesale 3Q23 Total Business Total Mass Markets Total Revenue $2,124 $1,182 Q/Q% Change 1.1% 0.3% (1.8%) 7.2% 58.3% 32.5% $498 13.7% $444 12.2% $770 (3.4%) 21.1% (0.1%) 79.5% (2.2%) 20.5% $3,641 (0.5%) 100% (1) Other includes Equipment and IT Solutions. (2) Direct margin is defined as revenue less variable and fixed costs directly associated with the provision of services and products to customers. Direct costs would include, but are not limited to: direct labor and materials/goods, direct taxes and fees, incremental third-party costs that can be attributed to a specific customer, and certain fixed costs. 21 Issued: October 31, 2023 $2,894 $747 % Total Revenue ($ in millions) Grow Nurture Harvest Subtotal Other (1) Total Business 3Q23 $1,125 $865 $690 $2,680 $214 $2,894 Q/Q% Change % Total (1.1%) 38.9% (0.5%) (3.8%) (1.6%) 92.6% 23.7% (0.1%) 29.9% 23.8% 7.4% 100% Direct Margin (2) ~82% -69% -80% -77% -20% -73% LUMEN#233Q23 Mass Markets Revenue Fiber Contribution Ramping Revenue ($ in millions) Fiber Broadband Other Broadband (1) Voice and Other Total Mass Markets Q/Q% Change $162 3.2% 21.7% $340 (4.2%) 45.5% $245 32.8% (2.8%) $747 (2.2%) 100% 3Q23 % Total 18% Fiber Revenue Contribution to Total Broadband 18% 19% (1) Other Broadband revenue primarily includes revenue from lower speed copper-based broadband services marketed under the CenturyLink brand. 22 Issued: October 31, 2023 20% 22% 28% 29% 31% 32% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Y Includes the 20-State ILEC Business Divestiture Quantum FIBER#243Q23 Year-Over-Year Adjusted EBITDA Bridge -58% of Decline Due to Post-Closing Commercial Agreements and Divestitures $1,688 3Q22 Reported 23 Issued: October 31, 2023 -58% -$40 -$332 (2) Post-Closing Commercial Agreements/ Divestitures (¹) -$267 Other Declines ($ in millions) $1,049 3Q23 Reported ($ in millions) Total Revenue Adjusted EBITDA Adj. EBITDA Margin Y/Y Change $3,641 (17.1%) 3Q23 $1,049 (37.9%) 28.8% (970bps) (1) The Company believes that these figures will allow analysts and investors to understand (i) the amounts associated with the divestitures and the impact that it had on the Company's revenue generating activities in the third quarter of 2022 in relation to the Company's past, but not current or future, financial performance and (ii) the impact that the post-closing agreements have had on the Company's activities in the third quarter of 2023 and its current financial performance. (2) Calculated by combining the impacts from Post-Closing Commercial Agreements and Divestitures and showing them a percent of the total dollar change from 3Q22 Adjusted EBITDA to 3Q23 Adjusted EBITDA. LUMEN#25Consolidated Cash Flow Summary 24 Issued: October 31, 2023 ($ in millions) Cash Flow from Operations Capital Expenditures Free Cash Flow (1) Net Cash Interest Key Metrics 3Q23 $881 $843 $43 $320 LUMEN#26Reiterated 2023 Financial Outlook Metric (1)(2) 25 Issued: October 31, 2023 Adjusted EBITDA Free Cash Flow (4)(5) Net Cash Interest GAAP Interest Expense Capital Expenditures Depreciation & Amortization Stock-based Compensation Expenses Cash Income Taxes (5) Full Year Effective Income Tax Rate Outlook (3) $4.6 to $4.8 billion $0 to $200 million $1.1 to $1.2 billion $1.200 billion $2.9 to $3.1 billion $2.9 to $3.1 billion -$65 million -$300 to $400 million -26% (1) For definitions of non-GAAP metrics and reconciliation to GAAP figures, see Lumen's Investor Relations website. (2) Outlook measures in this presentation and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of October 31, 2023. See "Forward Looking Statements" at the beginning of this presentation. (3) Includes accounting impacts of assets and liabilities held for sale and assumes the proposed sale of Lumen's EMEA business is completed November 1, 2023. (4) Assumes no discretionary pension plan contributions during 2023. (5) Excludes approximately $1 billion impact of taxes related to our divestitures completed on August 1, 2022 and October 3, 2022. LUMEN