#1LUMEN TECHNOLOGIES Investor Presentation May July 2023 - LUMEN#22 Forward-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, 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; 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 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 retained business after such divestitures; 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 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 therewith; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and financial institutions; 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; 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 recently enacted legislation promoting broadband development; our ability to use our net operating loss carryforwards 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 and 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. Issued: May 2, 2023 LUMENⓇ#33 Non-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. Issued: May 2, 2023 LUMENⓇ#44 Table of Contents Faith PARLE TALD Maryl Issued: May 2, 2023 809 678 890 Leadership Team Our Priorities Ỏ Lumen Business Quantum Fiber Review of 1Q23 Results LUMENⓇ#55 Lumen's Executive Leadership Team Chris Stansbury EVP & CFO Issued: May 2, 2023 Kate Johnson President & CEO Ashley Haynes-Gaspar EVP, CX Maxine L. Moreau EVP, Mass Markets Andrew Dugan EVP, CTO & Ops Sham Chotai EVP, Product & IT Jay Barrows EVP, Sales New Leadership As of April 2022 Existing Leadership Stacey W. Goff EVP & General Counsel LUMENⓇ#6Our Priorities 28-8-71752#77 Our North Star Purpose Mission Customer Challenges Lumen Capabilities Success Culture Issued: May 2, 2023 Furthering human progress through technology To digitally connect people, data & applications - quickly, securely, & effortlessly Reliable, flexible & cost-effective core operations ■ More productive, engaged employees Connectivity World class, secure, reliable public & private networking Secure data & applications Ease of doing business for employees & customers across all segments Enable business process improvement, innovation Security Expertise Network intelligence thru Black Lotus Labs Partner Ecosystem - A digital ecosystem of Trusted Partners to help us innovate and grow Edge Cloud Innovations <5ms latency for 97% U.S. Business DON Participate in the digital economy and culture Managed Services Network management at scale; Al Operations and Network Automation Profitable revenue growth We operate with Teamwork, Trust, Transparency We infuse Clarity, Customer Obsession, Courage, Growth Mindset in everything we do LUMENⓇ#88 2023 Core Priorities 1 Develop Customer Obsession Issued: May 2, 2023 2 Innovate & Invest for Growth 3 Build a Reliable Execution Engine 4 Radically Simplify Our Company 5 Further Develop Our Culture LUMENⓇ#99 OUR MISSION To digitally connect people, data, and applications - quickly, securely, and effortlessly Digitally Connect People Data, Applications connectivity across data, applications, devices, buildings, and other end-points tools that help people achieve desired outcomes, from video entertainment to employee productivity Issued: May 2, 2023 consumers, enterprise customers, employees 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Ⓡ#10Lumen Business#1111 Lumen Capabilities Issued: May 2, 2023 Secure, Flexible, and Reliable Connectivity From metro connectivity to long-haul data transport, we have the fastest, most secure platform 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 Qwest Level (3) e RACAL CenturyLink® Global Crossing 12 Issued: May 2, 2023 National (U.S.) Q Qwest Broadwing CenturyLink® GENUITY Level (3) Global Crossing WilTel COMMUNICATIONS Qweste Local (U.S.) KMC Telecom Tel Cove Long-lived assets underpin our growth strategy; all emerging technologies rely on fiber 360networks ICG Communications tw telecom. O Progress Telecom Level (3) WilTel. Looking Glass" NETWORKS LUMENⓇ#1313 Lumen Edge Computing Enabling superior performance for latency- sensitive, data-intensive applications Lumen's Competitive Advantage: Enhanced control with Lumen-owned network connectivity from end to end Superior availability through our dense coverage model Enables ≤5ms latency performance to more than 97% of U.S. enterprises Issued: May 2, 2023 Edge Computing Solutions in the U.S. and Europe LUMENⓇ#14Enabling Low-Latency Use Cases Contactless Checkout % B 14 Issued: May 2, 2023 Retail Real-Time Promotions Inventory Management and Fraud Prevention AR/VR Customer Experiences Manufacturing Optical Inspections Predictive Maintenance AR Workflows M FR Real-Time Process Control LUMENⓇ#1515 Edge-enabled contactless checkout Convenience stores and groceries are turning to edge computing to deliver seamless, contactless checkout-leveraging Al/ML, computer vision and secure, low-latency connectivity to deliver near real-time results and convenience. 1 2 50% OFF FRUIT 11 II Issued: May 2, 2023 How contactless checkout works An edge-connected sensor at the front of the store recognizes the customer's phone through an app with unique IDs and payment information The customer picks up items to put in their cart, while cameras keep track of the items by connecting and transmitting images to the edge 3 (4) 1Automatic checkout solution expert interview. 0000 Exit sensor recognizes the customer's phone to get information on items as the customer exits with purchases and receives an automatic receipt on their phone Public cloud digests sensor and video data, then applies AI/ML and computer vision to track customers and identify items ▶ ▶ Potential benefits Increasing throughput to uplift revenue by 5+%¹ Boosting revenue with inventory optimization by 1-4% Improving staff productivity by an average of 5+%' Driving a reduction in shrink by up to 4-5% LUMENⓇ#16Edge-enabled contactless checkout 111 Retail location Edge-connected sensors 1 identify the customer's unique ID via an app on their phone 16 Issued: May 2, 2023 3 Exit sensor recognizes customer's phone and automatically processes the purchase as they leave the store. On-premises edge digests sensor and video data, (2) then applies AI/ML and computer vision to track customer's movement and identify items in their cart ☆ Lumen® SD-WAN Bluetooth Lumen firewall T-Mobile USA 5G Lumen® Edge Gateway¹ Lumen® IP VPN Wi-Fi or T-Mobile USA 5G Public cloud Lumen Fiber Connectivity solutions Lumen ITS, professional security services T-Mobile USA 5G 4 Public cloud digests sensor and video data, then applies Al/ML and computer vision to track customers and identify items Lumen Dynamic Connections IP VPN ... Edge cloud location Lumen Edge Bare Metal Lumen Edge VM Lumen Edge Private Cloud Lumen firewall Lumen Dynamic Connections IP VPN Data is sent to the cloud metro edge from multiple retail sites and then transmitted to the public cloud. For high compute use-cases use Lumen Edge Gateway with Lumen Private Cloud I LUMENⓇ#17Network verified Cloud-based applications Cloud service providers Multi-cloud User verified Anywhere Home 17 Issued: May 2, 2023 On-premises Security SASE HOMSON Data type verified Office Device verified Contractor DO GO Destination verified Edge Software-defined networks SASE Integrated security Hybrid cloud diversity WAN optimization Intelligent routing Managed orchestration 228 Service provisioning on App performance LUMEN Cloud acceleration The Lumen Platform Mangement and monitoring 00 - A Network SASE Network security Cloud security Branch security Routing and policy management LUMENⓇ#18ESG Initiatives 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 18 Issued: May 2, 2023 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Ⓡ#19Quantum Fiber#201Q23 Mass Markets Broadband Metrics Fiber Builds Accelerate in 1Q23 As Quantum Ramps Up Fiber(1) Enabled Locations Subscribers Other (1) Enabled Locations Subscribers 1Q23 3.3M 856K 1Q23 18.5M 2.1M Y/Y Change (2) 595K 96K Y/Y Change (2) Q/Q Change (372K) 120K 24K Q/Q Change (469K) (288K) (80K) (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 70 thousand, (ii) other broadband subscribers of 1,140 thousand, (iii) fiber broadband enabled units of 0.3 million and (iv) other broadband enabled units of 7.0 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. 20 Issued: May 2, 2023 ~$60 Fiber ARPU -120K Fiber Enabled Locations Adds Q/Q > +60 Fiber NPS Quantum FIBER#2121 Advantages of Fiber Issued: May 2, 2023 Performance Speed and Latency Bandwidth Up/Down Symmetry Reliability Security Weather Resistance Electrical Resistance $ Affordability Power Consumption Repair Costs Maintenance Costs Quantum FIBER#22Review of 1Q23 Results#231Q23 Highlights Strengthening the Balance Sheet While Executing on Growth Plan Over $600 million Debt Reduction Through Exchange Offer 23 Issued: May 2, 2023 Quantum Fiber 29% Revenue Contribution to Total Broadband Revenue Grow +3.4% Q/Q Business Product Revenue Enablement Adds -120K Q/Q Increase in Quantum Fiber Enabled Locations LUMENⓇ#2424 1Q23 Year-Over-Year Total Reported Revenue Bridge -80% of Decline Due to CAF II Release, Post-Closing Commercial Agreements and Divestitures ● Business: -13.1% Mass Markets: -38.7% Total: -20.1% (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 the CAF Phase II program had on the Company's revenue. generating activities in the first 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 first quarter of 2023 and its current financial performance. (2) Calculated by combining the impacts from 1Q22 CAF II Release, Post-Closing Commercial Agreements, and Divestitures and showing them as a percent of the total dollar change from 1Q22 Reported Revenue to 1Q23 Reported Revenue. Issued: May 2, 2023 $4,676 1Q22 Reported -$59 -80% 1Q22 CAF II elease (¹) (2) $28 -$716 Post-Closing Commercial Agreements/ Divestitures (1) ($ in millions) -$191 Other Declines $3,738 1Q23 Reported LUMENⓇ#251Q23 Total Reported Revenue Improved Performance in Grow Products and Enterprise Channels Revenue ($ in millions) Enterprise Channels Large Enterprise Mid-Market Enterprise Public Sector Wholesale Business Subtotal Mass Markets Total Revenue 1Q23 $2,139 $1,194 $515 $430 $817 $2,956 $782 $3,738 Q/Q% Change (1.4%) (1.9%) (1.3%) (0.2%) (2.2%) (1.6%) (1.6%) (1.6%) % Total 57.2% 31.9% 13.8% 11.5% 21.9% 79.1% 20.9% 100% (1) Other includes Equipment and IT Solutions. (2) Direct margin is defined as revenue less variable and fixed costs directly associated with the provision of services and products to customers. Direct costs would include, but are not limited to: direct labor and materials/goods, direct taxes and fees, incremental third-party costs that can be attributed to a specific customer, and certain fixed costs. 25 Issued: May 2, 2023 Revenue ($ in millions) Grow Nurture Harvest Other (¹) Total Business 1Q23 $1,128 $905 $739 $184 $2,956 Q/Q% Change 3.4% (3.1%) (4.9%) (9.4%) (1.6%) % Total 38.2% 30.6% 25.0% 6.2% 100% Direct Margin (2) -83% -65% -78% -26% -73% LUMENⓇ#261Q23 Mass Markets Revenue Fiber Contribution Ramping Revenue ($ in millions) Fiber Broadband Other Broadband (1) Voice and Other Total Mass Markets 1Q23 $152 $369 $261 $782 Q/Q% Change 2.7% (2.1%) % Total (1.6%) 19.4% 47.2% (3.3%) 33.4% 100% (1) Other Broadband revenue primarily includes revenue from lower speed copper-based broadband services marketed under the CenturyLink brand. 26 Issued: May 2, 2023 16% 17% 18% Fiber Revenue Contribution to Total Broadband 18% 19% 20% 22% 28% T Includes the 20-State ILEC Business Divestiture 29% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 L Quantum FIBER#271Q23 Year-Over-Year Adjusted EBITDA Bridge 73% of Decline Due to CAF II Release, Post-Closing Commercial Agreements and Divestitures ($ in millions) Total Revenue Adjusted EBITDA Adj. EBITDA Margin 1Q23 $3,738 $1,251 33.5% Q/Q Change (1.6%) (10.2%) (320bps) (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 the CAF Phase II program had on the Company's revenue. generating activities in the first 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 first quarter of 2023 and its current financial performance. (2) Calculated by combining the impacts from 1Q22 CAF II Release, Post-Closing Commercial Agreements, and Divestitures and showing them as a percent of the total dollar change from 1Q22 Reported Revenue to 1Q23 Reported Revenue. 27 Issued: May 2, 2023 $1,966 1Q22 Reported -$59 73% 1Q22 CAF II Release (1) (2) -$48 -$415 -$193 Other Post-Closing Commercial Declines Agreements/ Divestitures (1) ($ in millions) $1,251 1Q23 Reported LUMENⓇ#28Consolidated Cash Flow Summary ($ in millions) Cash Flow from Operations Capital Expenditures Free Cash Flow (1) Net Cash Interest Key Metrics (1) Includes the impact of $90 million in cash tax payments related to our divestitures completed on August 1, 2022 and October 3, 2022. Issued: May 2, 2023 28 1Q23 $595 $640 ($75) $350 LUMENⓇ#29Updated 2023 Financial Outlook Metric (1)(2) 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 Current 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 -$125 million -$300 to $400 million -26% Previous 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 ~$125 million -$200 to $300 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, 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 May 2, 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 not completed during 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. 29 Issued: May 2, 2023 LUMENⓇ