1Q22 Enterprise Channel Revenue Report

1Q22 Year-over-year Adjusted EBITDA Bridge $59 $2,165 -$123 -$135 $1,966 1Q21 Adj. EBITDA 1Q21 CAF II Support 1Q22 CAF II Revenue Release Other(1) 1Q22 Adj. EBITDA ($ in millions) 27 Issued: May 4, 2022 CAF II Support and Revenue Release Impacting Comparability with Prior Periods (1) Includes impact of revenue declines, investments for growth and separation-related activities resulting in lower transformation savings. LUMEN®

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