Lumen Investor Day Presentation Deck

NaaS 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 31 $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. INNOVATE FOR GROWTH ...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Ⓡ

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