Lumen Investor Presentation Deck

Realizing Significant Value With Announced Divestitures 7 Issued: May 4, 2022 TRANSACTIONS CLOSING 10 Apollo to acquire Lumen's ILEC assets (1) in 20 states for $7.5 billion (5.5x multiple) Anticipate closing during early 4Q22 Stonepeak to acquire Lumen's LATAM business for $2.7 billion (9x multiple) Anticipate closing during early 3Q22 Net discretionary cash proceeds of ~$7 billion (²) expected (1) Sold operations also include portion of Enterprise and Wholesale served by ILEC assets in the 20 states (2) Net of Embarq debt transfer of $1.4 billion, Pension and OPEB liabilities, taxes, and other transaction-related costs LUMENⓇ

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