1Q22 Enterprise Channel Revenue Report

Realizing Significant Value With Announced Divestitures 7 Issued: May 4, 2022 TRANSACTIONS Apollo to acquire Lumen's ILEC assets (1) in 20 states for $7.5 billion (5.5x multiple) Stonepeak to acquire Lumen's LATAM business for $2.7 billion (9x multiple) CLOSING Anticipate closing during early 4Q22 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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