1Q22 Enterprise Channel Revenue Report

Adjusted EBITDA | Adjusted EBITDA Margin 28 Issued: May 4, 2022 $4.906 $4.802 Excluding CAF II(1) $4.764 Reported $4.725 $4.617 $4.676 42.0% 41.6% 41.6% 41.4% 41.3% 41.0% $2.042 $1.987 $1.955 $1.966 $1.907 $1.966 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 ■Adj. EBITDA ■Total Revenue Adj. EBITDA Margin ($ in billions) (1) 1Q21, 2Q21, 3Q21, 4Q21 and 1Q22 exclude CAF II impacts of $123 million, $122 million, $123 million, $122 million and $59 million, respectively. LUMEN®

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