Lumen Investor Presentation Deck

1Q22 Year-over-year Adjusted EBITDA Bridge $2,165 1Q21 Adj. EBITDA 27 Issued: May 4, 2022 -$123 1Q21 CAF II Support $59 1Q22 CAF II Revenue Release ($ in millions) -$135 Other(¹) $1,966 1Q22 Adj. EBITDA 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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