Lumen Technologies Investor Presentation — May 2021

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© 2021 Lumen Technologies. All Rights Reserved.

First Quarter 2021 Results

May 5th, 2021Issued: May 5, 20212Forward -Looking Statements

Except for historical and factual information, the matters set forth in this presentation and other of our oral or written st atements identified by words such as “estimates,” “expects,”

“anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions are forward- looking statements as defined by the federal securities laws, and are subject to the “safe harbor”

protections thereunder. These forward- looking statements are not guarantees of future results and are based on current expectati ons only, are inherently speculative, and are subject

to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may dif fermaterially from those anticipated, estimated,

projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assu mptions prove incorrect. Factors that could affect actual

results include but are not limited to: uncertainties regarding the extent to which COVID -19 health and economic disruptions wil l continue to impact our business, operations, cash

flows and corporate initiatives; the effects of competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and

increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our product s less desirable or obsolete; our ability to attain our

key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service suppor t systems, strengthening our relationships with

customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of poss ible security breaches, service outages, system failures,

or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the r egulation of the communications industry, including the

outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, u niversal service, broadband deployment, data protection,

privacy and net neutrality; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work

stoppages; possible changes in the demand for our products and services, including increased demand for high- speed data transmis sion services; our ability to successfully maintain