Lumen Technologies Investor Presentation — May 2022

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© 2022 Lumen Technologies. All Rights Reserved. May –July 2022Lumen Investor PresentationIssued: May 4, 2022

Except forhistorical andfactual information, thematters setforth inthispresentation andother ofouroralorwritten statements identified bywords such as“estimates,” “expects,” “anticipates,”

“believes,” “plans,” “intends,” “will,” andsimilar expressions areforward -looking statements asdefined bythefederal securities laws, andaresubject tothe“safe harbor” protections thereunder .

These forward -looking statements arenotguarantees offuture results andarebased oncurrent expectations only, areinherently speculative, andaresubject toanumber ofassumptions, risks

anduncertainties, many ofwhich arebeyond ourcontrol .Actual events andresults may differ materially from those anticipated, estimated, projected orimplied byusinthose statements ifone

ormore ofthese risks oruncertainties materialize, orifunderlying assumptions prove incorrect .Factors thatcould affect actual results include butarenotlimited to:theeffects ofcompetition

from awide variety ofcompetitive providers, including decreased demand forourmore mature service offerings andincreased pricing pressures ;theeffects ofnew, emerging orcompeting

technologies, including those thatcould make ourproducts less desirable orobsolete ;ourability tosuccessfully andtimely attain ourkeyoperating imperatives, including simplifying and

consolidating ournetwork, simplifying andautomating ourservice support systems, attaining ourQuantum Fiber buildout plans, strengthening ourrelationships with customers andattaining

projected cost savings ;ourability tosafeguard ournetwork, andtoavoid theadverse impact ofpossible cyber -attacks, security breaches, service outages, system failures, orsimilar events

impacting ournetwork ortheavailability andquality ofourservices ;theeffects ofongoing changes intheregulation ofthecommunications industry, including theoutcome oflegislative,

regulatory orjudicial proceedings relating tocontent liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy andnet

neutrality ;ourability toeffectively retain andhirekeypersonnel andtosuccessfully negotiate collective bargaining agreements onreasonable terms without work stoppages ;possible changes in

customer demand forourproducts andservices, including increased demand forhigh-speed data transmission services ;ourability tosuccessfully maintain thequality andprofitability ofour

existing product andservice offerings andtointroduce profitable new offerings onatimely andcost-effective basis ;ourability togenerate cash flows sufficient tofund ourfinancial commitments

and objectives, including ourcapital expenditures, operating costs, debt repayments, dividends, pension contributions and other benefits payments ;ourability tosuccessfully and timely