Lumen Technologies Investor Presentation — November 2018

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© 2018 CenturyLink. All Rights Reserved.

3rdQuarter 2018 Results

November 8, 2018© 2018 CenturyLink. All Rights Reserved.

2Forward -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,” and similar expressions are forward -looking statements as defined by t he 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 expectations only, are

inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our con trol. Actual events and results may differ

materially 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

assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of competit ionfrom a wide variety of competitive providers,

including decreased demand for our legacy offerings and increased pricing pressures; the effects of new, emerging or competin g technologies, including those that could

make our products less desirable or obsolete; the effects of ongoing changes in the regulation of the communications industry , including the outcome of regulatory or

judicial proceedings relating to intercarrier compensation, interconnection obligations, universal service, broadband deploym ent, data protection and net neutrality; our

ability to timely realize the anticipated benefits of our recently -completed combination with Level 3, including our ability to attain anticipated cost savings, to use Level 3’s

net operating losses in the amounts projected, to retain key personnel and to avoid unanticipated integration disruptions; ou r ability to safeguard our network, and to

avoid the adverse impact on our business from possible security breaches, service outages, system failures, equipment breakag es or similar events impacting our

network or the availability and quality of our services; our ability to effectively adjust to changes in the communications i ndustry and changes in the composition of our

markets and product mix; possible changes in the demand for our products and services, including our ability to effectively r espond to increased demand for high -speed

broadband service; our ability to successfully maintain the quality and profitability of our existing product and service off erings, to provision them efficiently to our