Lumen Technologies Investor Presentation — November 2019

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4thQuarter 2019 Results

February 12, 2020Issued: Nov 6, 2019

Issued: Feb. 12, 20202Forward -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 more mature service offerings and increased pricing pressures; the effects of new, emergin g or competing technologies, including

those that could make our products less desirable or obsolete; our ability to attain our key operating imperatives, including simplifying and consolidating our network,

simplifying and automating our service support systems, strengthening our relationships with customers and attaining projecte d cost savings; our ability to safeguard our

network, and to avoid the adverse impact on our business from possible security breaches, service outages, system failures, e quipment breakage or similar events

impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of th e communications industry, including the

outcome of regulatory or judicial proceedings relating to intercarrier compensation, interconnection obligations, special acc ess, universal service, broadband deployment,

data protection, privacy and net neutrality; our ability to effectively adjust to changes in the communications industry 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 respond to in creased demand for high -speed data

transmission services; our ability to successfully maintain the quality and profitability of our existing product and service offerings and to introduce profitable new

offerings on a timely and cost -effective basis; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital