Lumen Technologies : IR Presentation

Investor Presentation

May 2024 - July 2024

© 2024 Lumen Technologies. All Rights Reserved.

Forward-Looking Statements

Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements 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 expectations 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 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: our ability to consummate the transactions contemplated by our amended and restated transaction support agreement entered into on January 22, 2024 (the "TSA") on the currently expected timeline or at all, including the ability of the parties to successfully negotiate definitive agreements with respect to the matters covered by the term sheet included therein and the occurrence of events that may give rise to failure to satisfy any of the conditions to consummating such transactions or a right of any of the parties to terminate the TSA; the effects of intense 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 products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout schedule, replacing aging or obsolete plant and equipment, strengthening our relationships with customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, 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 regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, taxes, pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services and artificial intelligence services; our ability to successfully maintain the quality and profitability of our existing product and service offerings, to introduce profitable new offerings on a timely and cost-effective basis and to transition customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our deleveraging and buildout strategies; our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, and to successfully operate and transform our remaining business; changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, healthcare, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer and shareholder complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; the impact of any purported notice of default or notice of acceleration arising from alleged breach of covenants under our credit documents; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits and other items on favorable terms; our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use or renew intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards in the amounts projected; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, vandalism, societal unrest, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health or geopolitical conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, existing regulatory, technological, industry, competitive, economic and market conditions, and our assumptions, as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time without notice, based upon any changes in such factors, in our assumptions or otherwise.

1	© 2024 Lumen Technologies. All Rights Reserved.

Non-GAAP Measures

This presentation includes certain historical and forward-lookingnon-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, net-debt-to-adjusted-EBITDA and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures to exclude the effect of special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.

Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the financial schedules to the Company's accompanying earnings release. Reconciliation of information and additional non-GAAP historical financial measures that may be discussed during the call, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.

2	© 2024 Lumen Technologies. All Rights Reserved.

Table of Contents

Leadership Team

Our Priorities

Lumen Business

Quantum Fiber

Review of 1Q24 Results

3	© 2024 Lumen Technologies. All Rights Reserved.

Experienced New Executive Team With Expertise in

Slide Title

Driving Business Growth and Transformation

	Kate Johnson	30+ years of
	President &
	experience
	Chief Executive Officer
	Satish Lakshmanan	30+ years of
	Executive Vice President, Chief
	experience
	Product & Strategy Officer
	Dave Ward	25+ years of
	Chief Technology Officer	experience
	Ana White	20+ years of
	Executive Vice President,
	experience
	Chief People Officer

Chris Stansbury

Executive Vice President, Chief Financial Officer

Ashley Haynes-Gaspar

Executive Vice President, Chief Revenue Officer

Maxine L. Moreau

President, Mass Markets

Kye Prigg

Executive Vice President, Enterprise Operations

30+ years of experience

20+ years of experience

30+ years of experience

30+ years of experience

4	© 2024 Lumen Technologies. All Rights Reserved.

Our Priorities

5	© 2024 Lumen Technologies. All Rights Reserved.

OUR MISSION

Igniting business growth by connecting people, data, and apps -

quickly, securely, and effortlessly

Igniting Business Growth

across data, applications, devices, buildings,

and other end-points

People

consumers, enterprise customers, employees

Data, Apps

tools that help people achieve desired outcomes, from video entertainment to employee productivity

Quickly

speed of execution, integrate across portfolio, network speed, ease of use, delivering on time, on demand

Securely

protected,

trusted, safe, data privacy

Effortlessly

trusted, on time, delivering on promises, communication, quality, availability

6	© 2024 Lumen Technologies. All Rights Reserved.

T H E P A T H T O D I S R U P T I O N

Our North Star

Purpose	Unleashing the world's digital potential
Mission
Igniting business growth by connecting people, data and apps - quickly, securely and effortlessly

Customer

Reliable, flexible

More productive,

Secure data

Enable business process

Participate in

Challenges

& cost-effective

engaged employees

& applications

improvement, innovation

the digital economy

core operations

and culture

Product		Network	Security		Fabric	Services
Houses		Compelling asset across our	Compelling asset within our		Compelling asset around	Compelling asset
	Fiber Density and Orchestration	Black Lotus Labs cybersecurity center	the ways we can enable Software	in our proficiency as
						a Scale Operator
		Partner Ecosystem - A digital ecosystem of Trusted Partners to help us innovate and grow
Success		Ease of doing business for employees	Profitable revenue growth
	& customers across all segments
Culture	▪ We operate with Teamwork, Trust, Transparency
▪	We infuse Clarity, Customer Obsession, Courage, Growth Mindset, Allyship in everything we do

© 2024 Lumen Technologies. All Rights Reserved.

7

© 2024 Lumen Technologies. All Rights Reserved.

Principled Approach to Reposition Lumen for Stabilization and Growth

Monetizing irreplaceable assets

Making Intentional Investments aligned to growth markets, mindful of efficiency and cash

Leveraging Experienced Team to deliver on transformation

Driving Financial Outcomes through material improvements

8 © 2024 Lumen Technologies. All Rights Reserved.

Executing Lumen's Transformation

Slide Title

Disrupting Traditional Telecom

& Powering the Digital Economy

Improving	Driving Commercial	Innovating for
Financial Health	Excellence	Growth
Completed TSA Improves	Securing the Base by	Cloudifying telecom and
Capital Structure &	Improving Sales Execution,	empowering Customers
Shapeshifting Lumen with AI,	Enhancing the Customer	to Unleash the World's Digital
Automation, Digital skills	Experience & Reducing Churn	Potential

9	© 2024 Lumen Technologies. All Rights Reserved.