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© 2025 Lumen Technologies. All Rights Reserved. 1 1
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Today's presentations contain forward-looking statements, which are based on current expectations, assumptions, and projections about future events and business performance and include among other things, statements about our strategy, transformation initiatives, product development, market opportunities, financial outlook and operational plans. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. We undertake no obligation to update these statements, except as required by law. Please refer to our most recent SEC filings for a discussion of the risk factors that could affect our business. Forward-Looking Statement © 2025 Lumen Technologies. All Rights Reserved.
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Kate Johnson, Chief Executive Officer A Blueprint for Transformation
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© 2025 Lumen Technologies. All Rights Reserved. © 2025 Lumen Technologies. All Rights Reserved. SM
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© 2025 Lumen Technologies. All Rights Reserved. Our Leadership Team Kate Johnson President & Chief Executive Officer Dave Ward EVP, Chief Technology & Product Officer Ana White Executive Vice President & Chief People Officer Chris Stansbury Executive Vice President & Chief Financial Officer Ashley Haynes-Gaspar Executive Vice President & Chief Revenue Officer Kye Prigg Executive Vice President of Enterprise Operations Mark Hacker Executive Vice President & Chief Legal Officer Ryan Asdourian EVP, Chief Marketing & Strategy Officer Wes Gibson Executive Vice President of Mass Markets
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© 2025 Lumen Technologies. All Rights Reserved. 6 CIOs are expected to deliver insight at the speed of thought in a sea of technical complexity: • AI-driven data proliferation is real • Apps, data, and users are widely dispersed across geographies • Hybrid architectures and multi-cloud environments are here to stay • Intermediaries add cost without innovation The War on Technical Complexity © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 7 Lumen is Simplifying the Complex Removing friction. Collapsing layers. Unlocking speed. Embedding security. Reducing cost. © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. $15B Cloudify Telecom TAM (~5% CAGR), part of larger $80B enterprise connectivity opportunity Cloud spending projected to increase ~2x by 2030 to $1.12T By 2030, US data center site expansions are expected to grow nearly 70%, which is ~1,600 ~85% of customers are expecting AI to drive bandwidth and cloud demand © 2025 Lumen Technologies. All Rights Reserved. Our Market Opportunity Sources: Cloud spending and data center expansion projections based on multi-source data prepared by 4MC Partners for Lumen analysis. TAM data based IDC TAM Reports 2024 and 2025. 85% customer data based on Gartner, What’s New in Artificial Intelligence, 2023 Gartner Hype Cycle , August 2023.
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© 2025 Lumen Technologies. All Rights Reserved. We navigated significant challenges... Q2 2025 Q3 2024 Corning and Lumen embark on fiber partnership Q4 2024 $8.5B in PCF deals with hyperscalers Q1 2025 Record-breaking 1.2 Tbps Wavelength Service Q1 2025 Awarded one of America’s Most Innovative Companies by Fortune Q2 2025 Google Cloud Direct Fiber Access announcement Q3 2025 Surpassed 1,000 NaaS customers Sale of consumer fiber to AT&T Q3 2022 Johnson appointed CEO Cut the dividend Q1 2023 Established a North Star Launched Dare to Lead leadership program Q4 2023 Divested European assets Launched Lumen NaaS Q3 2022 Q1 2023 Q1 2024 Q1 2024 Largest out-of- court debt restructuring in history
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© 2025 Lumen Technologies. All Rights Reserved. ...and emerged with strategic clarity. Q2 2025 Q3 2024 Corning and Lumen partner on next- gen fiber for AI Q4 2024 $8.5B in PCF deals with hyperscalers Q1 2025 Record-breaking 1.2 Tbps Wavelength Service Q1 2025 Awarded one of America’s Most Innovative Companies by Fortune Q2 2025 Google Cloud Direct Fiber Access announcement Q3 2025 Surpassed 1,000 NaaS customers Announced sale of consumer fiber to AT&T Q3 2022 Johnson appointed President & CEO Cut the dividend Q1 2023 Established a North Star Launched Dare to Lead leadership program Q4 2023 Divested European assets Launched Lumen NaaS Q4 2022 Q1 2023 Q1 2024 Q1 2024 Largest out-of- court debt restructuring in history
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© 2025 Lumen Technologies. All Rights Reserved. Innovation Engine Momentum Financial Freedom Enterprise Focus © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. MISSION PURPOSE Igniting business growth by connecting people, data and apps – quickly, securely and effortlessly Unleashing the world’s digital potential SUCCESS Delightful Experiences for employees, customers, and partners Profitable revenue growth CUSTOMER SOLUTION AREAS Security Services Infrastructure Services Communication Services Connectivity Services CULTURE We operate with Teamwork, Trust, Transparency We infuse Clarity, Customer Obsession, Courage, Growth Mindset, Respect in everything we do T H E P A T H T O D I S R U P T I O N Media and Entertainment Services Connectivity Fabric Innovation that customers value Our North Star
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© 2025 Lumen Technologies. All Rights Reserved. Lumen is a digital network services company that delivers ubiquitous, universal connectivity to enterprises. Our high-bandwidth, low-latency, secure, resilient, and intelligent fiber solutions are delivered digitally and on-demand, giving customers control over how they consume connectivity. © 2025 Lumen Technologies. All Rights Reserved. Our Long-Term Vision
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© 2025 Lumen Technologies. All Rights Reserved. Business as Usual: Modernize & Simplify, Drive CNS growth, Secure the Base Lumen 8: Teamwork, Trust, Transparency, Growth Mindset, Customer Obsession, Clarity, Courage, Respect The Lumen Growth Strategy Build the backbone for the AI economy Cloudify and agentify the telecom industry with Lumen Connectivity Fabric Build the Lumen Connected Ecosystem 1 2 3 Physical Digital Ecosystem
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© 2025 Lumen Technologies. All Rights Reserved. Physical: Lumen’s Original Competitive Advantage Continued innovation Multi-billion-dollar network expansion 34M+ intercity fiber miles planned to be laid 16.6M Total projected intercity fiber miles by year end $100M+ in upgrades allocated To bring high-speed connectivity up to 400Gbps 5.9+ Pbps Added total capacity to network to handle demands of AI and business We own the network. We innovate the network. We are the network. © 2025 Lumen Technologies. All Rights Reserved. 55 additional routes Expanded conduit access across new routes, secures long-term rights to pathways 1 Forward-looking statements, not guarantees of future results, subject to uncertainties, based on current expectations as of 9/1/25
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© 2025 Lumen Technologies. All Rights Reserved. Legacy Telecom Capital- and labor-intensive economics • Static, point to point • Analog CX, slow, and people-heavy • Impeded growth often supporting 1 service per port • Linear cost and revenue growth Digital: Frictionless Growth Potential © 2025 Lumen Technologies. All Rights Reserved. 2 Premise DDoS Cloud Services Internet DIA Data Center Managed Services Edge
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© 2025 Lumen Technologies. All Rights Reserved. ‘Cloudified’ Telecom Key enablers • Internet-on-Demand (IoD) Offnet • Lumen Connect • Project Berkeley © 2025 Lumen Technologies. All Rights Reserved. 2 Digital: Frictionless Growth Potential Premise DDoS Cloud Services Internet DIA Data Center Managed Services Edge
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© 2025 Lumen Technologies. All Rights Reserved. Some of Our 1,000+ NaaS Customers
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© 2025 Lumen Technologies. All Rights Reserved. Lumen Digital Platform Quick, Secure, Effortless CX with direct fiber access & NaaS Physical Network Best backbone, unique routes, state of the art fiber Enterprise / Public Sector Customers Technology Partnerships HyperscalersData Centers The Connected Ecosystem Leveraging our physical and digital assets to drive commercial scale 3 Building Partnerships Across the Tech World
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NEED DESIGN HELP Lumen Technologies is © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 21
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© 2025 Lumen Technologies. All Rights Reserved. 22 The Industry's Legacy: A Cautionary Tale Late 1990s/early 2000s, billions of dollars deployed to build new fiber networks 1 Supply outstripped demand; the industry was plagued by lack of financial scalability 2 To recoup sunk costs, commoditization ensued, price per bit plummeted, innovation slowed 3 Networks remained inflexible and static, every service requiring its own infrastructure / investment layer 4 Industry revenue declined; margins fell 5 Despite consolidation, companies protected the old versus selling the new for fear of cannibalization 6 Even during times of higher demand, cash was harvested and innovation suffered 7 And the cycle repeated itself • Dividends got paid despite shrinking Free Cash Flow (FCF) • Debt soared making innovation financially impossible • This continues across the enterprise telecom competitive landscape today • No better example of that than Lumen (until now) 8 © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. You cannot overtake 15 cars in sunny weather...but you can when it's raining” -Ayrton Senna
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© 2025 Lumen Technologies. All Rights Reserved. 24 The Weight of the Past $125 $125 $1,705 $769 $9,366 $1,571 $3,964 $98 $116 $0 $0 $0 $2,591 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ As of 12/31/2022 Total Debt: $20.4B © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 25 Evolution of Lumen’s Debt Maturity Profile ($ in millions) $125 $1,826 $462 $9,366 $1,519 $3,131 $1,023 $116 $0 $0 $0 $2,283 Pre TSA: As of 12/31/2023 Total Debt: $19.9B Gross Leverage: 4.3x Interest Expense: $1.2B © 2025 Lumen Technologies. All Rights Reserved. 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Note: Adjusted EBITDA excluding SI utilized for Leverage; includes only long-term funded debt (1) Includes August LVLT 7% 1L Issuance/September Add-on and associated paydown of LVLT 11% & LVLT 10.75%, and paydown of LVLT 2L 10% (2) Lumen SP paydown of $4.8 billion following closing of announced sale of our Mass Markets FTTH business and associated reduction in aEBITDA.
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© 2025 Lumen Technologies. All Rights Reserved. 26 Evolution of Lumen’s Debt Maturity Profile ($ in millions) $373 $60 $230 $718 $7,183 $6,072 $568 $789 $0 $0 $2,271 Post TSA: As of 12/31/2024 © 2025 Lumen Technologies. All Rights Reserved. 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ $125 Note: Adjusted EBITDA excluding SI utilized for Leverage; includes only long-term funded debt (1) Includes August LVLT 7% 1L Issuance/September Add-on and associated paydown of LVLT 11% & LVLT 10.75%, and paydown of LVLT 2L 10% (2) Lumen SP paydown of $4.8 billion following closing of announced sale of our Mass Markets FTTH business and associated reduction in aEBITDA. Total Debt: $18.3B Gross Leverage: 4.6x Interest Expense: $1.4B
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© 2025 Lumen Technologies. All Rights Reserved. 27 Evolution of Lumen’s Debt Maturity Profile ($ in millions) $264 $52 $119 $718 $3,741 $3,270 $568 $2,839 $2,425 $2,271 Pro Forma Impact of LVLT Refinancing(1): As of 6/30/2025 Total Debt: $18.3B Gross Leverage: 4.9x Interest Expense: $1.0B © 2025 Lumen Technologies. All Rights Reserved. $2,000 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ $125 Note: Adjusted EBITDA excluding SI utilized for Leverage; includes only long-term funded debt (1) Includes August LVLT 7% 1L Issuance/September Add-on and associated paydown of LVLT 11% & LVLT 10.75%, and paydown of LVLT 2L 10% (2) Lumen SP paydown of $4.8 billion following closing of announced sale of our Mass Markets FTTH business and associated reduction in aEBITDA.
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© 2025 Lumen Technologies. All Rights Reserved. 28 Evolution of Lumen’s Debt Maturity Profile ($ in millions) $0 $1 $67 $362 $1,853 $1,268 $568 $2,400 $2,425 $2,271 Pro Forma Lumen SP Debt Paydown(1)(2): 2025YE Total Debt: $13.2B Gross Leverage: 3.7x Interest Expense: $0.7B © 2025 Lumen Technologies. All Rights Reserved. 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ $125 $2,000 Note: Adjusted EBITDA excluding SI utilized for Leverage; includes only long-term funded debt (1) Includes August LVLT 7% 1L Issuance/September Add-on and associated paydown of LVLT 11% & LVLT 10.75%, and paydown of LVLT 2L 10% (2) Lumen SP paydown of $4.8 billion following closing of announced sale of our Mass Markets FTTH business and associated reduction in aEBITDA.
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© 2025 Lumen Technologies. All Rights Reserved. Financial Freedom © 2025 Lumen Technologies. All Rights Reserved. On path to return Business Segment Revenue growth in '28 aEBITDA stabilizing with inflection in ‘26 Capex investment to deliver on growth Focused execution Optionality
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© 2025 Lumen Technologies. All Rights Reserved. Upgrades We're already increasing speeds in our metro “Core” and creating optimized “express lanes” for Wavelengths Growth Our customers need higher speeds and the ability to connect to the cloud as fast, seamlessly, and securely as possible © 2025 Lumen Technologies. All Rights Reserved. Breaking the Cycle Investment We are focused on developing cloud on- ramps with hyperscalers, connections with Data Center Operators (DCOs), and customer migrations
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© 2025 Lumen Technologies. All Rights Reserved. Business as Usual: Modernize & Simplify, Drive CNS growth, Secure the Base Lumen 8: Teamwork, Trust, Transparency, Growth Mindset, Customer Obsession, Clarity, Courage, Respect The Lumen Growth Strategy Build the backbone for the AI economy Cloudify and agentify the telecom industry with Lumen Connectivity Fabric Build the Lumen Connected Ecosystem 1 2 3 Physical Digital Ecosystem
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© 2025 Lumen Technologies. All Rights Reserved. Utilization (EOY) 2022 (Actuals) 2025 (Plan) 2028 (Vision) Total Intercity Fiber Miles* 12M 17M 47M Hyperscaler Utilization 30% 45% 57% Enterprise Channels Utilization** 27% 19% 13% Overall Network Utilization 57% 64% 70% Available Capacity for Growth 5M 6M 14M Building the AI Backbone Balancing Capacity and Utilization for Optimal Return on Investment *Total Intercity Fiber Miles excludes ~22M expanding metro fiber miles today **Enterprise Channels include Commercial Enterprise, Public Sector, Wholesale, and Services- Conduit colors depict 2028 utilization and #conduits varies by route - Business rules in place to reserve capacity for all segments on each route © 2025 Lumen Technologies. All Rights Reserved. Stronger Overall Network Utilization
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© 2025 Lumen Technologies. All Rights Reserved. Scaling Smart: Margin & Capex Evolution Lumen Digital Platform Quick, Secure, Effortless CX with direct fiber access & NaaS Physical Network Best backbone, unique routes, state of the art fiber Enterprise / Public Sector Customers Technology Partnerships HyperscalersData Centers The Connected Ecosystem Financial Evolution Revenue Margins FCF Capital Intensity © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. Lumen Enterprise Revenue Transformation Higher Growth Advanced Network Services Fuel Margin & Revenue Profile 2024 2025 2026 2027 2028 2029 Revenue | Strategic vs Legacy Strategic Legacy >50% of Business Revenue From Strategic in 2026 Expected Positive aEBITDA Growth in 2026 On path to return Business Segment Revenue growth in 2028 Strategic Revenue Fuels Margin Expansion & Lower Capex Intensity Favorable Revenue Mix Crossover © 2025 Lumen Technologies. All Rights Reserved.
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Kye Prigg, Executive Vice President of Enterprise Operations Trailblazing the Future of Connectivity: Building the Backbone for the AI Economy
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Laying the Foundation of Future-Ready Connectivity: Smarter Networks and Seamless Experiences With ~$9B PCF deals secured, Lumen is The Trusted Network for AI Customers Hyperscalers, Data Centers Fiber Backbone for AI Digital Experiences 2022 12M 2025 17MIntercity Fiber Growth 2028 47M © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 37 TODAY FUTURE Further Distribution Further Density More Fiber Connectivity 19x65 Exabytes 2023 2030+ Global Network Traffic from AI enriched data (monthly) 1,226 Exabytes Source: Omdia Road to 2030: AI and the Future of Network Services – Traffic Outlook and Implications, 2024 AI Is Not Just Increasing Data Volume; It’sRedistributing Where And How Infrastructure Must Be Built Customers are seeking secure, resilient networks that can connect massive data sets and complex applications between data centers and clouds quickly and effortlessly. © 2025 Lumen Technologies. All Rights Reserved.
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The Solution: Lumen® Private Connectivity Fabric SM A custom network architecture delivering high-performance network capacity for an AI-ready world and beyond. AI requires data. Data requires data centers. Data centers require connectivity. Co-location - Housing servers and other computing hardware in Lumen-owned or third-party data centers for enhanced security, infrastructure, scalability, cost efficiency and support. Conduit - Provide the physical infrastructure that houses and protects fiber optic cables, to help ensure secure and reliable connectivity. Dark Fiber – Allows our customers to stay ahead of bandwidth demands by providing connectivity and network ownership without building the network themselves. Managed & Professional Services - Deliver expert-led solutions that simplify complexity, reduce risk, and drive outcomes. Services such as, Operations & Maintenance services, Managed Optical Fiber Networks (MOFN), Technician as a Service, and Advanced Activations. A custom network architecture delivering high-performance network capacity for an AI-ready world and beyond. AI requires data. Data requires data centers. Data centers require connectivity. Security Protecting data, people, and business processes at every layer © 2025 Lumen Technologies. All Rights Reserved.
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Dedicated Organization Process & Tools Transformation Enhanced Vendor Ecosystem Next-Gen Fiber Infrastructure Purpose-built team driving fiber deployment, vendor coordination, & execution Streamlined planning, tools, and execution frameworks for scale and speed Strategic partnerships enabling rapid deployment, innovation & geographic reach Delivering high-capacity, low-latency fiber infrastructure to power AI workloads & future-ready networks Building the Foundation of the AI Infrastructure © 2025 Lumen Technologies. All Rights Reserved.
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4 0 Team Established Record Time Established a fully operational organization within nine months, onboarding 200+ top-tier professionals, 65% new to Lumen Nearly 3K fiber miles complete across 26 routes, laying the foundation for future - proof infrastructure Massive Deployment Underway With $9B+ in PCF deals signed and strategic wins with hyperscalers like Google, Meta, and AWS, Lumen is setting the pace for next-gen connectivity Market Leadership Agentic Operations and Self-Healing Networks enable Lumen’s AI-ready infrastructure to autonomously adapt, act, and resolve issues with minimal oversight Next-Gen AI Enablement Outpacing the Industry: Faster, Smarter and AI Ready Lumen’s Leadership, Speed, and Future-Proof Infrastructure Are Driving Long-Term Value Creation © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2024 Lumen Technologies. All Rights Reserved. © 2024 Lumen Technologies. All Rights Reserved. DRAFT Lighting it Up Faster: Investing in Fast-Tracking Route Builds and Data Center Expansion Through Advanced Wave Innovation Data Center Expansion Enabling up to 400G Ethernet-IP services and cloud on-ramp services at key data centers. RapidRoutes Expanding 400G capacity on key growth routes to reduce service delivery activation lead time. Enabling high speed Ethernet services in key metro markets and reducing Ethernet service delivery cost. Metro Expansion © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 42 Execution Engine: Ahead of Pace to Deploy PCF Nationwide Today 144 Shelters Complete | 145 Shelters in Construction Today ~2.6K Fiber Miles Complete | 26 Routes in Construction Scope: 553 Shelters Shelter Deployment Network Overpull Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction in progress Construction complete Construction in progress Lumen Customer © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 43 Execution Engine: Ahead of Pace to Deploy PCF Nationwide EOY 2025 ~4K Fiber Miles & 5 Routes Complete | 32 routes in Construction EOY 2025 289 Shelters Complete | 52% of Scope Scope: 553 Shelters Shelter Deployment Network Overpull Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction in progress Construction complete Construction in progress Lumen Customer © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 44 Execution Engine: Ahead of Pace to Deploy PCF Nationwide EOY 2026 ~15K Fiber Miles & 30 Routes Complete | 35 routes in Construction EOY 2026 543 Shelters Complete | 98% of Scope Scope: 553 Shelters Shelter Deployment Network Overpull Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction in progress © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 45 Execution Engine: Ahead of Pace to Deploy PCF Nationwide Scope: 553 Shelters Shelter Deployment Network Overpull Scope: 73 Routes / 23K Miles (27K Fiber Miles) EOY 2027 553 Shelters Complete | 100% of Scope EOY 2027 27K Fiber Miles Complete | 73 Routes Complete Construction complete Construction in progress © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 46 Powering Connectivity Through Precision Deployment Shelter & In-Line Amplifier (ILA) Deployment Enables dark fiber along existing routes, enhances signal strength & network reliability Network Overpull Increases network capacity by deploying additional state of the art fiber along existing routes New Route Build Expands network coverage by creating new routes © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 47 Legacy long-haul cable deployments were limited to 432 fibers or less. Through our collaboration with Corning, we’ve introduced three advanced fiber counts: 864 Doubling Capacity versus previous deployments Fiber Count 1,152 Fiber Count Largest Cable Count in our 1 ¼ inch conduits This advancement helps us meet growing capacity needs while making the most of our existing infrastructure! 1,728 Fiber Count Largest Cable Count in our 1 ½ to 2 inch conduits Partnered with Corning to Maximize Conduit Utilization & Enable High-density, Scalable Deployments © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 48 Game-Changing Custom Fiber Design Custom fiber solutions engineered to maximize capacity within existing ducts, ideal for legacy infrastructure upgrades without costly overhauls. Real-World Scalability & Deployment Readiness High-density fiber configurations that showcase deployment-ready solutions designed for scale. Your Network, Your Way Empowers customers to design and scale their networks with flexibility, control, and alignment to their unique operational goals. Corning Fiber: Capacity for a Smarter Network Lumen-Dedicated Facility Corning established the Trivium Cable Plant in Hickory, NC, exclusively for Lumen production & initial shipments have been dispatched. © 2025 Lumen Technologies. All Rights Reserved.
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Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 49 Teams are up and running A fully operational organization was built in just 9 months, onboarding 200+ top-tier professionals, 65% new to Lumen. AI-ready infrastructure is real Lumen is delivering high-capacity, low-latency fiber to power AI workloads and future-proof networks. We’re ahead of schedule & our execution engine is humming Shelter and fiber deployments are outpacing targets, with 2.6K+ fiber miles already complete and 144 shelters built, with another 145 under construction. Innovation is tangible We're fast-tracking routes and expanding data centers with advanced wave innovation. Custom fiber, Corning collaboration, and agentic ops are modernizing legacy networks into scalable, autonomous systems. We are trailblazing the future of connectivity: powering smarter networks and seamless experiences for our customers Playing to Win — And We’re Just Getting Started 1 2 3 4 © 2025 Lumen Technologies. All Rights Reserved.
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50 Dave Ward, Executive Vice President & Chief T echnology & Product Officer Cloud 2.0: The Network for the AI Economy
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Shift from Cloud 1.0 to Cloud 2.0 1 2 3 4 AI regions & structural transformation Cloud 2.0 must haves How Lumen is creating value Spin Up Your Propeller Hat …We’re Gonna Go Deep! © 2025 Lumen Technologies. All Rights Reserved.
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Rarely a Mention of the Network Yet it’s the Cornerstone Network Infrastructure AI Chips Power and Transmission $4T $0.5T$0.5T Brookfield_Building_the_Backbone_of_AI, Aug 2025 Data Centers $2T Compute Infrastructure Strategic Adjacencies Power & Transmission AI Factories © 2025 Lumen Technologies. All Rights Reserved.
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5353 © 2024 Lumen Technologies. All Rights Reserved. © 2025 Lumen Technologies. All Rights Reserved. 53 AI is Driving the Shift of Cloud 1.0 to 2.0 — Networks Must Keep Up AI is redefining the data center footprint, which is growing 10x from 2025 to handle exabyte-scale demand Legacy networks were designed for voice, internet and VPNs - not bandwidth heavy AI Cloud 1.0 connectivity with internet overlays and carrier-neutral facilities has hit its limits Without purpose-built connectivity, billions spent on GPUs, SaaS, and hyperscale underdeliver Cloud 2.0 demands a reset, AI will overwhelm legacy network architecture Business Imperatives: Plan for architectural shift, more than incremental upgrades 1 2 3 4 Evaluate how to evolve the enterprise WAN for AI Prepare for Cloud 2.0, enabling on- demand fabric and new NaaS services Move beyond "flat" WAN, explore stratified layers and DCI at the core Cloud 2.0 Demands a Network Reset © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 54 AI is Driving Explosive Data Center Growth ~1B Sq. ft. U.S. DC footprint by 20301 up from 120M built 2020-2024 1. Of which ~700M more speculative (from ecosystem primers) 2. Projects may include multiple data center buildings on one campus Source: Multi-source data prepared by 4MC Partners for Lumen analysis 10x 2025-20302 Data center projects2 in 2024 Data center projects2 in 2030 DC footprint growing © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 10G 100G 400G $431K $43K $11K Without Bandwidth to DCs, GPU Sit Idle and Enterprises Can’t Transform to AI Source: Multi-source data prepared by 4MC Partners for Lumen analysis, RBC 2025 AI Market Analysis Enterprise network bandwidth has a significant impact on AI training cost... ...and transferring 1 petabyte of data for training can reduce cost by ~40x with 400G vs. 10G 222 22 6 10G 100G 400G Hours to egress 1 PB of training data Enterprise Cost before training can start ($K) ~$2K $/hr for a 64-node B200 GPU cluster1 ~222 hr Time taken to transfer 1 Pb at 10Gbps -$420K Bandwidth is a key driver for efficient GPU usage with AI. At petabyte/exabyte scale, the network - not GPUs - sets training time and cost. Cloud 2.0 requires enterprise networks built for exabyte-class moves; 400G+ is starting point and need for 800/1.6T obvious. © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 56 A billion square feet of new data centers are coming but today’s infrastructure isn't ready. US cumulative data centers Sq. Ft. (2024-2030) 1. 2028-2030 values estimated accounting for a CAGR 17% in annual Sq.Ft. growth, in line with DC real estate, power, water, cooling, semis, servers; Sources: Multi-source data prepared by 4MC Partners for Lumen analysis, North America Data Center Trends H2 2024 by CBRE 47% 2025 27% 29% 45% 2026 32% 30% 38% 2027 35% 32% 34% 20281 37% 2024 31% 20291 38% 33% 29% 20301 27% 26%119 259 387 542 722 933 1,181 32% +66% +17% Hyperscalers Colocation Wholesale/Retail Neo-Cloud & AI 2025–2028: Surge absorbs slack, reliable builders add capacity at 40–60% CAGR Ecosystem check: Real estate, power, water, cooling, semis, servers grow at ~17% CAGR 2028–2030: Market aligns to ~17% CAGR, reliable projects already filling the 3-yr pipeline CAGR 2024-2027 CAGR 2028-2030 © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 57 A New Geography Will Support AI and Cloud Workloads Source: Multi-source data prepared by 4MC Partners for Lumen analysis Key AI routes Medoids Color coding by AI region Analysis of AI traffic and medoids Three structural shifts Tier 1 hubs (Northern Virginia, Dallas, Phoenix, etc.) are doubling or tripling, driving extreme pressure on power and bandwidth. Densification: Growth is spilling into new AI regions across rural regions (e.g., Western Pennsylvania, North Carolina, West Texas) where latency and scarce dark fiber become critical. Diversification: The “flat” WAN is breaking apart into three distinct strata — cloud access edge, data center interconnect (DCI), and hyperscale back-end fabrics. Disaggregation: Cloud 2.0 is redrawing the network map, new AI regions will emerge with new corridors © 2025 Lumen Technologies. All Rights Reserved.
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Data Center Interconnect (DCI) foundational element – Power the multi-cloud fabric Extreme bandwidth and low latency – Scale from 400G toward 1.6T to use GPUs most cost-effectively Programmable, API-first networks – Deliver on-demand fabrics, integrated into marketplaces Expansion into AI corridors – Extend fiber and optical into areas where power exists and DCs planned Distributed on-ramps – Programmable, high- bandwidth cloud, AI on-ramps, landing stations pre-lit to Lumen Cloud 2.0What is Cloud 2.0? A transformation of cloud and enterprise core requiring 5 new capabilities 1 2 3 4 5 © 2025 Lumen Technologies. All Rights Reserved.
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Innovating Lumen Powers Cloud 2.0 Enterprise agility and control without the burden of ownership Cloud 2.0 Future-proofing for AI – re-architecting network products - from flat VPNs to stratified fiber /DCI/IP layers - to meet exabyte transfers, ultra-low latency, and distributed AI Building programmable fabrics – Lumen Connectivity Fabric and Lumen Connect allow on-demand, API-driven provisioning across data centers, clouds, enterprises Digital Platform Enabling multi-cloud – seamless on-ramps, multi-cloud gateways, and service fabrics (e.g., security, AI inference) that integrate with hyperscaler marketplaces Expanding fiber backbone – growing intercity and metro fiber to support 400G–1.6T links, dark fiber, and wavelength services at AI scale Physical Network 3 2 5 4 Driving ecosystem integration – co-developed Lumen Validated Designs with partners to deliver ready-made AI and enterprise solutions Ecosystem 1 © 2025 Lumen Technologies. All Rights Reserved.
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Lumen is Building a Cloud 2.0 Ecosystem of Partnerships to Fuel Innovation and Power New Digital Marketplaces Technology Partners Data Center Operators Hyperscalers 1 2 3 © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. Delivering a Frictionless Digital Experience with Lumen Connect Unlock and integrate partner platforms as a channel Offer end-to-end purchasing experience Drive ubiquitous digital consumption model APIs integrated with marketplaces Fully digital controlled services Primary way to consume services Launch new services faster than before using scalable, cloud-native architecture Integrate programmable connectivity with digital marketplaces Design flexible networks at all endpoints for speed, on-net and off-net Price dynamically, both connectivity and services Order auto-generated based on selected configuration All legacy product features moved to Lumen Connect; single-portal for all CX Ability to provision Waves on demand © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. Physical Network: Lumen is Building the Backbone for the AI Economy Vision for Cloud 2.0 Legend Data Center Hyperscaler Enterprise Premise Point-to-point connectivity (<100G) Lumen Connectivity Fabric (400G+ enabled) Point-to-point connectivity (100G+) Fabric Port enabled Exemplar Cloud 1.0 Customer Premise E.G., ASHBURN, VA Customer Premise Multi-Cloud App Fabric Data Protection Fabric AI Call Center Fabric Private Connectivity for AI Any-to-any fabric across many metros, distributed data center interconnect (DCI) and virtual meet-me rooms (MMRs) Explosive geographic sprawlwith new corridors and clusters beyond metros (in rural areas with land and power) Exabyte-scale transfers between “AI factories", often requiring 400G and 1.6T links Public cloud direct connect with distributed DCI Location pattern Scale of data Topology & Speed Meet-me rooms Hub-and-spoke, Tier-1 metros, point-to-point circuits Centralized in Tier-1 metros, rural areas were underserved and far from metro on-ramps Workloads in gigabytes, data moved north-south or user to data center Connectivity to carrier-neutral facilities (CNF), public IP access and peering dominated Illustrative future state vision Illustrative, future state vision
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Enterprises can design and control their network without owning, managing and operating assets Legend: Network components Hyperscaler Enterprise PremiseData Center Lumen Connectivity Fabric (400G+ enabled) Fabric port enabled Private AI connectivity Fabric Customer Premise Multi-Cloud App Fabric Data Protection Fabric AI Call Center Fabric Private connectivity for AI Illustrative, future state vision © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. Fabric Ports Bring the New Digital Consumption Model to Life Fabric port advantage: enabling fully digitally controlled customers Universal and service-agnostic: One port supports multiple services dynamically, consolidating multiple ports used today into one Frictionless sales experience: Services can be changed or reconfigured without the need for physical service/activation (including no truck-roll) Scalable ‘consumption' model, where customers can access, activate, and scale multiple services rapidly through a single connection Future-ready: Supports modern service delivery such as on-demand services, self-provisioning, multiple pricing models, etc. Fabric ports Fabric port will help drive digital consumption and new scalable, consumption model that flexes as enterprises require Customer Premise ASHBURN, VA Multi- cloud Hyperscaler Enterprise Premise Data Center Lumen Connectivity Fabric Legend Illustrative, future state vision © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. How can Enterprises transform to Cloud 2.0 without missing a step? © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 66 Virtualized underlay at the enterprise edge: Extends Lumen Fabric into customer sites; universal port for connectivity and services All access types & off-net reach: Brings Lumen Fabric and its services into off-net buildings, for all access types Zero-touch provisioning: Turn-up, resize, and repurpose of services within minutes — no truck rolls required Digital control: Managed end-to-end in Lumen Connect, with APIs and telemetry for real-time visibility and control Cloud 2.0 Enabled by Project Berkeley Marketplaces: Allows Lumen’s connectivity service offerings to be procured and scaled in hyperscalers’ marketplaces Ecosystem: Unlocks partner-driven solutions on Lumen's virtualized underlay to build integrated offers The value to our clients Allowing to reach 10M+ off- net buildings: Enabling Lumen services over any access network Secure: Multi-sec encryption, hardened © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 67 Intelligent w/ Digital Twin. Lumen Digital Twin technology w/ embedded AI cloudifies the port creating an intelligent, cloud orchestrated on-ramp into Lumen Connect & extended networks Future Proof: AI-integrated monitoring & self-healing insights - Functional Digital Twin, AI on the edge, AI on the device and AI in the cloud Imagine if accessing Cloud 2.0 was as simple as turning on a switch? Project Berkeley Intelligent Instant Everywhere Turning dumb pipes into smart pipes with cloud-like agility for enterprise networks Instant, Agile. Turn-up, resize of all digital services all via Lumen Connect instantly w/ API driven control for faster time-to-value Consistent Experience, Everywhere. Connect to copper, fiber, Ethernet, satellite, fixed wireless, 5G and beyond. Growing to 400G and beyond. Available to over 11 millionoffnet locations. Partner Ready: Procure and scale Lumen and partner connectivity service offerings on any marketplace The differentiation of the platform © 2025 Lumen Technologies. All Rights Reserved.
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Lumen Drives Significant Benefit for Enterprises Single Platform to design, price, order, provision and monitor services without owning everything Build-in safe, redundant, and reliable connectivity, reducing business disruptions and IT bottlenecks API-led activation across marketplaces, with activation and delivery within minutes, helping firms to save time High-speed, secure and low latency connectivity allowing firms to participate in the AI economy Programmable fabric connecting clouds, data centers, and AI regions to transform enterprise operations © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: • Off-net locations • On-ramps Physical Digital Eco- system • Lumen Connect • Marketplaces Enterprise headquarters Legend Lumen nationwide infrastructure 1. Projects may include multiple data center buildings on one campus. Data center projects color coded based on density of da ta flows around medoid points or gravity of data around DC projects. High density: 8.95M sq ft + for medoid; Medium density: 1.6M – 8.95M sq ft for medoid; Low density <1.6M sq ft for medoid. 2. Potential AI regions estimated based on medoid methodology which clusters using data center development data according to gravity of data flows, adjacency t o Lumen long-haul fiber, and economic viability of optical interconnection without amplification; 3. Each AI -on ramp market includes multiple data centers & on -ramps today, likely to grow exponentially with data Source: Combined Lumen-internal data and multi -source data prepared by 4MC Partners for Lumen analysis
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© 2025 Lumen Technologies. All Rights Reserved. Physical Digital Eco- system From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: • Off-net locations • On-ramps Design & control via digital platform allows access to: • On-ramps in 100+ markets for the major cloud vendors • ~3.8K total DCs by 2030 • AI-regions throughout the US Enterprise headquarters Legend Lumen nationwide infrastructure Data center projects by data gravity1: AI regions based on Lumen Infrastructure2 On-ramp markets3 • Lumen Connect • Marketplaces Animated page High density Medium density Low density 1. Projects may include multiple data center buildings on one campus. Data center projects color coded based on density of da ta flows around medoid points or gravity of data around DC projects. High density: 8.95M sq ft + for medoid; Medium density: 1.6M – 8.95M sq ft for medoid; Low density <1.6M sq ft for medoid. 2. Potential AI regions estimated based on medoid methodology which clusters using data center development data according to gravity of data flows, adjacency t o Lumen long-haul fiber, and economic viability of optical interconnection without amplification; 3. Each AI -on ramp market includes multiple data centers & on -ramps today, likely to grow exponentially with data Source: Combined Lumen-internal data and multi -source data prepared by 4MC Partners for Lumen analysis
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© 2025 Lumen Technologies. All Rights Reserved. From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: • Off-net locations • On-ramps Ecosystem partners unlock new layers of value: • Security partners • SASE • AI Design & control via digital platform allows access to: • On-ramps in 100+ markets for the major cloud vendors • ~3.8K total DCs by 2030 • AI-regions throughout the US • Storage cloud • Extranets Physical Digital Eco- system • Lumen Connect • Marketplaces Animated page 1. Projects may include multiple data center buildings on one campus. Data center projects color coded based on density of da ta flows around medoid points or gravity of data around DC projects. High density: 8.95M sq ft + for medoid; Medium density: 1.6M – 8.95M sq ft for medoid; Low density <1.6M sq ft for medoid. 2. Potential AI regions estimated based on medoid methodology which clusters using data center development data according to gravity of data flows, adjacency t o Lumen long-haul fiber, and economic viability of optical interconnection without amplification; 3. Each AI -on ramp market includes multiple data centers & on -ramps today, likely to grow exponentially with data Source: Combined Lumen-internal data and multi -source data prepared by 4MC Partners for Lumen analysis Enterprise headquarters Legend Lumen nationwide infrastructure Data center projects by data gravity1: AI regions based on Lumen Infrastructure2 On-ramp markets3 High density Medium density Low density
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Enterprises will be defined as leaders or laggards: Cloud 2.0 Won’t Wait Networks need to change fast: Exabyte transfers and real-time inference will overwhelm today’s overlays – Cloud 2.0 change will happen 10x faster than Cloud 1.0 Customer experience must be digitized: From static catalogs, manual provisioning to API marketplaces, self-serve fabrics, click-to-buy and zero-touch turn-up Enterprises are going AI-native: Cloud-first isn’t enough, inference, privacy, multimodal workflows demand expansion across multi-cloud. First movers define Industries. Programmable fabrics to be enabled: DCI-centric, on- demand connectivity flexes with AI workloads through self- serve, secure, zero-touch platforms © 2025 Lumen Technologies. All Rights Reserved.
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73 David Shacochis, Vice President Product Management Lumen's Roadmap to 2030 Note for AR Day: Play here video - Interstitial: “Cloud 2.0” Hype Video
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© 2025 Lumen Technologies. All Rights Reserved. Sources: 1. Equinix Global Interconnection Index (2024) Report; 2. Answered to importance of digital UX during customer inter view programs with Former CTOs, CIOs of enterprise customers (Aug 2024, n=9); 3. Canalys (Omdia) Global Technology Channel Survey (July 2024, n=265 channel p artner respondents) Market is Demanding More Speed, Digital Control & Partner Ecosystem expected growth in data center interconnection bandwidth by 20291 of Lumen customers interviewed value single pane of glass to control their network2 Technology partners see their customers co-buying 3rd party solutions from hyperscalers' marketplaces3 Digital ControlUnprecedented demand for data Ecosystem 70%+~80%3.2X
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© 2025 Lumen Technologies. All Rights Reserved. 10 Building Blocks of Lumen's 2030 Strategy to Capture this Market Opportunity Cloud-first topology: Seamless and redundant connectivity enabled between ecosystem endpoints, clouds and datacenters High-speed: 1.6T+ fiber links enabling future-proof connectivity and scale Zero-touch experience: Design, Price, Order, Provision and Assure experience on digital platform (Lumen-native and marketplace) Hyperscaler-native access: API-integrated with hyperscaler connectivity marketplaces for distribution at scale; on-net and off-net for global reach Granular control: Real-time circuit-level telemetry and control (e.g., latency and bandwidth), and volumetric billing across on-net & off-net, in vs. out of the building Programmable composable services: Programmable access to composable products & services on Lumen Connectivity Fabric Extranet fabrics: Secure & virtualized enterprise on-ramps to external ecosystems and SaaS onboarding for frictionless access Services on the fabric: Modular service bundles (e.g., Security, Edge) and Cloud exchanges built on top of the connectivity layer Lumen Validated Designs: Scalable, repeatable and integrated solutions on Lumen Connectivity Fabric co-developed with partners Co-selling partnerships: Joint GTM motions with partners to drive customer outcomes for customers Physical Network Lumen Connect Product Experience Ecosystem Digital Platform
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© 2025 Lumen Technologies. All Rights Reserved. Three Core Pillars of our Roadmap Physical Network • Our physical network topology and speed allow Lumen to offer cloud- enabled, marketplace- driven solutions Digital Platform • Our roadmap addresses structural barriers to network growth – disaggregating customer experience, aligning sales models, and enabling bandwidth flexibility Connected Ecosystem • Lumen is building a connected ecosystem of customers, partners, and platforms to unlock commercial scale and accelerate go-to-market impact Cloud-first topology High Speed Zero-touch experience Granular control Hyperscaler-native access Programmable composable services Extranet fabrics Services on the fabric Lumen Validated Designs Co-selling partnerships‘25-’26 ‘29-’30 ‘27-’28PhysicalNetw ork D i g i t a l P l a t f o r m Connected Ecosystem
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© 2025 Lumen Technologies. All Rights Reserved. Physical Network | Backbone of Lumen Growth Cloud-first topology High Speed Cloud-first access fabric Direct-to-cloud and on- ramps Fast + steady connectivity performance High bandwidth Low-latency, high QoS Safe, reliable adoption Enables secure management for resilient and redundant paths Customer outcomes Key business features • Fabric port: The cornerstone enabling full digital control through multi-service delivery • Projected to 90%+ hosted coverage of Hyperscaler access points • AI On-Ramps to Neo-AI providers • Multi-phased Metro and Data Center connectivity speed upgrades (up to 400G on Ethernet) • Automated Lumen Wavelength Solutions design & quoting • Low-latency paths for specialized customer applications • Up to 800G speeds launched on wavelengths • Up to 1.6T speeds available on wavelengths • On-ramp failovers in key metro areas • Next-gen optical encryption for more secure wavelengths • Ability to carve out segmented physical environments for regulated industries Digital Platform Connected Ecosystem Cloud-first topology High Speed ‘25-’26 ‘27-’28 ‘29-’30 PhysicalNetw ork Next year Long term (2027+)
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© 2025 Lumen Technologies. All Rights Reserved. Lumen Connect | Key Driver of Customer Experience Zero-touch experience Granular control Customer outcomes Key business features Open platform with add-on services API integration with partners & marketplaces • Redesigned developer-friendly API ecosystem: Robust standards, public libraries and dev ecosystems • Integration partnerships with hyperscalers • Deliver a unified digital experience across Network, Voice, Edge & Security – Lumen Connect Platform Activation and delivery within minutes Fast and predictable provisioning • Design, Price, Order capability • Volumetric billing enabling aggregate bandwidth sale • Agentic AI solution builder and onboarding flow • AI-powered service chains Single pane of glass control Observability & SLA status + automation • FinOps: Telemetry visibility for performance and spend optimization • Digital Twin: Network simulation to test environments Hyperscaler-native access Safe, reliable adoption Enables secure management for redundant paths • Ability to manage multi-level user hierarchies with roles & permissions in Lumen Connect Digital Platform Connected Ecosystem Zero-touch experience Granular control Hyperscaler-native access ‘25-’26 ‘27-’28 ‘29-’30 PhysicalNetw ork Next year Long term (2027+)
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© 2025 Lumen Technologies. All Rights Reserved. Product Experience | Next-Generation, Composable Products Programmable, composable services Extranet fabrics Customer outcomes Key business features Cloud-first access fabric Direct-to-cloud and on-ramps • Multi-cloud gateways: cloud-to-cloud & hybrid cloud • Fabric connections: Peer-to-peer clouds • Enterprise on-ramps: conn. to SaaS private clouds Activation and delivery within minutes Fast and predictable provisioning • Programmable (on-demand) Ethernet, IP , VPN • Faster 'turn-ups' enabled by Fabric port Services on the fabric Open platform with add-on services • Bare metal, compute and GPU on Lumen edge • LCC Cloud Voice Control, calling plans & billing autom. • UCaaS, CCaaS with Partner (e.g., Twilio) and agentic AI Safe, reliable adoption Secure management for resilient & redundant paths • Multiple Lumen (Defender, Black Lotus Labs) and partner-powered security solutions • Extensive managed & prof. services portfolio • MacSec encryption for end-to-end security Digital Platform Connected Ecosystem Programmable composable services Extranet fabrics Services on the fabric ‘25-’26 ‘27-’28 ‘29-’30 PhysicalNetw ork Next year Long term (2027+)
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© 2025 Lumen Technologies. All Rights Reserved. Ecosystem | Validated Designs Co-Marketed with Leading Tech Partners Lumen Validated Designs Co-selling partnerships Customer outcomes Key business features Open platform with add-on services API integration with partners & marketplaces • Suite of validated solutions built with technology partners to solve specific customer business outcomes • Focus on partners driving high bandwidth consumption, enabling pull-through connectivity demand for analytics, data platforms, collaboration, security, and identity • Industry specific validated designs: e.g., healthcare, finance, media, and retail Safe, reliable adoption Enables secure management for resilient and redundant paths • Staged approach based on customer demand scaling: • Crawl (co-selling integrated solutions) • Walk (offer M&P services for integrations • Run (potential white-labeled offerings) • Solutions ready to deploy in production environments, minimizing risk and accelerating time to value PhysicalNetw ork Digital Platform Connected Ecosystem Lumen Validated Designs Co-selling partnerships‘25-’26 ‘27-’28 ‘29-’30 Next year Long term (2028+)
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© 2025 Lumen Technologies. All Rights Reserved. Lumen has Begun the Journey to Become the Backbone for AI Vision for 2030Legend Data Center Hyperscaler Enterprise Premise Point-to-point connectivity (<100G) Lumen Connectivity Fabric (400G+ enabled) Point-to-point connectivity (100G+) Fabric Port enabled Enable customers to provision services digitally, on Lumen platform & through API-integrated hyperscaler marketplaces Innovative products with multi-cloud gateway solutions, AI and service fabrics and advanced network programmability Multiple partners through Lumen Validated Designs Digital Experience Product Experience Connected Ecosystem Digital Platform Physical Network Exemplar Cloud 1.0 Customers can view online inventory of connectivity with catalog pricing Highly configurable on-demand connectivity services on Lumen network Exploring partnerships with top technology companies Customer Premise E.G., ASHBURN, VA Customer Premise Multi-Cloud App Fabric Data Protection Fabric AI Call Center Fabric Private Connectivity for AI Illustrative future state vision Ongoing high-speed upgrades between metro areas and data centers High-speedconnectivityin keymetroareasand datacenters up to 400G
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© 2025 Lumen Technologies. All Rights Reserved. of companies consider AI-ready networks a must for their AI strategy Moving to AI requires connecting to a fast and reliable 400G network, working with industry partners to develop targeted solutions of companies use multiple-cloud solutions to utilize AI in their business Multi-cloud demand is rapidly growing across all industries; Lumen needs to build cross connectivity to benefit from this trend …this involves upgrading our network to support AI toolsets and maintaining high availability and performance for critical applications” – Healthcare customer Suddenly, enterprises end up with a multi-cloud environment… It helps to have an open platform that can accommodate any underlying environment, no matter what cloud provider.” – Technology customer of US Leaders don’t think their legacy network infrastructure can handle the demands of AI IT leaders require networks that support AI-era data and speed needs, using multi-cloud solutions for greater flexibility, redundancy, and ease. 92% 95%69% I need full terabyte connectivity across every end point I have in the Continental US … and I need terabyte switches going to petabyte switches within the next 12 months…But right now, [we] cannot keep up with the massive demand of data needed…” – Clinical diagnostic customer Lumen Enterprise Customers Need us to Enable Them for Cloud 2.0 of enterprises strive for Cloud-based, simplified and flexible network Lumen unlocks Everything as-a-Service demand through Fabric Port, NaaS and consumption-based pricing and experiences. 96% …wow I can see use cases for this platform [NaaS] throughout the organization…” - Media customer Source: Lumen Customer Insights team and Customer Advisory Board
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© 2025 Lumen Technologies. All Rights Reserved. Lumen Is Playing To Win With Our Product Roadmap Validated customer demand backed by Voice of the Customer insights and extensive research through the analyst community Lumen is executing one of the most extensive network builds in history, enabling us with the right topology and speed to support the network needs of AI innovation Delivering a superior, API-first customer experience around the Fabric Ports & Fabric Services on our platform: Lumen Connect A B C
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Ashley Haynes-Gaspar, EVP & Chief Revenue Officer Building the Connected Ecosystem Unlocking Value for Customers, Growth for Lumen
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© 2025 Lumen Technologies. All Rights Reserved. $15B Cloudify Telecom TAM (~5% CAGR), part of larger $80B enterprise connectivity opportunity Cloud spending projected to increase ~2x by 2030 to $1.12T By 2030, US data center site expansions are expected to grow nearly 70%, which is ~1,600 ~85% of customers are expecting AI to drive bandwidth and cloud demand © 2025 Lumen Technologies. All Rights Reserved. Our Market Opportunity Sources: Cloud spending and data center expansion projections based on multi-source data prepared by 4MC Partners for Lumen analysis. TAM data based IDC TAM Reports 2024 and 2025. 85% customer data based on Gartner, What’s New in Artificial Intelligence, 2023 Gartner Hype Cycle , August 2023.
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© 2025 Lumen Technologies. All Rights Reserved. Customer Demands are Evolving from Legacy Constraints to AI-Driven Opportunities—Driving the Need for a Seamlessly Connected Infrastructure use multiple-cloud solutions to utilize AI in their business of U.S. leaders don’t think their legacy network infrastructure can handle the demands of AI of enterprises strive for cloud-based, simplified and flexible network 92% 69% 96% of companies consider AI-ready networks a must for their AI strategy95% • Accelerates AI adoption: cost savings & faster deployment • Simplifies operations: fewer vendors, unified platforms • Scales with business: Turnkey growth-ready solutions • Delivers ROI faster: Optimized for budget & performance Customers are seeking connected solutions to be market ready: Legacy Infrastructure can’t keep up with AI demands
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© 2025 Lumen Technologies. All Rights Reserved. 87 Multi-cloud complexity Global companies juggle multiple clouds and on-prem for real-time, data flows. Legacy bottlenecks Traditional IT and telco can't scale for AI workloads where resiliency is mission-critical. Modernization Imperative © 2025 Lumen Technologies. All Rights Reserved. Enterprise bandwidth demand and latency-sensitive apps are outpacing legacy networks. Surging data growth Cloud economics pressures Escalating cloud costs squeeze cost saves and strain profit margins.
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Enterprise / Public Sector Customers Technology Partnerships HyperscalersData Centers Drive adoption of our multi-cloud NaaS offering across industry High-speed onramps available in marketplaces Focus on workload categories to create integrated solutions Embed Lumen Connectivity Fabric in every DC with a digital marketplace The Connected Ecosystem Test, Learn, Scale: Test to refine GTM and commercial models, scaling based on early demand signals to drive repeatable, scalable customer outcomes © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 89 •“ …this is a service I would bevery interested in. ” •“I can set up these cloud interconnections in less than a minute and have them operational in ten minutes. To me, that’s amazing.” – Non-Customer, Sr. Director, Air & Defense Breakthrough Value with Multi-Cloud and NaaS The biggest value prop is if you're using a multi cloud environment this is gonna help you to figure out or connect those environments the fastest way possible, potentially in one single pane of glass or a single dashboard as well. And then it's also gonna help in terms of your speed and reliance or scalability concerns that you might have had.” – Customer, Sr. Director, Healthcare "I think it's great. It simplifies the entire process... That's what we have now, but I'm able to click and provision almost instantaneously and then build out whatever I want.“ – Customer, Retail "...sending a direct point to point between two cloud providers… this was just amazing. I can just go in there two minutes, set it up, and wait ten minutes, and boom, it’s there!“ – Customer, C- Suite, Pharmaceutical “I can set up these cloud interconnections in less than a minute and have them operational in ten minutes. To me, that’s amazing.” – Non-Customer, Sr. Director, Air & Defense © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. From Pilot to Repeatable Growth Engine Test Learn Scale . . . drive long-term commercial outcomes Enabling customers to meet the multi-cloud moment. Digitally. Delivering high-capacity, one-click data center connectivity through trusted DCOs, empowering tenants with faster provisioning, simplified access, and scalable interconnect options. Codeveloping solutions with software partners to accelerate AI and edge deployments with integrated network solutions Multi-Cloud NaaS – Data Center Connectivity – Tech Partner Solutions
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© 2025 Lumen Technologies. All Rights Reserved. 91 Welcome Pranay Ahlawat, Commvault's Chief Technology & AI Officer © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 92 Working Together to Build a Connected Ecosystem © 2025 Lumen Technologies. All Rights Reserved.
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Account Execs Customer Success Alliance Managers Specialist Teams . Building the Future of Sales Enablement: Uniting Talent and AI to Drive Customer Outcomes and Growth Commercial & Public SectorData Centers Technology Partners Hyperscalers Build out resourcing model needed across commercial motions to scale growth Mature capabilities to drive sell to motion: Mature capabilities and stabilized commercial model driving results, e.g., successes w/ NaaS Biz Dev New team hired to develop strategic ‘muscle’ for Lumen AI /Agents Accelerate quoting, renewal, & sales development through AI/Agents Strengthening sell with/ through motion requires: Test & build of tech partnerships via LVD process Test & build of API to enable marketplaces Test & build of new capabilities (test harness) e.g., PCF deals with hyperscalers • Sell to capabilities have been rebuilt and traditional partner channel capabilities are mature • While other capabilities are entirely new and require building • This will require us to be agile and learn rapidly – through test harnesses • In parallel, BPO and agents will drive efficiency and effectiveness to free up capacity for value accretive tasks Key takeaways © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. AI Lab as the Catalyst for Unstoppable Growth Modernizing selling with AI-powered precision Faster, frictionless commercial execution Smarter, AI-driven targeting Guided, intelligent workflows Automation of repetitive tasks Legacy B2B apps unified into a single Salesforce engine to speed up lead-to-order velocity Use cases across commercial workflows—with repeatable playbooks AI agents deployed to automate targeting, sales execution, and support via chat, search, and routing3 14+ 19 Predictable costs and scalable customer value Exclusive validation: Only telecom company invited to new research initiative, redefining the future of commercial selling.
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© 2025 Lumen Technologies. All Rights Reserved. Expands and optimizes network use Unlocks smarter, more efficient cloud economics Transforms the customer experience The Power of a Connected Ecosystem 321 + + Accelerates sales efficiency & growth= © 2025 Lumen Technologies. All Rights Reserved.
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© 2025 Lumen Technologies. All Rights Reserved. 96