Lumen Supports Runway to Carry Out Change

                Lumen Technologies, Inc. (NYSE: LUMN) (hereinafter referred to as "Lumen" or the "Company") announced today that it has reached a revised and restated transaction support agreement ("TSA") with a broader set of creditors. These creditors now account for more than $12.5 billion of the Company and its subsidiaries' outstanding debt and commitments, as well as more than 70% of the total amount of Lumen and Level 3 debt that is maturing through 2027.Compared to the agreement originally announced on October 31, 2023, a far bigger group of creditors covering a greater portion of Lumen's capital structure supports the updated TSA announced today. Among other things, the TSA will give the Company access to a new revolving credit facility with an estimated value of $1 billion, extend debt maturities to largely 2029 and beyond, and offer $1.325 billion in new long-term debt financing.

Lumen anticipates fulfilling the few remaining closing conditions in order to finalize the transactions that the TSA has in mind by the first quarter of 2024. The wide support shown by stakeholders and creditors for Lumen's growth strategy and turnaround plan is evident across the company's capital structure."This deal gives the company a significant window of opportunity to meet its capital structure and financial objectives, marking another encouraging development in the Lumen turnaround story. When the TSA transactions are finalized, Lumen will have a great deal of flexibility as we carry out our transformational plan to disrupt the telecom industry, stated Lumen's president and chief executive officer, Kate Johnson.In conjunction with the completion of such transactions, Lumen intends to make certain term loan transactions available to all holders. In accordance with Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), the transactions pertaining to certain notes of the Company and Level 3 will be carried out through private negotiation. In connection with the completion of such transactions, the Company does not intend to make such transactions available to all holders. After the TSA transactions are completed, Lumen may evaluate possible follow-on transactions with debt that is not participating.

The Company's Current Report on Form 8-K, which was submitted to the SEC today, and the investor relations page of Lumen, located at https://ir.lumen.com, both contain more information. The Company's financial advisor was Guggenheim Securities, LLC, and its legal advisor was Wachtell, Lipton, Rosen & Katz.Concerning Lumen Technologies Worlds are connected via Lumen. By swiftly, securely, and easily connecting people, data, and applications, we are sparking growth. At Lumen, we leverage the strength of our network in all we do. Our capabilities span across metro connectivity, long-haul data transfer, edge cloud, security, and managed services to fulfill the demands of our clients both now and in the future.