CAPWEALTH GROUP RELEASES RESPONSE TO KERRISDALE'S SHORT ON LUMEN TECHNOLOGIES

FRANKLIN, Tenn., Sept. 13, 2024 /PRNewswire/ -- CapWealth Group, LLC ("CapWealth"), a financial advisor and shareholder of Lumen Technologies common stock and fixed income securities ("Lumen") today released a report in response to the Kerrisdale Capital ("Kerrisdale") report titled AI-N't Gonna Fix This Mess.

CapWealth believes the Kerrisdale report contains flaws in the findings that are based on opinion and not fact. Grant E. Stark, CFA, Partner and Director of Research at CapWealth, commented, "We believe investors are entitled to the full scope of Lumen's transition progress. Our report aims to shed light on the facts as we know them today with promising comparative sales that demonstrate value in fiber assets, among other critical distinctions not addressed in the Kerrisdale report."

CapWealth conducts fundamental research on positions it owns and remains grounded in the idea that we cannot know or predict the future but can plan for various outcomes based on facts and analysis. Kerrisdale's report exudes hubris with strong opinionated predictions about the future of Lumen that rely significantly on assumptions.

The foundation of our analysis includes five key thesis points supporting our belief that Lumen remains on track in their transition.

• Proven asset sales of non-core assets with optionality on remaining.
• Debt restructuring provides runway.
• Consistent management messaging of key variables.
• Significant value remaining in NaaS, fiber, network assets.
• Partnership/contract traction demonstrating strength.

A copy of the report will be made available online at www.capwealthgroup.com/lumenreport.

This release is for informational purposes only and should not be construed as an investment recommendation. Past performance is no guarantee of future performance. CapWealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission, and no information or opinion in this release constitutes a solicitation, recommendation, or offer by CapWealth Advisors, LLC or CapWealth Group, LLC.

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SOURCE CapWealth Group, LLC