#1CAPITAL MARKETS DAY 2021 TMUS | May 20th T.. LIFE IS FOR SHARING.#2Cautionary Statement This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.'s future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "could" or similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: natural disasters, public health crises, including the COVID-19 pandemic (the "Pandemic"), terrorist attacks or similar incidents; adverse economic, political or market conditions in the U.S. and international markets, including those caused by the Pandemic; competition, industry consolidation and changes in the market condition for wireless services; data loss or other security breaches; the scarcity and cost of additional wireless spectrum, and regulations relating to spectrum use; our inability to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture; our inability to take advantage of technological developments on a timely basis; system failures and business disruptions, allowing for unauthorized use of or interference with our network and other systems; the impacts of the actions we have taken and conditions we have agreed to in connection with the regulatory proceedings and approvals of the Transactions (as defined below), including the acquisition by DISH Network Corporation ("DISH") of the prepaid wireless business operated under the Boost Mobile and Sprint prepaid brands (excluding the Assurance brand Lifeline customers and the prepaid wireless customers of Shenandoah Personal Communications Company LLC ("Shentel") and Swiftel Communications, Inc.), including customer accounts, inventory, contracts, intellectual property and certain other specified assets (the "Prepaid Business"), and the assumption of certain related liabilities (the "Prepaid Transaction"), the complaint and proposed final judgment (the "Consent Decree") agreed to by us, Deutsche Telekom AG ("DT"), Sprint Corporation ("Sprint"), SoftBank Group Corp. ("SoftBank") and DISH with the U.S. District Court for the District of Columbia, which was approved by the Court on April 1, 2020, the proposed commitments filed with the Secretary of the Federal Communications Commission ("FCC"), which we announced on May 20, 2019, certain national security commitments and undertakings, and any other commitments or undertakings entered into including but not limited to those we have made to certain states and nongovernmental organizations (collectively, the "Government Commitments"), and the challenges in satisfying the Government Commitments in the required time frames and the significant cumulative cost incurred in tracking, monitoring and complying with them; our inability to manage the ongoing commercial and transition services arrangements that we entered into with DISH in connection with the Prepaid Transaction, which we completed on July 1, 2020 (collectively, the "Divestiture Transaction"), and known or unknown liabilities arising in connection therewith; the effects of any future acquisition, investment, or merger involving us; any disruption or failure of our third parties (including key suppliers) to provide products or services for the operation of our business; the occurrence of high fraud rates or volumes related to device financing, customer payment cards, third-party dealers, employees, subscriptions, identities or account takeover fraud; our substantial level of indebtedness and our inability to service our debt obligations in accordance with their terms or to comply with the restrictive covenants contained therein; adverse changes in the ratings of our debt securities or adverse conditions in the credit markets; the risk of future material weaknesses we may identify while we work to integrate and align policies, principles and practices of the two companies following the Merger (as defined below), or any other failure by us to maintain effective internal controls, and the resulting significant costs and reputational damage; any changes in regulations or in the regulatory framework under which we operate; laws and regulations relating to the handling of privacy and data protection; unfavorable outcomes of existing or future legal proceedings; our offering of regulated financial services products and exposure to a wide variety of state and federal regulations; new or amended tax laws or regulations or administrative interpretations and judicial decisions affecting the scope or application of tax laws or regulations; the possibility that we may be unable to renew our spectrum leases on attractive terms or the possible revocation of our existing licenses in the event that we violate applicable laws; interests of our significant stockholders that may differ from the interests of other stockholders; future sales of our common stock by DT and SoftBank and our inability to attract additional equity financing outside the United States due to foreign ownership limitations by the FCC; the volatility of our stock price and our lack of plan to pay cash dividends in the foreseeable future; failure to realize the expected benefits and synergies of the merger (the "Merger") with Sprint, pursuant to the Business Combination Agreement with Sprint and the other parties named therein (as amended, the "Business Combination Agreement") and the other transactions contemplated by the Business Combination Agreement (collectively, the "Transactions") in the expected timeframes or in the amounts anticipated; any delay and costs of, or difficulties in, integrating our business and Sprint's business and operations, and unexpected additional operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors; unanticipated difficulties, disruption, or significant delays in our long-term strategy to migrate Sprint's legacy customers onto T-Mobile's existing billing platforms; and changes to existing or the issuance of new accounting standards by the Financial Accounting Standards Board or other regulatory agencies. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. This presentation also includes non-GAAP financial measures such as Adjusted EBITDA, Core Adjusted EBITDA, and free cash flow. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this presentation. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income including, but not limited to, Income tax expense, stock-based compensation expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income as the differences between the two measures and Net income are variable.#3MISSION BEST IN THE WORLD AT CONNECTING CUSTOMERS TO THEIR WORLD#4f 1 IN CUSTOMER CHOICE IN CUSTOMERS' HEARTS#5Product Leadership Build the World's Best 5G Network STRATEGIC PILLARS Value Leadership Unlock the Value Potential of Synergies and Scale Experience Leadership Deliver the Best Experience from the Best Team#6OUR AMBITIONS ARE SIMPLE AND CLEAR Industry-Leading Growth Expand addressable markets and grow customer relationships Deliver Substantial Enterprise Value Faster and bigger synergies while transforming the business Position for Long-Term Success Sustain 5G leadership, strong brand, and best customer experiences#7BUILDING THE BEST 5G NETWORK DO#8MARKET EXPANSION SIGNIFICANTLY EXPANDING T-MOBILE'S AFF ADDRESSABLE MARKET Smaller Markets & Rural 50M US Households Current Share Low-Teens Expect to Increase to nearly 20% in 5 years#9MARKET EXPANSION SIGNIFICANTLY EXPANDING T-MOBILE'S ADDRESSABLE MARKET T-Mobile for Business 50M Corporate Liable Lines And Growing Current Share <10% Expect to Increase to nearly 20% in 5 years#10TWFX Enterprise Unlimited Plans Home Office Internet Collaborate T T-MOBILE FOR BUSINESS ■#11n F MARKET EXPANSION SIGNIFICANTLY EXPANDING T-MOBILE'S ADDRESSABLE MARKET Home Broadband $90BI And Growing Annual Industry Revenues Expect 7-8M Customers in 5 years#12T HOME INTERNET 30M HOUSEHOLDS ELIGIBLE#13INTRODUCING Magenta MAX OUR BEST PLAN EVER#14UNLIMITED PREMIUM DATA + 40GB MOBILE HOTSPOT + UNLIMITED 4K STREAMING + NETFLIX ON US NOW FOR SINGLE LINES AND FAMILY PLANS#15DEEPENING CUSTOMER RELATIONSHIP#16Personali FE E D D MARKET EXPANSION NETWORK QUALITY EXPANDS CUSTOMER REACH AND RELATIONSHIPS BEST Experiences Best network, Best value and Best care will deliver even higher customer lifetime value#17OUR AMBITIONS ARE SIMPLE AND CLEAR Industry-Leading Growth Expand addressable markets and grow customer relationships Deliver Substantial Enterprise Value Faster and bigger synergies while transforming the business Position for Long-Term Success Sustain 5G leadership, strong brand, and best customer experiences#18MAKING AN IMPACT THE UN-CARRIER WAY T PROJECT 10MILLION WORKING TO CONNECT EVERY STUDENT $10.7B Initiative with an ambitious goal: To eradicate the national homework gap#19T CDP DISCLOSURE INSIGHT ACTION A LIST 2020 CLIMATE#20T-MOBILE IS UNIQUELY POSITIONED FOR DURABLE 5G LEADERSHIP Massive momentum on deployment delivering 5G advantage Network build fueled via synergies from network integration Network advantage fully funded with business plan Meaningful spectrum advantage in quality and depth of mid-band post C-Band auction Leading on 5G innovation with the most advanced network#21Spot 1.6M SQUARE MILES T-Mobile's 5G Coverage#222 T-Mobile's 5G COVERAGE Capable device required. Some uses may require certain plan or feature: see T-Mobile.com. 4X S MG Verizon's 5G COVERAGE 2X AT&T's 5G COVERAGE#23140M COVERED BY ULTRA-CAPACITY 5G TODAY#24MASSIVE MOMENTUM ON NETWORK DEPLOYMENT EXTENDED RANGE 5G ULTRA 5G CAPACITY Mid-Band and Millimeter Wave Over 300M people covered by the end of 2021 200M people covered by the end of 2021 97% of Americans covered by the end of 2022 Over 250M covered by the end of 2022 Bringing 5G to every corner of this country 90% of Americans covered by the end of 2023 Unprecedented Pace and Efficiency Creates Material Competitive Advantage#255G DOWNLOAD SPEED T Mobile 23% Download Speed Increase Since January 2021 Report OPENSIGNAL 50% Faster than Verizon 30% Faster than AT&T Opensignal Awards - USA: 5G User Experience Report April 2021, based on independent analysis of average speeds from mobile measurements recorded during the period December 15, 2020 - March 14, 2021 2021 Opensignal Limited.#26T THE LEADER IN 5G LARGEST. FASTEST. MOST RELIABLE. ACCORDING TO UMLAUT Fastest: According to Opensignal Awards based on average speeds (USA: 5G User Experience Report Jan 2021). Most Reliable: According to independent third party umlaut from crowdsourced user experience data (Sept 2020 to Feb 2021). See 5G device, coverage, & access details at T-Mobile.com.#27POSITIONED TO MAINTAIN 5G LEADERSHIP FOR THE 5G ERA Current Mid-Band Holdings after Clearance, 2024+ 292 27 265 T Mobile C-Band/CBRS 2.5 GHz and below 171 79 92 AT&T 244 174 70 verizon#28POSITIONED TO LEAD IN 5G FOR FORESEEABLE FUTURE Mid Band 5G deployment - Covered Pops 5G Mid-band Covered Pops (M) 300 200 100 0 ΕΟΥ 2021 ΕΟΥ 2022 ΕΟΥ 2023 ΕΟΥ 2024 New Street Research Publication, April 2021 Updated based on AT&T announcement, 5/17/2021 T Mobile AT&T 5G Mid Band Mhz Pops Covered MHz Pops (MHz x M) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 ΕΟΥ 2021 ΕΟΥ 2022 verizon ΕΟΥ 2023 ΕΟΥ 2024 Based on TMUS estimates of available spectrum#29T-MOBILE IS UNIQUELY POSITIONED FOR DURABLE 5G LEADERSHIP Massive momentum on deployment delivering 5G advantage Network build fueled via synergies from network integration Network advantage fully funded with business plan Meaningful spectrum advantage in quality and depth of mid-band post C-Band auction Leading on 5G innovation with the most advanced network#30DELIVERING SYNERGIES BIGGER AND FASTER 2020 4X HIGHER $300M Original Merger Plan $1.3B ~$600M ~$250M ~$450M Actuals Avoided COS 2021 $1.1B HIGHER Y/Y (CoS + SG&A) $2.5B Original Merger Plan SG&A $2.8-3.1B $1.35 - $1.5B $450 - $600M ~$1.0B Current Outlook#31DELIVERING SYNERGIES BIGGER AND FASTER 2021 $1.1B HIGHER Y/Y (CoS + SG&A) 2020 4X HIGHER $1.3B ~$600M ~$250M ~$450M Actuals $1.1B YOY Avoided COS SG&A $2.8-3.1B $1.35 - $1.5B $450 - $600M ~$1.0B Current Outlook#32DELIVERING 25% MORE RUN RATE SYNERGIES Run Rate HIGHER by 25% ~$6.0B ~$2.0B ~$2.5B ~$1.5B Original Merger Plan Avoided COS ~$7.5B ~$2.5B ~$3.0B ~$2.0B Current Outlook SG&A#33BIGGER AND FASTER SYNERGY REALIZATION UNLOCKS INCREMENTAL SHAREHOLDER VALUE $43B NPV of Synergies HIGHER by >60% at current WACC Original Merger Case Original Merger Case WACC NPV @ 8% > $70B ~$10B > $60B Current Outlook Current WACC NPV @ 7%#34NOW EXPECTED TO DELIVER FINANCIAL RESULTS THAT EXCEED BOTH THE ORIGINAL 3-4-YEAR AND LONGER-TERM TARGETS Core Adjusted EBITDA¹ $22.8B- $23.2B 2021 $31B- $28B- $32B $29B 2023 2024 $36B+ 2026 Capital Expenditures $11.7B- $12.0B 2021 $9B- $10B $9B- $9B- $10B $10B 11 2023 2024 2026 Free Cash Flow $5.1B- $5.5B 2021 $13B- $14B 2023 $16B- $18B+ $18B 2024 ¹T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income including, but not limited to, Income tax expense, stock-based compensation expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between it and Net income is variable. 2026#35BALANCE SHEET STRENGTH AND INCREASED FREE CASH FLOW CREATING SHAREHOLDER RETURN OPPORTUNITY Capital Allocation Invest to complete integration and 5G network build while funding growth De-lever to mid-2x Core Adjusted EBITDA leverage ratio Potential for massive shareholder returns of up to $60B cumulative 2023 through 2025 shareholder return potential continues beyond 2025#36T Mobile THE UN-CARRIER#37(UNAUDITED) This presentation includes non-GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income including, but not limited to, Income tax expense, stock-based compensation expense and Interest expense. Adjusted EBITDA and Core Adjusted EBITDA should not be used to predict Net income as the difference between those measures and Net income is variable. T-MOBILE US, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES The following table includes the impact of the Sprint Merger on a prospective basis from the close date of April 1, 2020. Historical results have not been restated and reflect standalone T-Mobile. Adjusted EBITDA and Core Adjusted EBITDA are reconciled to Net income as follows: (in millions) Net income Adjustments: Income from discontinued operations, net of tax Income from continuing operations Interest expense Interest expense to affiliates Interest income Other (income) expense, net Income tax expense Operating income Depreciation and amortization Operating income from discontinued operations (1) Stock-based compensation (2) Merger-related costs COVID-19-related costs (3) Impairment expense Other, net (4) Adjusted EBITDA Lease revenues Core Adjusted EBITDA Q1 2020 $951 951 185 99 (12) 10 306 1,539 1,718 123 143 117 25 3,665 (165) $3,500 Q2 2020 $110 (320) (210) 776 63 (6) 195 2 820 4,064 432 139 798 341 418 5 7,017 (1,421) $5,596 Quarter Q3 2020 $1,253 1,253 765 44 (3) 99 407 2,565 4,150 125 288 1 7,129 (1,350) $5,779 Q4 2020 $750 750 757 41 (8) 101 71 1,712 4,219 129 686 6,746 (1,245) $5,501 Q1 2021 $933 933 792 46 (3) 125 246 2,139 4,289 130 298 49 6,905 (1,041) $5,864 1. Following the Prepaid Transaction (as defined below), starting on July 1, 2020, we provide MVNO services to DISH. We have included the operating income from discontinued operations in our determination of the Adjusted EBITDA to reflect contributions of the Prepaid Business that has been replaced by the MVNO Agreement beginning on July 1, 2020 in order to enable management, analysts and investors to better assess ongoing operating performance and trends. 2. Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the Condensed Consolidated Financial Statements. Additionally, certain stock-based compensation expenses associated with the Transactions have been included in Merger-related costs. 3. Supplemental employee payroll, third-party commissions and cleaning-related COVID-19 costs were not significant for Q3 and Q4 2020 and Q1 2021. 4. Other, net may not agree to the Condensed Consolidated Statements of Comprehensive Income primarily due to certain non-routine operating activities, such as other special items that would not be expected to reoccur or are not reflective of T-Mobile's ongoing operating performance, and are therefore excluded in Adjusted EBITDA and Core Adjusted EBITDA.#38T-MOBILE US, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED) Free Cash Flow and Free Cash Flow, excluding gross payments for the settlement of interest rate swaps, are calculated as follows: (in millions) Net cash provided by operating activities Cash purchases of property and equipment Proceeds related to beneficial interests in securitization transactions Cash payments for debt prepayment or debt extinguishment costs Free Cash Flow Gross cash paid for the settlement of interest rate swaps Free Cash Flow, excluding gross payments for the settlement of interest rate swaps Our current guidance range for Free Cash Flow is calculated as follows: (in millions) Net cash provided by operating activities Cash purchases of property and equipment Proceeds related to beneficial interests in securitization transactions (1) Cash payments for debt prepayment or debt extinguishment costs Free Cash Flow 1. Free Cash Flow guidance does not assume any material net cash inflows from securitization in 2021. Q1 2020 $1,617 (1,753) 868 732 $732 Q2 2020 $777 (2,257) 602 (24) (902) $13,200 (11,700) 3,700 (100) $5,100 2,343 $1,441 FY 2021 Current Guidance Range $13,600 (12,000) 3,900 $5,500 Quarter Q3 2020 $2,772 (3,217) 855 (58) 352 $352 Q4 2020 $3,474 (3,807) 809 476 $476 Q1 2021 $3,661 (3,183) 891 (65) 1,304 $1,304#39T-MOBILE US, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED) Our Free Cash Flow for the year ended December 31, 2020 and current guidance ranges for Free Cash Flow are reconciled to Net cash provided by operating activities as follows: Current FY 2021 Mid-Term 2023 Historic FY 2020 $8,640 (11,034) Cumulative 2020-2025 (¹) $103,900 $106,800 (62,000) (66,000) 21,000 22,000 (200) (100) 3,134 (82) 658 (in millions) Net cash provided by operating activities Cash purchases of property and equipment Proceeds related to beneficial interests in securitization transactions (3) Cash payments for debt prepayment or debt extinguishment costs Free Cash Flow Gross cash paid for the settlement of interest rate swaps Free Cash Flow, excluding gross payments for the settlement of interest rate swaps Free Cash Flow 2,343 $3,001 Our previous guidance ranges for Free Cash Flow as of April 2018 were as follows: (in millions) 1. 16-year period starting with the year when the merger was expected to close, which was 2019. $13,200 $13,600 (11,700) (12,000) 3,700 3,900 (100) 5,100 5,500 $5,100 $5,100 $18,300 $20,100 (9,000) (10,000) 3,700 3,900 1. 6-year period starting with the year when the merger closed, which was 2020. Thus, this guidance includes actual Free Cash Flow for the year ended December 31, 2020 and five additional years of guidance. 2. The mid-point of the guidance range is used for purposes of this reconciliation. 3. Free Cash Flow guidance does not assume any material net cash inflows from securitization. 13,000 14,000 $13,000 $14,000 Mid-Term 3 to 4 Years $10,000 $11,000 Mid-Term 2024 $21,300 $24,100 (9,000) (10,000) 3,700 3,900 16,000 18,000 $16,000 $18,000 Cumulative 6 years (¹) $55,000 62,700 2,300 $65,000 Long-Term 2026 (2) $23,700 (9,500) 3,800 $16,000 Long-Term 7 to 8 Years 18,000 $18,000 $18,000 This guidance was prepared based on internal forecasts and models prior to the Company's adoption of ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" which impacted the presentation of (1) cash flows related to beneficial interests in securitization transactions resulting in a reclassification of cash inflows from Operating activities to Investing activities and (2) cash payments for debt prepayment or debt extinguishment costs resulting in a reclassification of cash outflows from Operating activities to Financing activities. As a result, at the time the guidance was publicly released in April 2018, T-Mobile was not able to forecast GAAP Net cash provided by operating activities on a forward-looking basis without unreasonable efforts due to the Company's adoption of ASU 2016-15 on January 1, 2018.