#1ASTSpaceMobile Transforming how the world connects № Nasdaq NASDAQ: ASTS Investor Presentation September 2023#2Forward Looking Statements The information in this presentation and the oral statements made in connection therewith includes "forward-looking statements" for the purposes of federal securities laws that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact in this presentation and the oral statements made in connection therewith regarding AST Space Mobile, Inc.'s, collectively with its subsidiaries ("Space Mobile" or the "Company"), financial position, business strategy and the plans and objectives of management for future operations, are forward- looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors contained in AST Space Mobile's Annual Report on Form 10-K, filed with the SEC on March 31, 2023. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Measures (UNAUDITED) This presentation contains certain non-GAAP measures, including cash operating expense. Cash operating expense is equal to total operating expense less non-cash operating expense such as depreciation and amortization and stock-based compensation expense. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide useful information about the Company's operating results and liquidity and enhance the overall ability to assess the Company's financial performance. The Company uses these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Industry and Market Data This presentation includes market data and other statistical information from sources believed to be reliable, including independent industry publications, governmental publications or other published independent sources. Although AST SpaceMobile believes these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. Trademarks and Trade Names AST Space Mobile owns or has rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with AST SpaceMobile, or an endorsement or sponsorship by or of AST Space Mobile. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that AST Space Mobile will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. 2 ast-science.com ASTSpaceMobile#3AST SpaceMobile is building the first & only space-based cellular broadband network Raised $850+ million to date to fund network build and technology with 2,600+ patent and patent-pending claims Confirmed 4G capabilities and achieved 10+ mbps download speeds to everyday smartphones directly from space Signed agreements and understandings with 40+ mobile network operators with ~2.4 billion existing subscribers Fully-funded for operations of first five commercial satellites to offer initial cellular broadband service 3 ast-science.com ASTSpaceMobile#4Transforming connectivity with direct-to-cell technology (5G + 4G LTE) 1 "Eliminating the friction of specialized equipment and spectrum bands from direct- to-cellular satellite coverage, at broadband speeds, is a transformational event for the communications industry" "Not only do we expect to provide essential, affordable broadband connectivity to everyone everywhere, we are working to expand the market to billions of individuals and devices" 4 ast-science.com Everyday smartphones from all major brands have communicated with BW3 11 ງ S 5.0 ✓ - Abel Avellan Chairman and CEO Phones Devices UNMODIFIED STANDARD DIRECT-TO-DEVICE Wearables EXISTING SPECTRUM ASTSpace Mobile IoT#5Market opportunity is deep, untapped and expanding $1.1 Trillion global mobile wireless services market 5.5 Billion mobile phones and devices moving in and out of coverage Source: GSMA market data as of December 31, 2022. 1. Represents 2023-2030 cumulative estimated demand, per Northern Sky Research. 44% global population without cellular broadband ~90% of Earth's surface without cellular coverage $67 Billion 8-yr expected demand for satellite direct-to- device communications 1 5 ast-science.com ASTSpaceMobile#6Top Mobile Network Operators (MNOS) are AST investors, partners and customers When operational, SpaceMobile service will be available to MNOS on a wholesale basis, with existing relationships spanning nearly all large countries (ex. China/Russia) 6 ast-science.com ASTSpaceMobile AST SpaceMobile potential coverage Strategic Investors O vodafone ▲ Rakuten AMERICAN TOWER SAMSUNG NEXT Bell Select MNO Partners O vodafone AT&T Bell Rakuten orange TELECOM Smart africell Telefonica MTN Telstra Telkomsel LIBERTY LATIN AMERICA smartfren. TIM tico etisalat о Globe Zain stc#77 AST SpaceMobile is currently operating a 693 sqft phased array in low Earth orbit BlueWalker 3 is the largest-ever commercial communications array deployed in LEO, designed to support cellular broadband directly to everyday smartphones Stowed View From Orbit Click here to see how we assembled, launched and deployed BW3, and click here for an overview of the mission ast-science.com Unfolded-Antenna Side ASTSpace Mobile 111 DE 3 BEDR Unfolded - Solar Side#8April 2023 History made: First-ever space- based voice calls using everyday smartphones O vodafone "Today, we have taken another major step in mobile communications. 30 years after Vodafone sent the world's first text message, we supported AST SpaceMobile in successfully making the first ever direct-to- smartphone test call using satellite communications. This is just the start. As a lead investor in AST Space Mobile, we will continue to break technological boundaries by connecting many more millions of people across the planet when the service becomes commercially available." -Margherita Della Valle, CEO AT&T "AT&T's heritage began with the birth of the telephone 147 years ago and has continued with many other firsts including: trans-continental call, overseas call, call from the moon, and partnering to deliver the only network built with and for America's first responders. We connect people to greater possibility, and this important milestone with AST Space Mobile is a big step and we can't wait to see what's next in our space-based journey." -Chris Sambar, Head of AT&T Network Rakuten "It was a unique thrill and honor to have the Rakuten team talk with Abel in a world- first direct-to-satellite experience. Congratulations to AST SpaceMobile and all of its strategic collaborators on this groundbreaking event. As technological advancements like space connectivity become possible with pioneers like AST Space Mobile, Rakuten will also progress even further along the road to democratizing connectivity for all." —Mickey Mikitani, Chairman & CEO AT&T Milestones AST SpaceMobile FST Spor The first voice call was made from the Midland, Texas area to Rakuten in Japan over AT&T spectrum using a Samsung Galaxy S22 smartphone 1876 First phone call First television transmission over transcontinental radio relay of President Truman 1951 1954 First solar battery First transmission of content over a satellite 1962 1977 First Fiber install in Chicago First ever two-way voice call on AT&T spectrum via satellite with an everyday cellphone by AST SpaceMobile 2023 8 ast-science.com ASTSpaceMobile "SATELLITE AST SpaMale Source: AT&T.#9June 2023 History made, again: First-ever 4G LTE to everyday smartphones directly from space 9 ast-science.com ASTSpaceMobile AT&T "Successfully reaching double-digit download speeds during satellite-to-smartphone testing takes us one step closer to ensuring people across the United States will be able to stay connected no matter their location. This milestone wouldn't be possible without the overall focus and determination of the teams working daily to achieve our shared space-based vision of connectivity." -Chris Sambar, Head of AT&T Network ● vodafone "Each mobile milestone in Vodafone's history has moved us closer to connectivity for all. Achieving these mobile speeds, via satellite direct to standard 4G smartphones, shrinks the digital divide even further. Together with Vodacom and AST Space Mobile, we look forward to bringing this capability to our customers in the hardest to reach areas of Africa and Europe." -Alberto Ripepi, Chief Network Officer NOKIA "This is an important milestone that will see real mobile broadband connectivity delivered directly to smartphones from space via AST SpaceMobile's platform. As the RAN provider, we are proud to play a role in this important initiative that will provide crucial connectivity around the world." -Tommi Uitto, President of Mobile Networks AST SpaceMobile Download 10 Mbps 4G From Space Ha AST Using AT&T cellular spectrum, we connected everyday smartphones to our BlueWalker 3 test satellite and recorded 4G LTE download speeds (with 5MHz carrier) of >10 Mbps#10Vertically integrated manufacturing to support rapid constellation build Two locations in Texas with combined 185,000 sq ft and potential capacity to produce up to 6 satellites per month using automated processes Headquarters Site 2 10 ast-science.com ASTSpace Mobile MAX LOAD 5510 Lbs (2500 Kg) AST WEIGHT 2150 LBS ARBUS 7280#11Manufacturing of first five BlueBird commercial satellites ramping • Completed construction of clean room manufacturing space • All necessary equipment delivered and installed • All critical lead time items ordered • All manufacturing processes and lines completed and implemented • Completed part-by-part traceability and quality system 11 ast-science.com ASTSpaceMobile CARLSBA AST SpaceMobile ABE VELLAN MICRO DAB CROSS VER#12Key future milestones to reach initial space- based cellular broadband commercial service ☐ Joint test results of BlueWalker 3 capabilities with MNO customers and technology partners ☐ Manufacturing and assembly of Block 1 BlueBird satellites at our Texas facilities Completion of definitive commercial agreements with initial customers 12 ast-science.com ASTSpaceMobile ☐ Regulatory approvals in key markets ☐ Finalization of Block 2 Blue Bird design, including ASIC tape out ☐ Launch of 5 Block 1 BlueBird satellites ☐ Initial commercial service using Block 1 satellites#13AST Space Mobile differentiation 1. AST SpaceMobile market size based on GSMA Intelligence estimate of total cellular wireless market spend. As of December 31, 2022. 2. Cash and cash equivalents as of June 30, 2023. 000 ↑ ↑ ↑ $ ☐ Only pure play, low Earth orbit (LEO) broadband communications company that is publicly-traded Novel technology solution applicable to a market of 5.5 billion mobile phones and devices and the related $1.1+ trillion TAM 1 Jointly going to market, not competing, with mobile network operators with hundreds of millions of subscribers Revenue share business model designed to allow users to sign up with a simple text message Approximately $191 million cash and cash equivalents to fund business operations and initial production satellites 2 13 ast-science.com ASTSpaceMobile#14Appendix 14 ast-science.com ASTSpaceMobile#15Global Infrastructure Company snapshot Founder-led leadership and deep team with decades of successful execution 15 ast-science.com ASTSpaceMobile • 25+ years space industry experience Abel Avellan • Co-inventor of 21 U.S. Patents • Former Founder and CEO of EMC (Emerging Chairman and CEO Sean Wallace Chief Financial Officer Scott Wisniewski • Chief Strategy Officer • • • • • Markets Comms.) until $550mm sale in 2016 Provided initial seed capital for AST SpaceMobile 25+ years senior management and banking experience Prior CFO and Treasurer of Cogent Communications Former banking leadership positions at Standard Chartered Bank and J.P. Morgan 15+ years of M&A / financing experience Previously Managing Director, TMT Investment Banking at Barclays Advised AST on its $110mm Series B in 2019 and the SPAC merger / PIPE financing in 2021 RF/Hardware United Kingdom Manufacturing/ Support Brian Heller General Counsel and Secretary 20+ years of public company legal experience Prior General Counsel of Castle Brands Inc. Former Partner practicing Corporate and IP law Midland HQ/ Israel Manufacturing Facilities Design Maryland Satellite Operations and Network Operations Center / Space Assembly Lab Spain India Mechanical Design Research & Development Chris Ivory Chief Commercial Officer • • Dr. Huiwen Yao Chief Technology Officer • Dr. Ray Sedwick Chief Space Scientist • 25+ years in satcom, business development and government / regulatory affairs Led Commercial Business Unit as EVP Globecomm Former SVP of Satellite Land Services at EMC 30+ years RF engineering + satcom Prior: Northrop Grumman Innovation Systems (Orbital ATK) 40+ GEO satellites built Director, Space Power and Propulsion Lab at University of Maryland NASA Innovative Advanced Concepts Fellow#165.5 billion mobile phones and devices globally Global wireless services market generates over $1.1 trillion in annual revenue, with a backdrop of evolving and imperfect networks Global Population – 8.0 billion Source: GSMA Intelligence (data as of December 31, 2022). 16 ast-science.com ASTSpaceMobile 3.5bn 2.5bn 4.5bn 1.0bn ■Cellular subscribers - broadband Cellular subscribers - no broadband Not a cellular subscriber 5.5bn 5.5 billion unique cellular subscribers move in and out of coverage as they live, work and travel 3.5 billion not subscribed to cellular broadband 0.4 billion have no coverage 3.1 billion usage gap#17AST Space Mobile technology solution Differentiated approach compared to existing space-based communications First & Only Broadband Direct To Mobile Phones Direct via Proprietary Mobile Phones Indirect via Complex, Expensive Hardware 1. Market size based on the sum of 2020A revenues of included providers, AST SpaceMobile market size based on GSMA estimate of total cellular wireless market spend. AST SpaceMobile 09:41 Tuesday 12 September # 00 La PIT DO LISTENING John Smith 38 NU Rescue - PTT Y 2 3 5ML 7 ro 0 Any standard mobile phone Provider-specific satphones (~$1K) Mass market mobility End Users Narrowband service on satphones and the unconnected Provider-specific antennas mounted on planes, ships, vehicles, buildings (~$1K-$200K+) Enterprise, Maritime, Aviation, Government, Residential Market Size 1 > $1 trillion < $2 billion < $20 billion 17 ast-science.com ASTSpaceMobile I#18Satellite-to-cellular architecture is transparent to end-user SpaceMobile network designed to closely mirror terrestrial cellular architecture I Satellites in low Earth orbit to offer low-latency and attractive look angles 18 ast-science.com ASTSpaceMobile Direct link to unmodified mobile phones and other cellular devices Low- and mid-band frequencies shared with wireless operators on non- interference basis High-throughput Q/V-band feeder links for backhaul (o))) Gateways / Partner Network Large satellites designed to create over 1 million fixed terrestrial cells globally with broadband capacity Terrestrial Telecom Network#19How subscribers are expected to use Space Mobile Significant flexibility in go-to-market strategy, with multiple potential ways for cellular subscribers to access more and better connectivity Day Pass (Broadband) • Subscribers receive a text on their phone asking if they would like to turn on SpaceMobile service 11:40 SpaceMobile ■■5Gs Service designed to be compatible with the 5.5 billion existing mobile phones and devices in use globally today Monthly Add-on (Consumer) TICKET AN Monthly Add-on (Enterprise) nd make it happe • A fixed monthly rate to add Space Mobile as a supplemental service to existing cellular plan Automatically connect with SpaceMobile's network upon entering an area without cell tower coverage • Same as consumer, but with more data targeting power users You are out of coverage. Would you like to turn on your SpaceMobile Day Pass? (Yes/No) 19 ast-science.com ASTSpaceMobile IoT (Internet of Things) Uplink / downlink for cellular compatible loT devices, for areas with poor terrestrial connectivity Yes Emergency Connection Subscribers would use SpaceMobile during emergencies and natural disasters when terrestrial networks are not nearby or have failed Welcome to SpaceMobile. You will now be connected everywhere. i#20Highly successful funding history Milestone driven, value-creating financing approach with validation from a high-profile investor base across the wireless ecosystem Select Investors Rounds Participated $mm $64 Rakuten 2 $104 Vodafone 2 $35 American Tower 2 $31 $108 Public Investors Cisneros 2 $12 $27 $462 Bell Canada 1 $10 Rakuten Samsung 1 $1 A Divestiture of non-core asset for ~9x MOIC Public Investors 1. On September 6, 2022, AST Space Mobile completed the sale of its 51% interest in its former subsidiary, NanoAvionika UAB ("Nano") for net proceeds of approximately $26.6 million 2. Representative of $75 million of gross proceeds from December 2022 follow-on offering, $13.4 million of net proceeds from committed equity facility ("CEF") as of December 31, 2022 and $20.0 million of net proceeds from at-the-market offering program as of December 31, 2022. 3. Representative of $56.9 million of gross proceeds from June 2023 follow-on offering, and $7.2 million of net proceeds from at-the-market offering program as of June 30, 2023. 4. Includes $15.0 million equipment loan from Loan Star Bank, and a $48.5 million draw on a $100.0 million senior secured credit facility. Cisneros (Invesat LLC), Founder, Chairman & CEO, Abel Avellan Latin American Media company $110 Rakuten vodafone $10 AMERICAN TOWER SAMSUNG NEXT AMERICAN TOWER O vodafone Bell Cisneros (Invesat LLC) + Public Investors $64 $850+ Secured Credit Facility and Equipment Loan $6 January 2017 June 2018 2019 - 2020 April 2021 September 2022 2H 2022 1H 2023 August 2023 Total Capital Raised Sale of De-SPAC & Seed Series A Series B PIPE Nano Stake¹ Follow- On, CEF & Follow-On & ATM³ ATM² 20 ast-science.com ASTSpaceMobile Debt Facilities4#21AST 20305 121 MAX LOAD 5510 Lb (2500 Kg 2 STS FAMILY Nasdaq SpaceMobile asforming how the world conne Nasdaq AST AST SpaceMobile Rakuten AST SpaceMobile O Vodafone AMERICAN TOWER FST Spectable WEIGHT 2150 LBS 000 M A EST