#1T Mobile Virtual Analyst Day March 11, 2021#2Welcome Jud Henry Senior Vice President, Investor Relations 2#3Cautionary 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 of the prepaid wireless business under the Boost Mobile and Sprint prepaid brands (excluding the Assurance brand Lifeline customers and the prepaid wireless customers of Shentel and Swiftel), the complaint and proposed final judgment agreed to by us, Deutsche Telekom AG ("DT"), Sprint Corporation ("Sprint"), SoftBank Group Corp. ("SoftBank") and DISH Network Corporation ("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, 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 and the other transactions contemplated thereby (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. 3#4T Mike Sievert Mike Katz Neville Ray Jon Freier Dow Draper Matt Staneff Callie Field 54 Peter Osvaldik RUN OF SHOW Jud Henry | SVP Investor Relations Mike Sievert | President and Chief Executive Officer Neville Ray | President of Technology Matt Staneff | EVP & Chief Marketing Officer Q&A | Neville, Matt, Mike, & Peter BREAK Jon Freier | EVP Consumer Markets Callie Field | EVP & Chief Customer Experience Officer Q&A | Jon, Callie, Mike, & Peter Mike Katz | EVP T-Mobile for Business Dow Draper | EVP Emerging Products Q&A | Mike, Dow, Mike, and Peter Peter Osvaldik | EVP & Chief Financial Officer Q&A | Senior Leadership Team CLOSING REMARKS 4#5421939Bi E T-Mobile's Extraordinary Opportunity for Value Creation In the 5G Era Mike Sievert President & Chief Executive Officer 01 5#6MISSION BEST IN THE WORLD AT CONNECTING CUSTOMERS TO THEIR WORLD PRODUCT LEADERSHIP Build the World's Best 5G Network #1 STRATEGIC PILLARS VALUE LEADERSHIP Unlock the Value Potential of Synergies & Scale EXPERIENCE LEADERSHIP Deliver the Best Experience from the Best Team VISION IN CUSTOMER CHOICE IN CUSTOMERS' HEARTS 6#7Industry-Leading Growth Expand addressable markets and grow customer relationships OUR AMBITIONS ARE SIMPLE 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#8oyo Building World's Best 5G Network Miles ahead of the competition and positioned as network leader for the 5G era KEY THEMES FOR TODAY & Expanding Our Addressable Markets Consistently and profitably grow customer relationships through diversified growth strategy $ Unlocking Merger Synergies Delivering synergies bigger and faster than planned 000 Delivering Even Better Financial Results Setting up the potential for significant shareholder returns earlier than anticipated 8#9POSITIONED TO MAINTAIN 5G LEADERSHIP FOR THE 5G ERA Results underscore value of T-Mobile's 2.5 GHz mid-band strategy and merger thesis Smartly invested to augment mid-band leadership for 5G era C-band best suited to dense urban deployments due to limited propagation Acquired 40 MHz of spectrum in top markets covering 225M POPs Outside urban areas, C-band would require 1.5x more site densification than 2.5 GHz for competitive coverage#10POSITIONED TO MAINTAIN 5G LEADERSHIP FOR THE 5G ERA Current Mid-Band Holdings after Clearance, 2024+ Incremental C-Band Spectrum Costs Deployment Clearing Auction $10.5B $9.3B ? $27.4B $23.4B ? AT&T $52.7B $45.3B T Mobile verizon T-Mobile maintained mid-band leadership despite competition spending $80B, with potentially tens of billions more needed for deployment to create competitive coverage $75B $50B $25B 292 27 265 C-Band/CBRS 2.5 GHz and below 171 79 92 244 AT&T 174 70 T Mobile verizon T-Mobile has ~3x to 4x more sub-2.5GHz mid-band spectrum providing superior performance, propagation, and cost efficiencies 10#11D BUILDING THE BEST 5G NETWORK FOR THE 5G ERA FASTEST, BIGGEST, & MOST AVAILABLE 5G NETWORK ▪ Demonstrable lead differentiating T-Mobile as undisputed 5G leader ▪ Well positioned for durable leadership for the 5G era ▪ Densest network with more spectrum provides capacity and speeds to unlock new growth opportunities ▪ Perception tide changing to position T-Mobile as famous for network 11#12ARA MARKET EXPANSION SIGNIFICANTLY EXPANDING T-MOBILE'S ADDRESSABLE MARKET HE Smaller Markets & Rural 50M US Households Current Share Low-Teens Expect to Increase to nearly 20% in 5 years 12#13MARKET 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 W 13#14T MARKET EXPANSION SIGNIFICANTLY EXPANDING T-MOBILE'S ADDRESSABLE MARKET Home Broadband $90B And Growing Annual Industry Revenues Expect 7-8M Customers in 5 years 14#15MARKET EXPANSION NETWORK QUALITY EXPANDS CUSTOMER REACH AND RELATIONSHIPS 5G Category Expansion Deepening relationships to grow ARPA Margin accretive data devices to grow in 5G era CHE www. TUE 12:30 PM Hood SOCIAL NET YOU CHO: 00 0.00 00orce 15 O#16HOW DING T Personally 4 E MARKET EXPANSION NETWORK QUALITY EXPANDS CUSTOMER REACH AND RELATIONSHIPS BEST Experiences Significant opportunity to reduce Sprint churn with our winning formula Best network, Best value and Best care will deliver even higher customer lifetime value 16#17UNLOCKING SYNERGIES SYNERGIES Faster and Bigger than Expected. Expect to eclipse $6B run rate a year earlier Delivering 25% more run rate synergies Run Rate Cost Synergies HIGHER by 25% ~$6B Original Merger Case ~$7.5B Current Outlook NPV of Synergies HIGHER by >60% at current WACC $43.0B Original Merger Case NPV @ 8% >$70B $60.0B Current Outlook NPV @ 7% 17#18NEW FINANCIAL TARGETS EXCEED ORIGINAL MERGER PLAN OÛ ILLO 3 BETTER FINANCIALS $ Higher Service Revenue & Core Adjusted EBITDA Raising Mid-term Free Cash Flow guidance by $3B or 30% Higher Cumulative Free Cash Flow of ~$65B through 2025 is 20% higher Unlocks Potential Shareholder Returns of up to $60B in 2023-2025 Potential Upside to Plan Assumptions and Incremental 5G Opportunities 18#19((()) ●●● MAKING AN IMPACT THE UN-CARRIER WAY Bridging the Digital Divide Making connectivity accessible to all Supporting Our People and Communities Equity in Action 20 Driving Enterprise Sustainability Reducing our environmental impact 19#20MAKING AN IMPACT THE UN-CARRIER WAY P PROJECT 10MILLION WORKING TO CONNECT EVERY STUDENT $10.7B Initiative with an ambitious goal: To eradicate the national homework gap 20#21oyo Building World's Best 5G Network Miles ahead of the competition and positioned as network leader for the 5G era KEY THEMES FOR TODAY & Expanding Our Addressable Markets Consistently and profitably grow customer relationships through diversified growth strategy $ Unlocking Merger Synergies Delivering synergies bigger and faster than planned 000 Delivering Even Better Financial Results Setting up the potential for significant shareholder returns earlier than anticipated 21#22Durable 5G Network Leadership Neville Ray President of Technology 22#23T-MOBILE HAS CLEAR AND DEMONSTRABLE LEAD IN 5G TODAY T Mobile 5G Coverage 1.6M 5G Covered Area (sq. miles) Total 5G: 287M POPs Ultra Capacity 5G: 125M POPs AT&T 5G Coverage 0.7M 5G Covered Area (sq. miles) Total 5G: 233M POPs 5G Plus: ~1M POPS verizon 5G Coverage 0.4M 5G Covered Area (sq. miles) Total 5G: 231M POPs Ultra Wideband: ~3M POPS 23#24MULTIPLE 3rd PARTY STUDIES SHOW T-MOBILE'S 5G LEADERSHIP WINNER: T-MOBILE WINNER IN 5G DOWNLOAD SREEDS WINNER IN 5G AVAILABILITY WINNER IN UPLOAD SPEED EXPERIENCE-5G USERS WINNER IN 5G UPLOAD SPEEDS WINNER IN DOWNLOAD SPEED EXPERIENCE 5G USERS OPENSIGNAL JANUARY 2021 24#25MULTIPLE 3rd PARTY STUDIES SHOW T-MOBILE'S 5G LEADERSHIP Ookla 5G Median DL Speed (Mbps) thru February 2021 Delivering 5G Speed Leadership in Q1 "T-Mobile is the current best bet for 5G" -Wall Street Journal AT&T T Mobile verizon "...Verizon hammered its competitors...with 'the best network' and their big red coverage map. Well, the map is looking quite magenta today..." -Bloomberg 81 77 66 "...T-Mobile's 5G coverage dwarfed that of its two competitors." -Fierce Wireless 25#26T-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 26#27EXTENDED 5G ULTRA 5G CAPACITY MASSIVE MOMENTUM ON NETWORK DEPLOYMENT Mid-band and Millimeter Wave 080 Sites Combined LTE + 5G Over 300M people covered by the end of 2021 200M people covered by the end of 2021 85K ending Macro Sites 97% of Americans covered by the end of 2022 Over 250M covered by the end of 2022 Thousands of new coverage sites Bringing 5G to every corner of this country 90% of Americans covered by the end of 2023 50K ending Small Cells Unprecedented Pace and Efficiency Creates Material Competitive Advantage 27#28NETWORK BUILD FUELED BY SYNERGIES 7-8K Macro Sites by end 2021 De-Commissioning Roadmap 35K Macro Sites by end 2022 ~$3B of run rate synergies Completing Network Integration One Year Ahead of Schedule Simultaneously Integrating Thousands of Sprint Sites with 5G capable 600MHz, PCS, AWS, and 2.5 GHz 28#29NETWORK BUILD FUELED BY SYNERGIES 16K Avoided macro sites 50K Avoided small cells Enabling Avoided Network Build Combined Network Synergies at $5B ~$2B Avoided cost synergies 29#30MID-BAND SPECTRUM LEADERSHIP MAINTAINED T-Mobile Well Positioned Even with Full C-Band Available in 2024 265 TDD 158 FDD 107 T Mobile Current Mid-band Holdings, Available YE21 116 TDD 23 FDD 93 AT&T 120 TDD 50 FDD 70 verizon 292 TDD 185 FDD 107 Current Mid-band Holdings, Available 2024+ T Mobile Big 3 Spectrum Position (MHz) Spectrum values are pop-weighted national averages 172 TDD 79 FDD 93 AT&T 244 TDD 174 FDD 70 verizon 30#31C-Band 2.5 GHz I I I I I SMART C-BAND INVESTMENT 2.5 GHz vs. C-Band holded ㅠㅠ 65% 100%- C-Band is best suited to dense urban deployments due to limited propagation Extensive site densification required to match 2.5 GHz coverage in suburban and rural geographies Focused deployment of C-band where needed in urban areas complements 2.5 GHz base layer resulting in massive capacity at lower cost T-Mobile deployment provides significant advantage to customer experience providing unrestricted access to 5G Extensive capacity opens growth in new areas like home broadband Requires 1.5x more sites than 2.5 GHz, and 2x more sites than AWS/PCS "A" Xº 90 A 2⁰ 2.5 GHz Coverage Footprint ** T T Fr M ** C-Band Coverage Footprint 31#32EARLY DEPLOYMENT OF LOW-BAND 5G DELIVERS MID-BAND COVERAGE EXTENSION VIA CARRIER AGGREGATION IM 5GNR Carrier Aggregation Mid-Band coverage Mid-Band with Carrier Aggregation Mid-Band Downlink with Low-Band Uplink Low-Band coverage 30% Mid-Band extension with Low-Band spectrum Carrier Aggregation 30% Mid-Band extension Range extension from Carrier Aggregation requires extensive deployment of 5G on lower bands Improved in-building performance in urban topographies Extends coverage in suburban and rural areas T-Mobile has been deploying low-band 5G for over three years to support this Customer Handsets already available to benefit from 5G Carrier Aggregation 32#33NETWORK DENSITY AND DEEP SPECTRUM ASSETS RESULT IN MASSIVE CAPACITY AT LOWER COST 14x CAPACITY INCREASE Network integration synergies deliver unique cost structure capability T-Mobile Standalone 2019 Offered Capacity More sites with more spectrum provides additional capacity and faster speeds Leveraging latest 5G technology and layer cake strategy delivers both depth and breadth of 5G experience Network program delivers the most efficient 5G network factory Broad Low & Mid-band network deployment delivering massive offered capacity at significantly lower cost than competition. New T-Mobile 2024 Offered Capacity T-Mobile's cost per GB estimated at HALF of Verizon and AT&T in 5 years 33#34Nationwide 5G Network First to launch nationwide 5G network TDD 80% allocation to downlink provides tremendous capacity VONR 5G voice opens up rich use cases LEADING IN 5G INNOVATION WITH THE MOST ADVANCED NETWORK 5G Standalone Network First to launch nationwide 5G stand-alone core network Massive MIMO 64 by 64 configuration allows better cell edge performance and increased capacity Carrier Aggregation First to provide network capability and handset support to aggregate spectrum, extending reach and increasing speeds Enabling Future Growth and Revenue Opportunities Massive connectivity Ultra-low latency apps AR/VR use cases Consumer and industrial wearables Drone use cases Utilize T-Mobile Ventures, Innovation Lab, and Accelerator program 34#35T Becoming Famous for Network Unlocks Revenue & Loyalty Matt Staneff EVP & Chief Marketing Officer 35#36Product Leadership Build the World's Best 5G Network MARKETING STRATEGY FOR SUCCESS Value Leadership Unlock the Value Potential of Synergies and Scale Experience Leadership Deliver the Best Experience from the Best Team 36#370803 COMPELLING Network Story THE MUST-HAVE NETWORK REAL Customer Use Cases Magenta PRODUCTS MAX Others Don't Offer Insider Endorsements Doubled the number of consumer endorsements for T-Mobile as THE 5G Company "The undisputed leader in 5G coverage..." -Forbes Customer Perceptions Unprecedented gains across all our network perception categories, notably on: RELIABILITY SPEED +28% +47% 37#38NO CONTRACTS SIMPLE CHOICE TEST DRIVE T Mobile NETFLIX ON US WE CHANGED WIRELESS FOR GOOD CARRIER WI-FI TAXES & FEES FREEDOM MUSIC FREEDOM INCLUDED UNLEASHED UNLIMITED TALK TEXT & DATA DATA STASH JUMP! BUSINESS BINGE ON UNLEASHED MOBILE WITHOUT BORDERS TUES DAYS TEAM OF Unlimited 5G ScamShield TIVISION TWFX EXPERTS 55 FOR GOOD 38#395G NETWORK CREATES ABUNDANCE OF CAPACITY AND CAPABILITIES loT 00 Watches Smart Cities Premium Plans Magenta MAX AR/VR Broadband T-MOBILE THOME INTERNET Gaming Connected Drive Sync UP DRIVEⓇ Opportunity to deepen existing relationships & increase service revenue through adoption of multiple services 39#40PATH TO INDUSTRY BEST CHURN Address Pain Points × Device Step-Ups X Exploding Promotions X Excessive Fees X 'New Customer Only' Offers X Spotty Network X Poor Customer Service Improve the Experience Best Network Experience Un-carrier Value Proposition Team of Experts Level of Care Best Loyalty Program Transparent Billing Seamless Transition Drive down Sprint churn to T-Mobile Levels and Deepen Account Relationships 40#41C T Driving Sustained Consumer Momentum Jon Freier EVP Consumer Markets 41#42CONSUMER SEGMENT REMAINS THE LARGEST Just over 30% Served by T-Mobile 310M Consumer Postpaid & Prepaid Customers in America 42#43OUR WINNING FORMULA World's Best 5G Network T Mobile metro by T Mobile Strong Value Proposition + 28 High-Quality Distribution 908 Best Consumer Experiences 43#44SMALLER MARKETS & RURAL OPPORTUNITY LARGEST GEOGRAPHIC SEGMENT OF THE CONSUMER MARKET T-Mobile Rural Market Share Low-Teens Current Nearly 20% 2025 50M HOUSEHOLDS 130M PEOPLE Our Winning Formula World's best 5G network High-quality distribution Strong value proposition Best consumer experiences 44#45TRANSFORMING EXISTING DISTRIBUTION DELIVERS COST-EFFICIENT GROWTH MODEL Retail Evolution Rationalized hundreds of stores in 2020 - 7.5K T-Mobile branded stores today Postpaid Expansion Launch T-Mobile in nearly ~1K Best Buy stores and ~2.2K+ Walmart stores Prepaid Expansion Open ~500 Metro by T-Mobile branded & multi-carrier stores 45#46Delivering the Best Experiences from the Best Team Callie Field EVP & Chief Customer Experience Officer 46#47LEVERAGING TEAM OF EXPERTS TO SUPERCHARGE THE CUSTOMER EXPERIENCE T Mobile TEAM OF EXPERTS New Rules For Serving Customers We make it easier for you to connect with us You never have to repeat yourself - ever! You have a Team of Experts who get it right the first time Rather solve on your own and never have to call? We'll show you how. 47#48Happy Customers 68% improvement in Net Promoter Score since 2016 LEVERAGING TEAM OF EXPERTS TO SUPERCHARGE THE CUSTOMER EXPERIENCE Staying Longer 50 bps improvement in postpaid phone churn from 2015 to 2019 Deepening Relationships Initial measures to improve the Sprint customer experience has increased Sprint's NPS by 50% after interactions with Experts Activations through Care up 4X since launching Team of Experts Building on the Successes of TEX for Sprint Bringing full TEX experience to Sprint customers, with tools like Expert Assist and Next Best Action for our frontline heroes, already underway Less Effort 50% reduction in calls per account 48#49PIONEERING INNOVATIVE WAYS TO DIFFERENTIATE THE DIGITAL EXPERIENCE WITH CUSTOMERS AS OUR NORTH STAR Enable Effortless Purchasing Reducing switching friction to deepen customer relationships - however, whenever, and wherever they want Accelerate Self Service & Migration Will deliver on goal of moving at least 60% of Sprint customers onto T-Mobile's network by end of year 000 Drive Revenue Growth Powered by data and technology to scale Home Internet/eCommerce by tripling activation volumes while reducing cost of acquisition Supercharge Customer Advocacy Giving frontline superpowers to provide the best experiences and support Industry-Low Postpaid Churn 49#50T Uniquely Positioned for Market Leading Growth in Business Mike Katz EVP T-Mobile for Business 50#51Total Market Size Service Revenues $27B 2020 TREMENDOUS OPPORTUNITY AS BUSINESS MARKET CONTINUES TO GROW 8% CAGR Core Wireless $40B 2025 Adjacent Services Connections Corporate Liable Lines 60M 50M 2020 4% CAGR 2025 51#52GREAT MOMENTUM BEFORE UTILIZING NETWORK ADVANTAGE Most agile and responsive to business needs Record Year in 2020 More than tripled net customer additions year-over-year Doing business with more than 75% of the Fortune 500 Double-digit percentage service revenue growth year- over-year Connected over 2 million students with Proje 10M 52#53FOCUS AREAS TO ACHIEVE GROWTH AND CONTINUE MOMENTUM Leverage 5G Network Advantage Disrupt with Value and Simplicity Close the Awareness Gap Specialized Sales & Dedicated Care ■ ■ Launched T-Mobile Home Office Internet Trials underway for Mobile Edge Compute and Private Networks Launched T-Mobile Enterprise Unlimited to help customers simplify and future-proof wireless Focus on differentiating with agility and solving pain points with Un-carrier principles Increase awareness of T-Mobile for Business and close gap to AT&T and Verizon Build and expand on successful 2020 advertising campaigns Expanded sales organized in a specialist model targeted to industry verticals & segments Dedicated "Team of Experts" to address issues quickly 53#54FULLY EQUIPPED TO BE A SHARE TAKER IN BUSINESS 080 9 Leverage 5G Network Advantage T Close the Awareness Gap TE Disrupt with Value and Simplicity Specialized Sales & Dedicated Care 5 Year Ambitions To be the #1 choice for businesses . Grow Enterprise market share from less than 10% to 20% Build on our success in Public Sector where we have made significant strides in 2020 Drive double-digit percent CAGRs in service revenues in Enterprise and Public Sector 54#55Capturing the Home Broadband Opportunity Dow Draper EVP Emerging Products 55#56H HOME BROADBAND IS A GROWING INDUSTRY THAT COMPLEMENTS MOBILE HOME INTERNET $90B And Growing Annual Industry Revenues 56#57T Reliable Service BRINGING THE UN-CARRIER TO THE HOME BROADBAND MARKET No Exploding Promotions No Equipment Fees $// No Contracts LE Easy Self Install 57#58ATTRACTIVE VALUE PROPOSITION IN ALL MARKET TYPES Left Behind Markets 5-10% of households Expanding addressable market Superior reliability and speeds Limited Competition Markets 50-60% of households Expanding consumer choice Customer friendly, competitive value proposition Well Served Markets 35-40% of households Competitive pricing Better customer service Double and triple plays 58#59GREAT OPPORTUNITY WITH ATTRACTIVE ECONOMIC MODEL T HOME INTERNET Planning to serve 7-8 Million customers by 2025 Potential for similar ARPU and Churn profile to postpaid customers ■ Limited incremental investment required ▪ 5G router prices rapidly declining 59#60LEVERAGING T-MOBILE'S ASSETS TO WIN IN BROADBAND T-Mobile- T-Mobile Brand Strength Samsung MOBILIZE 199 RECIPE FOR SUCCESS National Distribution LARGEST FASTEST. IN 5G 5G Network Double or Triple Plays 60#61T Profitable Growth Delivers Massive Free Cash Flow Peter Osvaldik EVP and Chief Financial Officer 61#62DELIVERING SYNERGIES BIGGER AND FASTER 2020 4X HIGHER $300M Original Merger Plan $1.3B ~$600M ~$250M ~$450M Results Avoided COS 2021 $1B HIGHER Y/Y (CoS + SG&A) $2.5B Original Merger Plan SG&A $2.7-3.0B $1.3-$1.45B $400 - $550M ~$1.0B Current Outlook 62#63DELIVERING 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 63#64BIGGER AND FASTER SYNERGY REALIZATION UNLOCKS INCREMENTAL SHAREHOLDER VALUE $43B NPV of Synergies HIGHER by >60% at current WACC Original Merger Case NPV @ 8% NPV @ 7% >$70B ~$10B >$60B Current Outlook $15B of expected total cost to achieve unchanged $11.5B Opex and $3.5B Capex $3.4B of Opex incurred through YE 2020 64#65ASSUMPTIONS EVOLVED SINCE ORIGINAL MERGER GUIDE Sale of Boost Shift from Boost > Dish Wholesale > to Dish's Network 000 Synergies Bigger and faster Tracfone Verizon acquisition of Tracfone T Device Financing Leasing > EIP device financing constructs Growth In customers and revenues Overperformance Offsets Headwinds Allowing for Financial Guidance Increase Across the Board 65#66RAISING MID AND LONG-TERM GUIDANCE ACROSS THE BOARD Original 3-4 Year Original Long Term Service Revenue Core Adjusted EBITDA¹ Capital Expenditures Free Cash Flow $59- $61B $25 - $27B $9 - $12B $10-$11B 2023 $61 - $62B $28-$29B $9 - $10B $13-$14B $67 - $70B $32- $35B $9 - $11B $16-$18B 2026 Potential Upside and Acceleration Opportunities Not in the Plan $70B+ $36B+ $9 - $10B $18B+ 1 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. Core Adjusted EBITDA should not be used to predict Net income as the difference between it and Net income is variable. 66#67BALANCE 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 67#68Q&A SENIOR LEADERSHIP TEAM Mike Sievert President & CEO Callie Field EVP & CXO Neville Ray President of Technology Mike Katz EVP T-Mobile for Business Matt Staneff EVP & CMO Dow Draper EVP Emerging Products Jon Freier EVP Consumer Markets Peter Osvaldik EVP & CFO 68#69ARE YOU WITH US? T Mobile 69#70T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (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. Core Adjusted EBITDA and Adjusted EBITDA should not be used to predict Net income as the difference between these measures and Net income is variable. (in millions) Income from discontinued operations Income tax expense Boost Prepaid Business Adjusted EBITDA Boost Prepaid Business Adjusted EBITDA is reconciled to Income from discontinued operations as follows: S Three Months Ended June 30, 2020 320 112 432 $ $ Annualized Contribution 1,280 448 1,728 70#711) 2) 3) 4) 5) 6) 7) 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 expense, net Tax (benefit) expense Operating income Depreciation and amortization Operating income from discontinued operations (2) Stock-based compensation (3) (4) Merger-related costs (4) (5) COVID-19-related costs Impairment expense Other, net (6) (7) T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures Adjusted EBITDA Less: Lease revenues Core Adjusted EBITDA (Unaudited) $ Q1 2020 (¹) 1,462 (357) 1,105 835 (5) (26) 19 (282) 1,646 4,014 482 124 136 174 75 6,651 (1,403) 5,248 S Q2 2020 Quarter 110 (320) (210) 776 63 (6) 195 2 820 4,064 432 139 798 341 418 $ 7,017 (1,421) 5,596 $ $ Q3 2020 1,253 $ 1,253 765 44 (3) 99 407 2.565 4,150 125 288 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 $ $ $ Year Ended December 31, 2020 (¹) 3,575 (677) 2,898 3,133 143 (43) 414 198 6,743 16,447 914 517 1,908 515 418 81 27,543 (5,419) 22,124 The results for Q1 2020 represent unaudited pro forma results, as though the Merger had been completed on January 1, 2019, and have been prepared in accordance with Article 11 of Regulation S-X ("Article 11") which is a different basis than the unaudited pro forma financial information included in Note 2 - Business Combinations in our Annual Report on Form 10-K for the year ended December 31, 2020. The primary difference between the Article 11 pro forma financial information and the ASC 805 pro forma financial information prepared by us is the treatment of certain one-time transaction costs, which are removed from all periods under Article 11 but are recognized as if they had been incurred in their entirety during Q1 2019 under ASC 805. The unaudited pro forma results are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the Merger actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. Additional information regarding pro forma adjustments is provided in Pro Forma Income Statement Metrics below. Following the Prepaid Transaction, 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 were 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. For Q1 2020 pro forma results, this represents the sum of historically filed T-Mobile and Sprint standalone GAAP reported amounts, adjusted for the fair value of certain Sprint share-based compensation and the acceleration of certain executive compensation related to the Merger. 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 Sprint merger have been included in Merger-related costs. For Q1 2020 pro forma results, this represents remaining Merger-related costs other than one-time transaction costs directly attributable to the Merger, which have been adjusted out of the pro forma calculations For Q1 2020 pro forma results, Other, net contains the sum of historical T-Mobile adjustments to EBITDA as well as historical Sprint adjustments that are not otherwise included as a named reconciling item. 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. 71#72Our 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: Historic FY 2020 Current FY 2021 Mid-Term 2023 (in millions) Net cash provided by operating activities Cash purchases of property and equipment Proceeds related to beneficial interests in securitization transactions (3) T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited) Cash payments for debt prepayment or debt extinguishment costs Free Cash Flow 1) 2) 3) Gross cash paid for the settlement of interest rate swaps Free Cash Flow, excluding gross payments for the settlement of interest rate swaps $ $ (in millions) Free Cash Flow Our previous guidance ranges for Free Cash Flow as of April 2018 were as follows: 8,640 (11,034) 3,134 (82) 658 2,343 3,001 $ 4,900 $ 13,000 (11,700) 3,700 (100) 1) 6-year period starting with the year when the merger was expected to close, which was 2019. 4,900 $ 13,500 (12,000) 3,900 5,400 5,400 10,000 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. The mid-point of the guidance range is used for purposes of this reconciliation. Free Cash Flow guidance does not assume any material net cash inflows from securitization. Mid-Term 3 to 4 Years $ 18,300 $ 20,100 (9,000) (10,000) 3,700 3,900 13,000 14,000 $ 13,000 $ 14,000 11,000 $ 103,900 (62,000) 21,000 (200) Cumulative 2020-2025 (¹) Cumulative 6 years (1) $55,000 $ 106,800 (66,000) 62,700 2,300 $65,000 S 22,000 (100) $ $ Long-Term 2026 (2) Long-Term 7 to 8 Years 16,000 $ 23,700 (9,500) 3,800 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. 72#73T-Mobile US, Inc. Pro Forma Income Statement Metrics (Unaudited) The following tables present certain income statement metrics on a pro forma basis as though the Merger had been completed on January 1, 2019. The unaudited pro forma income statement metrics have been prepared in accordance with Article 11 of Regulation S-X ("Article 11") which is a different basis than the unaudited pro forma financial information included in Note 2 - Business Combinations in our Annual Report on Form 10-K for the year ended December 31, 2020. The primary difference between the Article 11 pro forma financial information and the ASC 805 pro forma financial information prepared by us is the treatment of certain one-time transaction costs, which are removed from all periods under Article 11 but are recognized as if they had been incurred in their entirety during Q1 2019 under ASC 805. The unaudited pro forma income statement metrics are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the Merger actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. For the purposes of this section, "Combined" means the summation of historically reported standalone GAAP amounts of T-Mobile and Sprint. "Pro forma adjustments" means adjustments to combined metrics to give effect to matters that are directly attributable to the Merger, factually supportable, and expected to have a continuing impact on the results of the combined company. "Pro forma" metrics are those that have been adjusted as required for the presentation of Article 11 pro forma information. We are presenting the pro forma metrics for the three months ended March 31, 2020 to support the reconciliation of our pro forma Adjusted EBITDA and pro forma Core Adjusted EBITDA calculations for the quarterly period ended March 31, 2020 and the year ended December 31, 2020 included in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures of this presentation. 73#74(in millions) Service revenues Combined service revenues (1) Pro forma adjustments (2) Pro forma service revenues Equipment revenues (including equipment rentals) Combined equipment revenues (including equipment rentals) (¹) Pro forma adjustments (2)(3) Pro forma equipment revenues (including equipment rentals) Other revenues Combined other revenues (1) Pro forma adjustments (4) Pro forma other revenues Total Revenues Combined total revenues (1) Pro forma adjustments Pro forma total revenues Cost of services, exclusive of depreciation and amortization Combined cost of services, exclusive of depreciation and amortization (¹) Pro forma adjustments (5) Pro forma cost of services, exclusive of depreciation and amortization Cost of equipment sales, exclusive of depreciation and amortization Combined cost of equipment sales, exclusive of depreciation and amortization (1) Pro forma adjustments (2)(3) Pro forma cost of equipment sales, exclusive of depreciation and amortization Selling, general and administrative Combined selling, general and administrative (1) Pro forma adjustments (2)(3)(4) Pro forma selling, general and administrative T-Mobile US, Inc. Pro Forma Income Statement Metrics (Unaudited) $ $ $ $ $ $ $ $ Three Months Ended March 31, 2020 14,065 (868) 13,197 4,569 (693) 3,876 283 52 335 18,917 (1,509) 17,408 3,288 (88) 3,200 3,947 (679) 3,268 5,709 (429) 5,280 74#75(in millions) Depreciation and amortization Combined depreciation and amortization (1) Pro forma adjustments (5) Pro forma depreciation and amortization Operating Expenses Combined operating expenses (¹) Pro forma adjustments Pro forma operating expenses Operating Income Combined operating income (1) Pro forma adjustments Pro forma operating income Interest expense Combined interest expense (¹) Pro forma adjustments (6) Pro forma interest expense Interest expense to affiliates Combined interest expense to affiliates (1) Pro forma adjustments (6) Pro forma interest expense to affiliates Interest income Combined interest income (1) Pro forma adjustments (4) Pro forma interest income Other expense, net Combined other expense, net (1) Pro forma adjustments (4) Pro forma other expense, net T-Mobile US, Inc. Pro Forma Income Statement Metrics (Continued) (Unaudited) S S $ S $ $ $ S $ S $ Three Months Ended March 31, 2020 4,061 (47) 4,014 17,205 (1,443) 15,762 1,712 (66) 1,646 (775) (60) (835) (99) 104 5 12 14 26 (5) (14) (19) 75#76(in millions) Pro forma income from continuing operations before tax Income tax benefit Combined income tax benefit (1) Pro forma adjustments (7) Pro forma income tax benefit Income from continuing operations, net of tax Combined income from continuing operations, net of tax (1) Pro forma adjustments Pro forma income from continuing operations, net of tax Income from discontinued operations, net of tax Combined income from discontinued operations, net of tax (1) Pro forma adjustments (2) Pro forma income from discontinued operations, net of tax Net income Combined net income (1) Pro forma adjustments Pro forma net income T-Mobile US, Inc. Pro Forma Income Statement Metrics (Continued) (Unaudited) $ $ S S $ S S S Three Months Ended March 31, 2020 823 273 9 282 1,118 (13) 1,105 357 357 1,118 344 1,462 76#77T-Mobile US, Inc. Pro Forma Income Statement Metrics (Continued) (Unaudited) 1. Represents the sum of historically filed T-Mobile and Sprint standalone GAAP reported amounts. Please reference the T-Mobile Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2020 and the Current Report on Form 8-K containing Sprint financial results for the year ended March 31, 2020, filed on May 18, 2020. 2. Significant pro forma adjustments include the removal of the activity of the Prepaid Business which is assumed to have been reclassified to discontinued operations as of January 1, 2019. 3. 4. 5. 6. 7. Significant pro forma adjustments include adjustments to the timing and recognition of certain revenues and costs to align the historical revenue recognition policies of Sprint with the revenue recognition policies of T-Mobile. Significant pro forma adjustments include the reclassification among line items of historical Sprint activity to align with T-Mobile's financial statement presentation. Significant pro forma adjustments include changes to depreciation and amortization from revalued and newly recognized property, equipment, and intangibles in purchase price accounting. Significant pro forma adjustments include changes to interest expense resulting from new debt issuances and modifications, as well as additional amortization expense associated with the revaluation of debt in purchase price accounting. Represents the pro forma tax impact of pro forma adjustments, which have been tax-effected at a blended rate of 26%. Definitions of Terms 1. Adjusted EBITDA and Core Adjusted EBITDA - Adjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization expense, non-cash Stock-based compensation and certain expenses not reflective of T-Mobile's ongoing operating performance, such as Merger-related costs, COVID-19-related costs and Impairment expense. Core Adjusted EBITDA represents Adjusted EBITDA less Lease Revenues. Core Adjusted EBITDA and Adjusted EBITDA are non- GAAP financial measures utilized by T-Mobile's management to monitor the financial performance of our operations. T-Mobile uses Core Adjusted EBITDA and Adjusted EBITDA as benchmarks to evaluate T-Mobile's operating performance in comparison to its competitors. T-Mobile also uses Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and facilitate comparisons with other wireless communications companies because they are indicative of T-Mobile's ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock- based compensation, Merger-related costs including network decommissioning costs, incremental costs directly attributable to COVID-19 and impairment expense, as they are not indicative of T-Mobile's ongoing operating performance, as well as certain other nonrecurring income and expenses. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company's device financing strategy, by excluding the impact of lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). 2. Free Cash Flow - Net cash provided by operating activities less cash purchases of property and equipment, including proceeds from sales of tower sites and proceeds related to beneficial interests in securitization transactions and less cash payments for debt prepayment or debt extinguishment costs. Free Cash Flow is utilized by T-Mobile's management, investors, and analysts to evaluate cash available to pay debt and provide further investment in the business. 77