Raising our Outlook

Improving Capital Efficiency over Time Capex Outlook ($B) 13-14% + Capital Intensity Expected Key Drivers <12% • C-Band accelerated $10B spend concludes in 2023 14-17% - $22.5* $20.3 ~ $19.5 • $3B run-rate savings from key programs by 2024 О Less reliance on 4G LTE capacity over time Completion of One Fiber core build in 2023 $16.7- $18.2 $18.2 $16.5- $17.5 -$17.0 -$17.0 -$17.0 iEN efficiencies result in virtualization benefits 2015-2020 2021 2022 2023 2024 2025 ■C-Band Overlay ■Business As Usual * At the mid-point of 2022 guidance Positioned for $20B-$22B FCF in 2023 and Expected to Expand thereafter ©2022 Verizon 72

View entire presentation