Raising our Outlook

Capital Allocation Model 1 Investment in the Business 2 Commitment to Dividend 3 Strong Balance Sheet • Capital Expenditures • • Spectrum 15 consecutive years of increases • Target net unsecured debt to adjusted • • Mergers & Acquisitions EBITDA range of 1.75x-2.0x © 2022 Verizon 4 Share Repurchases Efficient return of excess cash flow to shareholders 74

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