Verizon Communications : 1Q 2019 Quarter Earnings Conference Call Webcast

1st Quarter 2019 Earnings Results

April 23, 2019

"Safe Harbor" statement

NOTE: In this presentation we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "estimates," "expects," "hopes" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the "SEC"), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: adverse conditions in the U.S. and international economies; the effects of competition in the markets in which we operate; material changes in technology or technology substitution; disruption of our key suppliers' provisioning of products or services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; breaches of network or information technology security, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; our high level of indebtedness; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; the inability to implement our business strategies; and the inability to realize the expected benefits of strategic transactions.

As required by SEC rules, we have provided a reconciliation of the non-GAAP financial measures included in this presentation

to the most directly comparable GAAP measures in materials on our website at www.verizon.com/about/investors.

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Consolidated

Strong earnings performance

	1Q '19
Reported EPS	$1.22
Special item:
Pension remeasurement credit	($0.02)
Adjusted EPS*	$1.20

Note: Amounts may not add due to rounding.

* Non-GAAP measure. Adjusted for special item.

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1Q '19 Adjusted EPS

	$0.07				$0.02			$1.22
$1.17						$1.20
		($0.03)
					($0.01)

2.6% Y/Y growth

1Q '18	Operational	Commission	ASC 842	1Q '19	Pension	1Q '19
Adjusted EPS*	Performance	Expense	Lease	Adjusted EPS*	Remeasurement	Reported EPS
		Deferral**	Standard***		Credit

Strong operational performance drives EPS growth

* Non-GAAP measure. Adjusted for special items.

**ASC 606 - Revenue Recognition Standard adopted on January 1, 2018.

***ASC 842 - Lease Accounting Standard adopted on January 1, 2019.

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1Q '19 Summary

Leading in 5G technology developments with launch of:

▪World's first 5G Ultra Wide Band mobility network

▪Motorola 5G smartphone

▪Samsung Galaxy S10 5G smartphone

Delivered solid financials, a strong balance sheet and dividends

Executed on the fundamentals

Continued network leadership, performance and technology development

Maintained disciplined capital allocation

Verizon 2.0 effective April 1

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