Verizon Communications : 3Q 2018 Quarter Earnings Conference Call Webcast

3rd Quarter 2018 Earnings Results

October 23, 2018

"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 atwww.verizon.com/about/investors.

© 2018 Verizon

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Consolidated

Consistent earnings performance

3Q '18

Special items:

Early debt redemption costs $0.09

Acquisition and integration-related charges $0.02

Severance, pension and benefits credits ($0.08)Adjusted EPS**

Includes ~$0.21 due to the net impact of tax reform and ASC 606*

$1.22

* ASC 606 - Revenue Recognition Standard adopted on January 1, 2018. ** Non-GAAP measure. Adjusted for special items.

Supplemental Information

Impact of ASC 606*

($ in millions)

ASC 606 Impactw/o ASC 606 Impact

3Q '18	2018 YTD	3Q '18	2018 YTD
Consolidated
Total revenue	$32,607	$96,582	($75)	($264)	$32,532	$96,318
Y/Y Growth	2.8%	4.9%	2.6%	4.6%
Adjusted EBITDA**	$12,182	$35,825	($367)	($1,248)	$11,815	$34,577
Adjusted EBITDA Margin**	37.4%	37.1%	36.3%	35.9%
Wireless
Service revenue	$15,966	$47,122	$280	$917	$16,246	$48,039
Y/Y Growth	0.8%	(0.3%)	2.6%	1.7%
Total revenue	$22,973	$67,322	($78)	($271)	$22,895	$67,051
Y/Y Growth	6.5%	5.6%	6.1%	5.2%
Segment EBITDA***	$10,965	$32,175	($332)	($1,132)	$10,633	$31,043
Segment EBITDA Margin***	47.7%	47.8%	46.4%	46.3%
Wireline
Total revenue	$7,371	$22,387	$5	($18)	$7,376	$22,369
Y/Y Growth	(3.8%)	(2.9%)	(3.7%)	(3.0%)
Segment EBITDA***	$1,502	$4,610	($32)	($138)	$1,470	$4,472
Segment EBITDA Margin***	20.4%	20.6%	19.9%	20.0%

2018 YTD3Q '18

* ASC 606 - Revenue Recognition Standard adopted on January 1, 2018. ** Non-GAAP measure. Adjusted for special items.

*** Non-GAAP measure.

Strategic positioning