Verizon Communications Investor Presentation — August 2019 - Verizon Communications Inc.

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August 1, 20192As 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.

andaresubject torisks anduncertainties .Forward -looking statements include theinformation concerning ourpossible orassumed future

results ofoperations .Forward -looking statements also include those preceded orfollowed bythewords “anticipates,” “believes,”

“estimates,” “expects,” “hopes” orsimilar expressions. Forthose statements, weclaim theprotection ofthesafe harbor forforward -looking

statements contained inthePrivate Securities Litigation Reform Actof1995. Weundertake noobligation torevise orpublicly release the

results ofanyrevision tothese forward -looking statements, except asrequired bylaw.Given these risks anduncertainties, readers are

cautioned nottoplace undue reliance onsuch forward -looking statements .Thefollowing important factors, along with those discussed in

ourfilings with theSecurities andExchange Commission (the “SEC”), could affect future results andcould cause those results todiffer

materially from those expressed intheforward -looking statements :adverse conditions intheU.S.andinternational economies ;theeffects

ofcompetition inthemarkets inwhich weoperate; material changes intechnology ortechnology substitution; disruption ofourkey

suppliers’ provisioning ofproducts orservices; changes intheregulatory environment inwhich weoperate, including anyincrease in

restrictions onourability tooperate ournetworks ;breaches ofnetwork orinformation technology security, natural disasters, terrorist

attacks oracts ofwarorsignificant litigation andanyresulting financial impact notcovered byinsurance; ourhigh level ofindebtedness ;an

adverse change intheratings afforded ourdebt securities bynationally accredited ratings organizations oradverse conditions inthecredit

markets affecting thecost, including interest rates, and/or availability offurther financing; material adverse changes inlabor matters,

including labor negotiations, and anyresulting financial and/or operational impact ;significant increases inbenefit plan costs orlower

investment returns onplan assets; changes intaxlaws ortreaties, orintheir interpretation; changes inaccounting assumptions that

regulatory agencies, including theSEC, may require orthatresult from changes intheaccounting rules ortheir application, which could