T-Mobile US Inc at Goldman Sachs Communacopia & Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>We appreciate your support of the conference. It's really wonderful. Mike, to start things off, I was wondering if you could just talk a little bit about the strategic moves that you've made in the last couple of years: US Cellular, Metronet, Lumos. You guys are on your way to a fiber footprint, totaling 12 million to 15 million homes. Could you just tie that all together for us and talk about how that fits into your overall strategy?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : It's a fantastic overview. Srini, turning to you, you have a wealth of industry experience and knowledge and global experience at that, could you just talk a little bit about how you view T-Mobile and the context of your unique global perspective? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : There's still a network perception gap because consumers haven't fully recognized all the network investments and improvements you guys have made. Digital should take a lot of friction out of the (multiple speakers) --

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Mike, we get a lot of questions around succession planning. You've been in the industry for 35 years. You've overseen the company for more than the last five, including the very successful integration of Sprint, which has led to and supported a lot of the industry market share gains. When you think about leadership and the next leg of growth at T-Mobile., what are some of the things that are top of mind for you?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Thank you for that. Let's talk about the Consumer Wireless business. It's been a tremendous amount of focus for the market. I think a lot of people have observed a higher level of competitive intensity, at least at the beginning of the year, reportedly. We've seen strong gross adds but also strong or higher churn. Could you just unpack for us what's actually happening in Consumer Wireless, right now?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : If you are a net share gainer, you should be happy about jump balls.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah. This week, Apple announced its new iPhone. Maybe we can talk a little bit about that. What's been driving some of this higher switcher pool, higher upgrade activity? Is some of it related to tariffs and the pull -forward of smartphone upgrade demand into the first half of the year? What are the implications of the new iPhone launch? What are your observations around the promotion supporting the iPhone 17?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Cosmic orange. That's the one you want to --

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Srini, I was wondering if I could ask about the US Cellular acquisition. What should investors be mindful of, as you think about the integration of that and how that compares to Sprint? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Right. Great. Mike, the business market has been a key focus of yours over the last several years. To your point, you still remain underpenetrated. Can you talk a little bit about the opportunity there? And also, maybe make some remarks about the MVNO that you have with the cable providers and why that makes sense for you?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Srini, on broadband, the company has a target for 12 million fixed wireless access subscribers by 2028, 12 million to 15 million fiber homes passed by the end of the decade. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. When you think about the 12 million to 15 million fiber homes pass (inaudible) goal, like, what's the right terminal penetration? How are you thinking about the balancing of subscribers and revenues?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah. I'd love to expand on Mike's comments earlier around making sure we acknowledge that there's going to be technological innovation and Fixed Wireless access as we think about capacity. Could you just talk a little bit more about the supply-demand dynamics within Fixed Wireless? Is this something that you'll have to invest directly in? What do the returns look like for that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah. Srini, just going on to capital allocation. You guys obviously have the M&A deals. You're investing in the network. you're investing in fiber. Get buybacks and dividends. How are you balancing accelerating fiber passings versus everything else?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Mike, maybe in the last couple of minutes that we have here, I was wondering if you could just tie it all together for us and talk a little bit about your near-term to midterm strategic priorities, things that investors should take away from this conversation today?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Mike, Srini, it's just been such a pleasure and privilege to have you on stage here with us. Thank you so much.