EBITDA(2)

The inclusion of the unaudited prospective financial information herein should not be deemed an admission or representation by T-Mobile, Sprint, Deutsche Telekom, SoftBank or any of their respective affiliates that it or they view it as material information of T-Mobile, and in fact, none of the foregoing view the unaudited prospective financial information as material because of the inherent risks and uncertainties associated with such long-term projections. The unaudited prospective financial information should be evaluated in conjunction with the historical financial statements and other information regarding T-Mobile contained in this joint consent solicitation statement/prospectus and T-Mobile’s public filings with the SEC.

The following table presents selected unaudited prospective financial data of T-Mobile made available to the T-Mobile board of directors and the financial advisors to the T-Mobile independent committee and T-Mobile, as well as (except as noted below) to Sprint and the financial advisors to the Sprint independent committee and Sprint (which we refer to as the “T-Mobile management T-Mobile forecasts”):

(in millions)		Quarter Ended March 31, 2018E(1)				Three Quarters Ended December 31, 2018E(1)				Year Ended December 31,
										2019E				2020E				2021E				2022E				2023E				2024E				2025E				2026E
Service revenues		$	7,858			$	23,956			$	33,217			$	34,381			$	35,409			$	36,409			$	37,277			$	38,049			$	38,751			$	39,403
Total revenues			9,927				31,502				43,201				44,635				45,963				47,154				48,194				49,123				49,969				50,755
EBITDA(2)			2,772				8,167				11,524				12,213				12,700				13,234				13,703				14,123				14,507				14,865
Adjusted EBITDA(3)			2,863				8,453				11,836				12,525				13,012				13,546				14,015				14,435				14,819				15,177
Cash capital expenditures(4)			(1,376	)			(3,915	)			(5,339	)			(4,990	)			(5,150	)			(5,098	)			(5,022	)			(4,917	)			(4,867	)			(4,853	)
Unlevered free cash flow(5)			1,202				3,297				3,715				4,638				5,320				5,256				5,275				5,520				5,768				6,047

(1)

The estimates presented in these columns were made available to the T-Mobile board of directors and the financial advisors to the T-Mobile independent committee and T-Mobile. Sprint and the financial advisors to the Sprint independent committee and Sprint were provided (other than with respect to unlevered free cash flow) with estimates for the same periods that were not materially different from those presented in these columns and that, with respect to each line item in these columns, provided the same total amount when aggregating for the full calendar year 2018 the amounts for the quarter ended March 31, 2018 and the three quarters ended December 31, 2018.

(2)	EBITDA is a non-GAAP measure, which is calculated as earnings before interest expense, net of interest income, income tax expense, depreciation and amortization expense and includes non-cash stock-based compensation and other special factors as expenses.

(3)	Adjusted EBITDA is a non-GAAP measure, which is calculated as earnings before interest expense, net of interest income, income tax expense, depreciation and amortization expense and does not include non-cash stock-based compensation and other special factors as expenses.

(4)	Calculated as cash capital expenditures related to the purchase of tangible assets.

(5)

Unlevered free cash flow is a non-GAAP measure, which is calculated as EBITDA less cash taxes, capital expenditures (including estimated spectrum related expenditures), changes in net working capital, cash payments for debt prepayment or debt extinguishment costs, plus proceeds related to beneficial interests in securitization transactions, and other cash items. The unlevered free cash flow data of T-Mobile in the T-Mobile management T-Mobile forecasts was not provided to Sprint or the financial advisors to the Sprint independent committee or Sprint.