AT&T ANALYST MEETING Mike Viola Senior Vice President, Investor Relations, AT&T Inc. Cautionary Language Concerning Forward-Looking Statements

Information set forth in this presentation contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this presentation based on new information or otherwise.

This presentation may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.

The “quiet period” for FCC Spectrum Auctions 101/102 (28Ghz and 24Ghz) is now in effect. During the quiet period, auction applicants are required to avoid discussions of bids, bidding strategy and post-auction market structure with other auction applicants. Randall Stephenson Chairman and CEO, AT&T Inc. 100% 100% Latin America / Other 5% 3% 15% Entertainment Group 25% 17% AT&T Business Wireline 15% 17% Composition WarnerMedia 16%

rd 3 Quarter 48% Mobility 39%

REVENUE ADJ. EBITDA Note: WarnerMedia revenue shown net of eliminations

John Donovan CEO, AT&T Communications, LLC Mobility

Growing revenues and EBITDA +2.3% service revenue growth YoY1

High quality phone subscriber base ~50% +2.7mn smartphones added since 3Q17 1 Of AT&T’s Adj. EBITDA Nation’s Best Network

1 On a comparable basis; 3Q 18 Leading the Laying 5G Exploring service Working with Path to 5G groundwork opportunities Developers Business Steady EBITDA over last 3 years Billions ($B)

Agencies 3,600 $2.8 $2.8 $2.7 $2.7 $2.7 $2.6 $2.7 $2.6 $2.6 250,000+ Subscribers

~1/3 FirstNet square miles covered

Reimbursements to come 3Q16 3Q17 3Q18 Comparable Business Wireline EBITDA Entertainment Broadband growing Group Video product evolution

Path to EBITDA stability Entertainment Group Path to stabilizing EBITDA ~$0.4B ~$0.4B ~($1B) ~$10B ~($1B) ~$1B ~$0.2B ~$10B Cost Broadband OTT Initiatives Growth Voice and Video Linear Profitability Accounting Increased Subscriber Improvement ARPU growth Pressure Losses ARPU growth efficiency and Fiber automation 2-year price Repackaging lock roll-off subscriber Adjusted growth promotions advertising

2018 EBITDA 2019 EBITDA ~25mn Video Subscribers ~25mn Video Subscribers John Stankey CEO, WarnerMedia WarnerMedia Highlights Home Box Office Revenues & Operating Income1 23 Primetime Emmy Awards in 2018 $ in billions Over 140 million global subscribers2 12.0 10.0 Turner 8.0 CNN continues as the #1 digital news destination $8.2 6.0 $7.7 $8.7 $8.1 $7.9 3 of the top 5 ad-supported cable nets in 4.0 primetime YTD3

2.0 $2.4 $2.0 $2.0 $1.8 $2.6 - Warner Bros. 3Q17 4Q17 1Q18 2Q18 3Q18 Strong 4Q theatrical slate Revenues Operating Income Producing >70 series for the 2018-2019 TV season

1Reflects historic Time Warner adjusted results and RSNs. is included in WarnerMedia results following AT&T's 8/7/18 acquisition of the controlling interest. Note: All stats through Q3; (2) As of year end 2017. Includes and unconsolidated joint ventures; (3) Among adults 18-49 The Entertainment Industry is Evolving RAPIDLY SHIFTING TOWARDS DIGITAL CONSUMPTION AND SPENDING…

Watching Dynamic Monetization Longform & Premium / & Mobile Models Shortform Native Digital

… AND DIRECT CUSTOMER RELATIONSHIP IS CRITICAL Iconic brands Creative Strong global and franchises excellence presence Well Positioned to Capitalize Award winning Top talent content relationships Complements existing businesses

Good for distribution partners

Direct to Enables expanded reach and Consumer growing subscriber bases Captures data and analytics to inform new products and enable better monetization Our New Direct to Consumer Offer TARGET LAUNCH: 4Q 2019 BUNDLE SERVICE

Entry-level Service PREMIUM Premium Service SERVICE Additional ENTRY • Classics • Comedy Premium & Popular SERVICE • Kids & Family • Niche/Genre Original Programming • Theatrical Movie-Focused Blockbuster Movies WARNERMEDIA AND LICENSED CONTENT FROM OTHERS Positioned for the Future

Engagement

Penetration

sVOD aVOD Wholesale ARPU Distribution AT&T Reach

Lori Lee CEO, AT&T Latin America and Global Marketing Officer At a Glance • Descriptive content for stat 31Mis Aleck Sans SUBSCRIBERS 40pt.

12 COUNTRIES

2017 $8.3B REVENUE 2015 2016 2017 3Q-2018 Mexico MOBILE Environment for Growth SUBS 9M 12M 15M 17M

Network Investment PEOPLE Completed COVERED 44M 78M 94M ~100M

The Most Reliable Network in Mexico1

1 Claim based on a 3rd party analysis during drive-testing developed by Nielsen. The test reported that AT&T’s network leads in overall composite “reliability” indicator ( Note - reliability factors in 2G, 3G and 4G LTE networks). Vrio Simple free cash flow1 Sustained track record of growth and cash generation 10.8% 8.5% 8.5% Revenue growth2 Opportunity with OTT 2016 2017 3Q 2018

. 1Simple Free Cash Flow = Adjusted EBITDA less Capital Expenditures 2Revenue growth figures are on a constant currency basis, excluding Venezuela. Brian Lesser CEO, Xandr Buying in mass buying audiences

BUYING CONTEXTUALLY DIGITAL ADVERTISING IS BORN EXPLOSION OF AD TECH AND PLATFORMS

AD TV AD VIEWERSHIP SUBSCRIBER DATA DATA

3RD PARTY NFL NETWORK GOOGLE DATA LOCATION ESPN FOX SPORTS FACEBOOK A&E DATA NETFLIX YOUTUBE AMAZON PRIME VIDEO SITE VISIT BROWSING DATA DATA PURCHASE DATA Ad tech has MAJOR PLAYERS NOT ADVERTISERS NO SINGLE PLAYER brought us WELL POSITIONED IN AND AGENCIES HAS ASSEMBLED PREMIUM TV AND VIDEO ARE FRUSTRATED THE ASSETS to a critical moment in time Compelling Set of Assets

DATA CONTENT

DISTRIBUTION TECHNOLOGY Our Media Sales Business and Platform Businesses Complement Each Other to Magnify the Opportunity

INVENTORY

Direct Sales TV Platform AGENCIES & AUDIENCES/ ADVERTISERS Programmatic Digital Platform VIEWERS Sales 3rd party OUTPACE THE MARKET Measuring Success INTERNAL USE SCALE WITH OF PLATFORM 3RD PARTIES John Stephens CFO, AT&T Inc. The Integrated Growth Story

AT&T AT&T COMMUNICATIONS LATIN AMERICA

Mobility: top and Continued solid AT&T Mexico Nearly $7B bottom line growth performance with improving annualized revenues managed growth profitability and growing Stable EBITDA in Entertainment Direct-to-consumer Sustained cash Management team, Group in 2019 plan to launch in 4Q 19 generation at Vrio ad inventory and platform in place END OF YEAR RUN RATE

RUN RATE 2019 2020 2021 TARGET

• COST Marketing Merger $1.5B • Corporate overhead SYNERGIES • Procurement

• Synergies REVENUE Advertising $1.0B • Churn reduction SYNERGIES • Cross selling

TOTAL $2.5B ~ $0.7B ~ $2.0B ~ $2.5B SYNERGIES Leverage Update 2019 2019 PLAN

~$12B Free cash flow after dividends Other cash ~$170B ~$6-$8B generation initiatives ~$158B ~$150B ~2.8x1 LIQUIDITY AND REFINANCING

~2.6x1 Pension plan Hedged Successfully managed ~2.5x1 essentially against rising near term maturities fully funded interest rates and refi risk YE 2018 2019 YE 2019

1 Net debt to Adj. EBITDA ratio; illustrative of $60B Adj. EBITDA 2019

FREE CASH FLOW $26B range

2019 DIVIDEND PAYOUT High 50s % Consolidated NET DEBT TO ADJ. EBITDA 2.5x range Guidance GROSS CAPITAL INVESTMENT1 $23B range ADJ. EPS GROWTH %2 Low single digits

1 Excludes expected FirstNet reimbursement in the $1 billion range; includes potential vendor financing. 2 Adjustments include merger-related adjusted amortization costs in the range of $7.5 billion, a non-cash mark-to-market benefit plan gain/loss, merger integration and other adjustments. We expect the mark-to-market adjustment which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Accordingly, we cannot provide a reconciliation between forecasted adjusted diluted EPS and reported diluted EPS without unreasonable effort. AT&T ANALYST MEETING