AT&T Analyst and Investor Day 2021

AT&T Analyst and Investor Day 2021 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 in the appendix of this presentation and on the company’s website at https://investors.att.com.

2 AT&T Investor & Analyst Day / March 12, 2021 / © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T Analyst and Investor Day 2021 John Stankey Chief Executive Officer Our Our Deliberate Market Focus Shared 2021 Priority Capital Allocation

Broadband connectivity Investing in strategic growth – 5G, Fiber 5G, Fiber, HBO Max GROW Committed to sustaining dividend Software-based at current levels entertainment Customer HBO Max Relationships Utilizing cash after dividends to reduce debt Fantastic storytelling Industry leader for Continued portfolio review – 2020 Emmy wins restructuring non-core assets

Investing to drive growth in existing and expanding markets

WarnerMedia Jason Kilar

Financial Overview John Stephens & Pascal Desroches

Question & Answer Team

6 AT&T Investor & Analyst Day / March 12, 2021 / © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T Analyst and Investor Day 2021 Jeff McElfresh CEO, AT&T Communications Broadband data usage steadily increases, jumps with pandemic

Uplink and Downlink Broadband Fixed and Mobile Broadband 58 Usage Per Sub (GB) Usage Per Sub (GB)

48 280 38% 317.7 CAGR 39 38

Downlink Fixed 78 35% 18 73.9 5.6 Mobile CAGR Uplink 1.3 8 8 2015 2020 2015 2020 Jan-17 Jan-15 Jan-16 Jan-19 Jan-18 Sep-17 Jan-20 Sep-15 Sep-16 Sep-19 Sep-18 May-17 May-15 May-16 May-19 May-18 May-20

COVID-19 COVID-19 Source: AT&T Labs Outlook

Expected Monthly Usage (Terabytes)

10:1 ~5:1 4.6 Down / Uplink

Today Future

Connected devices 13 32 devices

Video streaming 3 5 hours

Mobile 11 50 GB Percentiles 1.5

90th 0.9 Evolving use cases th 50 0.3 10th 0.04 0.20 4K Content Conferencing AR / VR Gaming 2020 2025

Source: AT&T Labs Outlook

Enterprise / Public Sector Home Distributed and remote workers HD streaming / simultaneous viewing ~20K enterprises (>500 emp.)2 ~128M households

Small Business Young Adult / Student Simple / transactional Wireless first, gamers ~31.7M small businesses2 28M between ages 19 – 253

Gamer Travel Low latency / high bandwidth Highly mobile, distributed 141M U.S. console gamers (>1 hour week)1 45K average daily flights4 Fixed Wireless

Sources: 1Number of Gamers worldwide link 2U.S. Small Business Administration, Office of Advocacy link 3KFF Population by age link 4Federal Aviation Administration link

Macro Cell Sites Small Cell Sites Wholesale Integrated planning

+3M customer locations1

Symmetrical speeds

Multi-Gig capable

Neighborhood Enterprise

Small Business

1. In 2021, we are planning to increase our current fiber footprint by expanding to 3M customer locations in more than 90 metro areas

AT&T Spectrum Holdings (MHz)

700 America’s Best Network1 Low 22 7 20 23 72 700DE FN Nation’s Largest Network2 800/850 Mid 38 15 20 20 93 PCS 173Mhz AWS1 Nationwide 5G Mid-Band AWS3

C-band 80 WCS FirstNet C-band

High mmWaveHigh 1040

1. GWS awarded AT&T Best Network OneScore 2020. GWS conducts drive tests for AT&T and uses the data in its OneScore analysis; 2. Based on overall coverage in U.S. licensed/roaming areas

40.0% 1.20% 33.5% 30.0% 1.00% 1 FAST. RELIABLE. SECURE. AT&T share

20.0%Churn 0.80% 0.76% UNLIMITED 10.0% YOUR WAYSM 0.60% 0.0%

Share of 0.40% -10.0%Net Adds COVID-19 Impact 0.20% -20.0%

FirstNet in AT&T Retail New Unlimited Unlimited -30.0% to verified responders Plans launched Your Way 0.00% 1Q18 4Q20

1st 5G connection Nationwide 5G Launched HBO Max “Best Deals for Everyone”

1. Represents AT&T postpaid voice share; Source: Externally reported financial statements

20 ARPU 19 $58 18 17 16 15 14 13 14.5M14M+ 12 1 11 Penetration Symmetrical 10 34% 9 Speeds 8 7 8.2M8M+ Improved 6 5 marginal 4 economics 3 2 Differentiated 1 Customer Locations 0 Offer

DIRECTV Build 1G Fiber requirements met Pricing 1Q18 4Q20

Launched HBO Max

1. Penetration is based on a percentage of eligible living units in fiber footprint

Focus market approach

Fiber Wireless Business fiber foundation Edge

Secure Voice & Connectivity Collaboration

Net Promoter® Score Lift1 Net Promoter Score

~15 points ~10 points ~20 points ~10 points

Fiber

Postpaid Wireless

Unlimited Unlimited Unlimited + HBO Max + HBO Max 2018 2020 OR Fiber + Fiber

1. Net Promoter® is a registered trademark of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld; Data reflects affinity customers with Auto Bill Pay

Network Wireless Fiber Business

Deploy and optimize Grow subscribers Grow subscribers Simplify portfolio spectrum portfolio Grow service revenue Grow revenue Maintain solid margins Plan to expand fiber to 3M customer locations Grow EBITDA

AT&T Analyst and Investor Day 2021 John Stephens Chief Financial Officer Pascal Desroches Senior Executive Vice President, Incoming CFO 2021 Consolidated financial guidance (unchanged from 4Q20 Earnings call)

Key Assumptions

Wireless service revenue growth of ~2% Revenue Growth 1% range Gradual theatrical improvement in WarnerMedia

Modest Mobility EBITDA growth EPS – Adjusted1 Stable with 2020 Increased HBO Max investment Cost transformation reinvested in growth

Gross Capital Investment2 $21B range Focus on fiber and wireless densification Expect ~$2B in vendor financing payments and Capital Expenditures $18B range ~$1B in FirstNet reimbursements

Free Cash Flow3 $26B range Total dividend payout ratio in the high 50’s% range

Long-Term Utilizing cash after dividends to reduce net debt Debt Management Continued portfolio review for asset monetization

1. The company expects adjustments to 2021 reported diluted EPS to include merger-related amortization of about $4.3 billion and other adjustments, a non-cash mark-to-market benefit plan gain/loss, merger integration and other adjustments. Based on historical results, 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. Our 2021 EPS estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between our non-GAAP metrics and the reported GAAP metrics without unreasonable effort. 2. Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes expected FirstNet reimbursements 3. Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. Free cash flow is cash from operating activities minus capital expenditures. Due to high variability and difficulty in predicting items that impact cash from operating activities and capital expenditures, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.

Revenue Adjusted EBITDA Video Impact1 Video Impact1 EBITDA Margin Deconsolidation Impact (-7%)

$181.2 Expect to close in 2H 21 $171.8 $59.3 $54.5 Revenue trajectory improves $56.3 $153.8 ~100 bps $147.3 $52.1

EBITDA margin improvement ~300bps ~300 bps higher ex Video 32.7% 31.8%

2019 2020 2019 2020

1. Excludes commercial agreements between New DIRECTV and AT&T

Mobility WarnerMedia Growing postpaid base, lower churn Strong HBO Max subscriber and Broadband revenue growth Latin America ARPU stability 9% Increased investment in HBO Max 1% Cost savings from transformation WarnerMedia Improved advertising demand 17% 2H recovery in theatrical 2020 Broadband Transformation Pro Forma Strong fiber subscriber growth Adj. EBITDA Higher speed adoption Latin America Business Composition1,2 Continue to invest in fiber Wireline Declines in traditional products Wireless subscriber growth 19% Increase wholesale relationships Mobility Expense management 58% Business Wireline Improved profitability in Mexico Continued migration to strategic services Emphasize higher margin products

1. Pro Forma adj. EBITDA composition representation excludes -$2B Corporate / Other 2. Excludes commercial agreements between New DIRECTV and AT&T

AT&T Estimated Payments1

$23.0B $27.4B

$2.5B 2021 Financing Sources

Cash YE2020 $9.7B

$1.0B Bank Term Loan $14.7B $0.6B $0.3B Commercial paper issuance $6.1B

2020 2021 2022 2023 2024 Total Total >$30B

AT&T gross spend $1.05/ Near-nationwide of $27.4B MHz-pop footprint of ~80 MHz

1. Includes accelerated payment and relocation cost estimates

DTV proceeds2 -$8B $177 Other asset sales - $2B Net Vendor financing / Other +$4B Goal Debt Free cash flow & disposition of non-strategic assets Leverage during 2024 at ~2.50x or lower ~$154

$148 $6 $23 $11 2021: Net Debt Increases ~$6B for Spectrum Purchase

Continue to evaluate and divest non-core assets

Net Debt / No share retirements Adj. EBITDA ~2.8x ~2.7x ~3.0x

Jun EOY Free Cash Spectrum Other EOY 2021 2018 2020 Flow1 less Financing Dividends Activities2

1. Free cash flow is cash from operating activities minus capital expenditures. Dividends represent expectation to sustain quarterly dividends at current levels and are subject to approval by the board of directors. 2. Includes proceeds contingent upon closing the DIRECTV transaction

Stable Invest in Customer Growth Dividend

Broadband (5G, Fiber) HBO Max Revenue Growth

Reduced Leverage Cost Transformation Improved Profit Trajectory Efficiencies Restructuring Upside Potential non-core assets in Growth Areas

Grow Customer Investment in Deliberate Capital Relationships Growth Allocation

120 – 150 M Global HBO + 5G, Fiber Sustain dividend at HBO Max YE 25 current level HBO Max Grow wireless, fiber Reduce debt

51 AT&T Investor & Analyst Day / March 12, 2021 / © 2021 AT&T Intellectual Property - AT&T Proprietary Appendix APPENDIX: Non-GAAP reconciliations $ in millions $ 2020 2019 1 1 As Reported Video Other1 AT&T Video Other AT&T Net Debt to Adjusted EBITDA Net Income $ (3,821) $ 14,975 Dec 31, 2020 Jun 30, 2018 Additions: Adjusted Annualized EBITDA $ 54,546 $ 63,414 Income tax (benefit) expense 965 3,493 Total Debt 157,245 190,167 Interest Expense 7,925 8,422 Less: Cash and Cash Equivalents 9,740 13,523 Equity in net (income) loss of affiliates (95) (6) Net Debt 147,505 176,644 Other (income) expense - net 1,431 1,071 Net Debt to Adjusted EBITDA Ratio 2.70 2.79 Operating Income $ 1,729 $ 4,676 6,405 $ 2,064 $ 25,891 27,955 Depreciation and amortization 2,262 26,254 28,516 2,461 25,756 28,217 1 As reported in AT&T's Form 8-K filed January 27, 2021 and July 24, 2018. EBITDA $ 3,991 $ 30,930 $ 34,921 $ 4,525 $ 51,647 $ 56,172 Adjustments: Impairments $ 18,880 $ 1,458 Employee separation costs and benefit-related loss 1,177 624 Gain on spectrum transactions (900) - Merger adjustments 468 1,033 Adjusted EBITDA $ 54,546 $ 59,287 Revenue $ 28,610 $ 143,150 $ 171,760 $ 32,124 $ 149,069 $ 181,193 Adjusted EBITDA Margin 31.8% 32.7%

Pro Forma3 AT&T Revenue as Reported $ 171,760 $ 181,193 Less: Video (28,610) (32,124) Add: WarnerMedia sales to Video2 2,459 3,092 Add: Xandr advertising sales to external customers2 1,718 1,672 Pro Forma Revenues $ 147,327 $ 153,833 AT&T Adjusted EBITDA $ 54,546 $ 59,287 Less: Video (3,991) (4,525) Add: Xandr advertising sales to external customers2 1,565 1,518 Pro Forma Adjusted EBITDA $ 52,120 $ 56,280 Pro Forma Adjusted EBITDA Margin 35.4% 36.6%

1. Other is comprised of the Mobility, Broadband and Business Wireline business units in the Communications segments, the WarnerMedia and Latin America segments and Corporate and Other. Income taxes, interest expense and other income (expense) – net are managed only on a total company basis and are, accordingly, reflected only in the consolidated results. 2. Represents transitions between Video and the WarnerMedia segment that were considered intercompany and eliminated prior to deconsolidation of Video. 3. Excludes commercial agreements between New DIRECTV and AT&T.