6/15/18 AT&T Inc.* (NYSE:T) is a world leader in communications, media and entertainment, and technology. With our acquisition of Time Warner, we are building a truly modern media company that will create the best entertainment and communications experiences for our customers. We now have: • Premium content from a portfolio that combines leading movies and shows from Warner Bros., HBO and Turner, along with more targeted digital content from Bleacher Report, Boomerang, FilmStruck and AT&T’s investment in Otter Media, among others. • Direct-to-consumer (D2C) distribution, with more than 170 million D2C relationships across TV, video streaming, mobile, voice and broadband services in the U.S., mobile in Mexico and TV in Latin America, in addition to D2C digital properties such as HBO NOW, Boomerang, FilmStruck and CNN.com. • High-speed networks to give customers the network bandwidth they need as they engage with premium video and emerging 4K and virtual reality content. Continued investment in our leading wireless and fiber network, as well as in new technology such as 5G, help ensure our customers will always have a great viewing experience. Bringing together these capabilities enables us to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers. We’re creating a virtuous cycle: great content to increase engagement, broad D2C distribution and high-speed networks to reach more consumers…all fueled by relevant advertising and insightful analytics to improve the overall customer experience. AT&T has recorded 34 consecutive years of quarterly dividend growth. We’re a Fortune 10 company that consists of four distinct business units. Randall Stephenson is chairman and CEO. AT&T AT&T media AT&T AT&T advertising Communications business International & analytics We provide Our HBO, Turner We are a leading AT&T is making millions of U.S. and Warner Bros. provider of digital significant consumers with divisions are entertainment investments in its entertainment leaders in service in South advertising and creating premium America and the business to communications and specialty Caribbean and experiences content. maintain the create a new across TV, mobile most reliable option for We operate one advertisers to and broadband. of the world’s voice and data find and reach We serve largest TV and wireless network business film studios and in Mexico, serving relevant customers own a vast library both consumers audiences at worldwide with of entertainment. and businesses. large scale in high-speed, trusted, brand- June 15, 2018 © 2016 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. AT&T Proprietary (Internal Use Only). Not for use or disclosure outside the AT&T companies except under written agreement. highly secure We own or have Vrio Corp. is a safe premium connectivity and an ownership holding company content smart solutions. stake in 22 digital for AT&T’s Latin environments. Our technology properties, such American digital organization is an as Bleacher entertainment We intend to industry leader in Report and services units, seize the working with CNN.com. DIRECTV Latin opportunity to do application America and SKY with video developers and We also have Brasil. advertising what others to make growing D2C our network open others have done to collaboration relationships via We have a with digital and innovation. our streaming minority stake in advertising – but services such as SKY Mexico with greater HBO NOW and (41%), which has transparency, Boomerang. 7.9 million brand-safety and subscribers. accountability. And we have a strong portfolio of advertising solutions. CEO John Donovan John Stankey Lori Lee Brian Lesser Revenues (FY2017) More than $150 $31 Billion $8 Billion --- Billion Key Facts We’re the largest HBO sets the Vrio has 13.6 AT&T advertising (as of 1Q18) U.S. pay-TV standard for million pay-TV & analytics will provider – and premium video subscribers invest in creating one of the largest and licenses across 11 a real-time in the world – programming in countries and premium with more than more than 150 territories in Latin 25 million countries. America and the advertising customers in the Caribbean – marketplace to In 2017, HBO won provide an end- U.S. 29 Primetime making us one of the to-solution for We have nearly Emmy Awards, region’s marketers and 1.5 million more any other top satellite pay- publishers. subscribers of our network for the th TV providers with We’ll also DIRECTV NOW 16 year in a row. Brands include the DIRECTV and continue to grow streaming video SKY brands. “Westworld,” our addressable, service. “Big Little Lies” DIRECTV offers cross-screen and “Game of the best and We’re one of the advertising Thrones.” widest variety of opportunities to largest wireless content and June 15, 2018 © 2016 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. Page 2 providers, with Warner Bros. is a most-advanced deliver the right nearly 144 million leader in global HD technology. message, at the U.S. consumer entertainment SKY Brasil is the right time, on any and business and is one of the leading satellite device – and connections. world’s top TV provider in provide real-time producers of film We’re investing Brazil. and TV campaign to be the first programming. It’s We’re one of the performance. company in the home to such fastest-growing U.S. to introduce beloved mobile services We will use our standards-based franchises as DC providers in data and insights mobile 5G in a Entertainment, Mexico, with 15.6 to help dozen cities by “Harry Potter” million consumer advertisers better late 2018. We’re and “Lord of the and business understand and subscribers. laying the Rings.” reach relevant foundation with Turner delivers We cover nearly audiences – and the launch of 5G entertainment, 100 million create better experiences for Evolution in parts sports and kids’ people, or close consumers. of more than 140 programming. It to 80% of the boasts more than markets now. population, in 175 international We are rooted in channels. Mexico with 4G Today, our high- LTE. a tradition of speed Internet Turner has three responsible data service reaches of the top 5 ad- Our North usage. For more more than 60 supported cable American high- than 140 years, networks in million U.S. speed mobile AT&T has used primetime among internet network customer data to inform key audiences. It covers more than locations. has four of the 400 million and improve the top 10 cable consumers and customer We’re on track to networks with businesses across experience. reach more than millennials. And the U.S. and 50 million CNN, as of the Mexico – an customer end of 2017, was outstanding locations with an the #1 news cross-border internet network and #1 network connection of 50 digital destination experience. Mbps or greater for key sometime after audiences. 2020. Our Turner Ad And we market Sales team offers ultra-fast connections on a portfolio of our 100% fiber solutions for network to more advertisers. than 8 million customer Turner Ignite locations across Studios matches June 15, 2018 © 2016 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. Page 3 parts of 70 creatives from metros Turner’s nationwide. We’ll entertainment reach 14 million properties with customer marketers to locations by mid- 2019. create custom content for We have millions digital, social and of business mobile platforms. customers in more than 200 countries and territories, serving nearly all the Fortune 1000. We supply connectivity for more than 41 million IoT devices, including millions of cars. We’re bringing FirstNet, the nation’s first nationwide public safety communications platform, to 50 states, 5 territories and the District of Columbia. We’re a global leader in the shift to software- defined networking – with a focus on virtualized or cloud-based network controls. A heritage of innovation, with 8 Nobel Prizes and an average of more than 5 June 15, 2018 © 2016 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. Page 4 AT&T-issued patents, U.S. and foreign, each business day. Employees 215,000 30,466 More than 12,000 400 (as of employees in 1Q2018) LATAM 18,000 in Mexico Key Audience Facing Brands © 2018 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners. Additional information about AT&T is available at att.com/CorporateNews. June 15, 2018 © 2016 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. Page 5 .