#1AT&T Analyst and Investor Day 2021#2Cautionary 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#3AT&T Analyst and Investor Day 2021#4John Stankey Chief Executive Officer#55 Our Market Focus Broadband connectivity 5G, Fiber Software-based entertainment HBO Max Fantastic storytelling Industry leader for 2020 Emmy wins Our Shared 2021 Priority GROW Customer Relationships AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Deliberate Capital Allocation Investing in strategic growth - 5G, Fiber, HBO Max Committed to sustaining dividend at current levels Utilizing cash after dividends to reduce debt Continued portfolio review - restructuring non-core assets Investing to drive growth in existing and expanding markets AT&T#66 AT&T Communications WarnerMedia Financial Overview Question & Answer AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Jeff McElfresh Jason Kilar John Stephens & Pascal Desroches Team AT&T#7AT&T Analyst and Investor Day 2021#8Jeff McElfresh CEO, AT&T Communications#9Broadband data usage steadily increases, jumps with pandemic Downlink 78 9 Uplink 8 2015 Uplink and Downlink Broadband Usage Per Sub (GB) سهر COVID-19 Source: AT&T Labs Outlook AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 280 2020 39 Fixed 73.9 Mobile 1.3 2015 Fixed and Mobile Broadband Usage Per Sub (GB) momr 317.7 COVID-19 5.6 2020 38% CAGR 35% CAGR AT&T#10Customer connectivity usage continues to accelerate Expected Monthly Usage (Terabytes) Percentiles 90th 50th 10th 0.9 0.3 0.04. 2020 10:1 → ~5:1 Down / Uplink 4.6 1.5 0.20 2025 Source: AT&T Labs Outlook 10 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Connected devices Video streaming Mobile Evolving use cases 4K Content Today 13 Conferencing 3 11 Future 32 devices AR / VR 5 hours 50 GB Gaming AT&T#11AT&T optimally positioned to meet customers' connectivity needs Enterprise / Public Sector Distributed and remote workers ~20K enterprises (>500 emp.)² Small Business Simple / transactional ~31.7M small businesses² Gamer Low latency / high bandwidth 141M U.S. console gamers (>1 hour week)¹ 11 Fixed 879 Home HD streaming / simultaneous viewing ~128M households AT&T 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 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Young Adult / Student Wireless first, gamers 28M between ages 19 - 25³ Travel Highly mobile, distributed 45K average daily flights4 AT&T#12Fiber is foundational (Q) Macro Cell Sites ((9)) Small Cell Sites AT&T 5G Neighborhood Enterprise Small Business ՄՌ Wholesale = FIRSTNET. Built with AT&T 1. In 2021, we are planning to increase our current fiber footprint by expanding to 3M customer locations in more than 90 metro areas 12 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary J Integrated planning +3M customer locations¹ Symmetrical speeds Multi-Gig capable AT&T#13Complemented by strong spectrum position 173Mhz Mid-Band Low Mid C-band High mmWave AT&T Spectrum Holdings (MHz) 22 38 7 20 80 15 1040 23 20 72 20 93 700 700DE FN 800/850 PCS AWS1 AWS3 WCS C-band 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 13 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary America's Best Network¹ Nation's Largest Network² Nationwide 5G FirstNet AT&T#1414 5G FAST. RELIABLE. SECURE. UNLIMITED YOUR WAYSM FIRSTNET. Built with AT&T HBOMAX Wireless: Growing subscribers and EBITDA Churn Share of Net Adds FirstNet in AT&T Retail to verified responders 1Q18 1st 5G connection New Unlimited Plans launched 1. Represents AT&T postpaid voice share; Source: Externally reported financial statements AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary COVID-19 Impact Unlimited Your Way Nationwide 5G Launched HBO Max 33.5% 0.76% 4Q20 "Best Deals for Everyone" AT&T share¹ AT&T#1515 AT&T fiber Symmetrical Speeds Differentiated Offer HBOmax Broadband: Growing fiber subscribers and revenue 8M+ 1Q18 Customer Locations DIRECTV Build requirements met 1. Penetration is based on a percentage of eligible living units in fiber footprint AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 1G Fiber Pricing Launched HBO Max 14M+ 4Q20 ARPU $58 Penetration¹ 34% Improved marginal economics 3 AT&T#1616 Focus market approach H Business fiber foundation AT&T 5G Business: Simplified portfolio maintains solid margins Edge Fiber Secure Connectivity AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Wireless Voice & Collaboration FIRSTNET. Built with AT&T AT&T#17Customer experience focus - consistency and simplicity Net Promoter® Score Lift¹ Unlimited ~20 points + Unlimited + HBO Max OR Fiber ~15 points Unlimited + HBO Max + Fiber Fiber Postpaid Wireless 2018 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 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 17 Net Promoter Score +10 points + 2020 ~10 points AT&T#18AT&T expects continued market momentum Network Deploy and optimize spectrum portfolio Plan to expand fiber to 3M customer locations Wireless Grow subscribers Grow service revenue Grow EBITDA 18 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Fiber Grow subscribers Grow revenue Ef || Business Simplify portfolio Maintain solid margins AT&T#19CR max ORIGINAL MILTON CRAZY ASIAN Heights THE FOLOWE ON YOUR GREAMS SNOW PIERCER IN THEATERS HBBmaX SUMMER 2021 QUARA ALEGRÍA MUDES JON M. CW тиссІ SEARCHING FOR BEST OF ENEMIES. WIMWOX HE UNDO 2021 7 WarnerMedia max ORIGINAL JUSTICE LEAGU COMING 2021 W HOGWARTS SUPERMANGLOIS AGHBOmax MARCH 18 33 max ORIGINAL SEARCH PA#20MILTON CRAZY HES GUILLERY ASIAN Heights THE VOLUME ON YOUR TAMS SO R BARKIS STREAMING HBemax BEST OF ENEMIES. KOMBAT MAX APRIL 16 IN THEATERS HBBmaX SUMMER 2021 QUARA ALEGNIA UDES JON M. CW & MAINA SUMMERTINA FEUING IN THEATERS MARTIOX FEBRUARY 26 2021 SPA FRIENDS HE UNDO 20 HBOmax A IN THE max ORIGINAL max JUSTICE LEAGU generation ENC ANG HBOmax MARCH 18 R maxORIGINAL es max ORIGINAL SEARCH PA#21HRO MAX PL AN 41M DOMESTIC HBO MAX + HBO SUBSCRIBERS IN THE US 34M 36M 2019 2020 38M BY END OF 2022 2021 OCTOBER 2019 INVESTOR DAY 2023 2025 2022 Incremental DTC Subscribers Note: The subscriber metrics above are U.S. estimates, and do not include any international estimates. Existing HBO Subscriber Base Domestic HBO Max and HBO subscribers consist of accounts with access to HBO Max (including wholesale subscribers that may not have signed in) and HBO accounts, and excludes free trials and Cinemax subscribers.#22THE VERGE HBO MAX HITS SUBSCRIBER GOAL TWO YEARS AHEAD OF SCHEDULE JANUARY 27, 2021 HBO Max has nearly 40 million US subscribers, AT&T disclosed in its first quarter earnings report on Wednesday. Combined with traditional HBO subscribers, the platform has surpassed a 41 million subscriber milestone the company says it didn't expect to hit for two more years. Globally, AT&T says HBO now has more than 60 million subscribers. There are a few caveats worth mentioning. For one, AT&T has different metrics for different levels of its subscriber base. Total subscribers includes not only people who pay for a standalone subscription, but also those with access to HBO Max either through an ri through a cable company or through a promotion via ATTI whether they've even downloaded the more than 41 million figu#23WHAT WAS IN DECLINE IS NOW GROWING MORE SUBSCRIBERS WERE ADDED IN THE FINAL 7 MONTHS OF 2020 THAN WERE ADDED IN THE PREVIOUS DECADE DOMESTIC HBO MAX & HBO SUBSCRIBERS (MILLIONS) 36.7 9/19 -10% 34.6 12/19 33.1 3/20 36.3 6/20 +25% 38.0 9/20 41.5 12/20#24HBO MAX REACHES AN EXPANDED AUDIENCE THAT IS YOUNGER AND MORE ENGAGED VIEWERS UNDER THE AGE OF 35 15% C HBO LINEAR HBO MAX 43% AVG HOURS VIEWED PER VIEWER PER DAY 2.8 1.5 HBO LINEAR HBO MAX HBO MAX VIEWERS ARE NEARLY 2X MORE ENGAGED THAN LINEAR#25HBO MAX'S BEST-IN-CLASS OFFERING IS REFLECTED IN ITS PRICE AND ITS RESULTS HBOMAX $14.99 (3 screens, UHD) N Basic: $8.99 (1 screen, SD) Standard: $13.99 (2 screens, HD) Premium: $17.99 (4 screens, UHD) SVOD / AVOD MONTHLY US RETAIL PRICING Disney+ $7.99 hulu Basic: $5.99 No Ads: $11.99 Paramount+ Basic: $4.99 (includes ads, no local CBS station) Premium: $9.99 (no ads, local CBS station stream) discovery+ Basic: $4.99 No Ads: $6.99 peacock Basic: Free Premium: $4.99 (includes ads, all content) Premium Plus: $9.99 (all content, no ads)#26HBO MAX'S BEST-IN-CLASS OFFERING IS REFLECTED IN ITS PRICE AND ITS RESULTS $11.7 2020 U.S. EFFECTIVE ARPU FORECAST $12 2021 ARPU for US, inclusive of wholesale, retail and ad-supported; excludes HBO Commercial Accounts and Cinemax $14 2025#27WW84 L ALL POWER TO THE PEOPLE JUDAS AND THE BLACK MESSIAH TEFEEEE TOM& JERRY Ji HE#28S ||| HBO ORIGINAL UP NEXT SEX PCITY HBO AN ADVERTISING-SUPPORTED HBO MAX PP max ORIGINAL THE CONJURING GREAT FOR CONSUMERS SEARCH PARTY AN OPPORTUNITY TO GET HBO MAX FOR A LOWER PRICE READ PLAYE ONE max ORIGINAL ATEN THE FLIGHT ATTENDANT GREAT FOR MARKETERS AN UNUSUALLY EFFECTIVE ADVERTISING SERVICE OF THE HIGHEST QUALITY TRAINING DAY max ORIGINAL RAISED BY WOLVES max ORIGINAL max ORIGINAL#29MEXICO VENEZUELA PERU BRAZIL TRINIDAD & TOBAGO JAMAICA ST. KITTS AND NEVIS DOMINICAN REPUBLIC PANAMA ARUBA HAITLAUNCHING IN 39KS AND CAICOS FIZE MARKETS ECUADOR GUADDITIONAL COSTA RICA BAHAMAS MONTSER IN LATE JUNEADOS URUGUAY NICARAGU EL SALVADOR GRENADA DOMINICA COLOMBIA ANGUILLA GUATURACAO BOLIVIA ANTIGUA ST. VINCENT ARGENTINA ST. LUCIA B.V.I. CHILE#30SWEDEN SERBIA PORTUGAL ROMANIA NORWAY MOLDOVAHININGARY CROA LAUNCHING IN 21 NEGRO AN ADDITIONAL MARKETS NIA SLOVIN SECOND HALF NIA OF THIS YEAR OVENIA FINLAND POLAND DENMARK SPAINCZECH REPUBLIC BULGARIA#31TRINIDAD & TOBAGO PARAGUAY DOMINICA ST. KITTS AND NEVIS GRENADA MEXICO HAITI SWEDEN BRAZIL PORTUGAL SLOVENIA EL SALVADOR CROATIA NORWERY ROMINICAN REPUBLIC VENEZFROM 1 MARKETMARK PANAMA ARUBA ECUADOR ANTIGUA URUGUAY BARBADOS BAHAMAS MONTSERR TO 61 OVER THE COSTA RICA FINLANEXT 9 MONTHSOMBIA 4 ANDORRA ST. VINCENT CZECH REPUBLIC JAMAICA SERBIA SLOVAKIA GUYANA SPAIN HUNGARY CURACAO CAYMAN ISLANDS POLAND KOSOVO ANGUILLA PERU BELIZE GUATEMALA MACEDONIA ARGENTINA BOLIVIA MONTENEGRO CHILE ST. LUCIA BOSNIA#32JUG THE STORIES WE GET TO TELL 1.11#33A PRODUCTION POWERHOUSE 98 YEARS IN THE MAKING Log WB#342IMIT#35THE "SHINING WEST WING TRAINING DAY MARTIN ER MAGIC MIKE EK DEAD WE'RE THE MILLERS WEDDING CRASHERS The Long Walk Home STAR IS BORN CRAZY RICH ASIANS A Nightmare ON ELM STREET Growing IT Pains WB 6 THE FLINTSTONES MAD MAX THE FUGITIVE OCEAN'S 8 RUSH HOUR Sisterhood Traveling Pants DUNE OC LETHAL WEAPON AUSTIN POWERS House PARTY TM Father of the Bride WITCHES O FASTWICK OF Gilmore girls#36PROJECTION OF 75-90M 38M HBO MAX GLOBAL SUBSCRIBERS OMAX BY 2025 YE 2019 HBO MAX PLAN OCTOBER 2019: 2020 2021 2022 Note: The subscriber metrics above are U.S. estimates, and do not include any international estimates. 2023 2025#37TODAY: DOMES PERS WE PROJECT 120M IN 2025 WITH POTENTIAL BEYOND THAT OF 30M FROM NEW Existing HBO Subscriber Base 2019 2020 2021 2022 Note: The subscriber metrics above are U.S. estimates, and do not include any international estimates. 2023 2025 Global HBO Max and HBO subscribers consist of domestic HBO Max subscribers and domestic and international HBO subscribers, and excludes free trials, basic and Cinemax subscribers.#38WE WILL INVEST SMARTLY AND BOLDLY GIVEN THIS UNIQUE OPPORTUNITY BREAKEVEN EXPECTED IN 2025 HOME BOX OFFICE BUSINESS UNIT REVENUE FORECAST $6.8B 2020 ~$15B 2025#39HBOMAX AT&T IS A BIG ADVANTAGE FOR HBO MAX AND WILL CONTINUE TO BE 25% OF HBO MAX SUBSCRIBERS VIA AT&T AT&T НВО MAX#40Order Now Existing Customers Contact Us Home Plans Internet Call today! Only 6 agents available 1-877-491-7863 AT&T TV DIRECTV HBO MAX IS Bundles A BIG ADVANTAGE FOR AT&T AND WILL CONTINUE TO BE HIGHER ARPU; BETTER RETENTION AT&T EXCLUSIVE TELECOM ADVERTISER MLIN O Superfast 1 GIG Internet + HBO Max Get superfast 1 GIG AT&T Internet, now with HBO MaxTM included Ltd avail/areas; speeds vary, Download max typically 940 Mbps. not gt'd. Compatible device and online account registration required for HBO MaxTM access. Add'l fees & restr's apply. See details HBO MAX™ is only accessible in the U.S. and certain U.S. territories where a high-speed broadband connection is available. HBO MAX is used under license. Check availability#41MILTON STRE Heights 1s BEST OF ENEMIES. IN THEATERS HBOTOX SUMMER 2021 TAKEAWAYS TWO YEARS AHEAD OF SCHEDULE CUSTOMERS ARE 2X ENGAGED ADVERTISING ALLOWS FOR LOWER PRICE GROWING TO 61 MARKETS THIS YEAR eration CONTENT POWERHOUSE FRIEND HBOmax SEARCH PA#42MILTON CRAZY HES GUILLERY ASIAN Heights THE VOLUME ON YOUR TAMS SO R BARKIS STREAMING HBemax BEST OF ENEMIES. KOMBAT MAX APRIL 16 IN THEATERS HBBmaX SUMMER 2021 QUARA ALEGNIA UDES JON M. CW & MAINA SUMMERTINA FEUING IN THEATERS MARTIOX FEBRUARY 26 2021 SPA FRIENDS HE UNDO 20 HBOmax A IN THE max ORIGINAL max JUSTICE LEAGU generation ENC ANG HBOmax MARCH 18 R maxORIGINAL es max ORIGINAL SEARCH PA#43AT&T Analyst and Investor Day 2021#44John Stephens Chief Financial Officer Pascal Desroches Senior Executive Vice President, Incoming CFO#452021 Consolidated financial guidance (unchanged from 4Q20 Earnings call) Revenue Growth EPS - Adjusted¹ Gross Capital Investment² Capital Expenditures Free Cash Flow³ Long-Term Debt Management 1% range Stable with 2020 $21B range $18B range $26B range Key Assumptions Wireless service revenue growth of ~2% Gradual theatrical improvement in WarnerMedia Modest Mobility EBITDA growth Increased HBO Max investment Cost transformation reinvested in growth Focus on fiber and wireless densification Expect ~$2B in vendor financing payments and ~$1B in FirstNet reimbursements Total dividend payout ratio in the high 50's% range Utilizing cash after dividends to reduce net debt 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. 45 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#46AT&T financials proforma (video deconsolidation) $ in billions Revenue Video Impact¹ $181.2 $153.8 2019 $171.8 $147.3 2020 Adjusted EBITDA Video Impact¹ EBITDA Margin 1. Excludes commercial agreements between New DIRECTV and AT&T 46 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary $59.3 $56.3 32.7% 2019 ~300bps higher ex Video $54.5 $52.1 ↑ 31.8% 2020 Deconsolidation Impact Expect to close in 2H 21 Revenue trajectory improves ~100 bps EBITDA margin improvement ~300 bps AT&T#47AT&T near-term business expectations WarnerMedia 17% Business Wireline 19% Broadband 9% Latin America 1% 2020 Pro Forma Adj. EBITDA Composition ¹,² Mobility 58% Mobility Growing postpaid base, lower churn ARPU stability Cost savings from transformation Broadband Strong fiber subscriber growth Higher speed adoption Continue to invest in fiber Declines in traditional products Business Wireline 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 47 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary WarnerMedia Strong HBO Max subscriber and revenue growth Increased investment in HBO Max Improved advertising demand 2H recovery in theatrical Transformation Latin America Wireless subscriber growth Increase wholesale relationships Expense management Improved profitability in Mexico AT&T#48C-band auction purchase financing AT&T Estimated Payments¹ $0.6B 2020 $23.0B 2021 AT&T gross spend of $27.4B $1.0B 2022 $1.05/ MHz-pop $0.3B 2023 $2.5B 1. Includes accelerated payment and relocation cost estimates 48 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 2024 $27.4B Total Near-nationwide footprint of ~80 MHz 2021 Financing Sources Cash YE2020 Bank Term Loan Commercial paper issuance Total $9.7B $14.7B $6.1B >$30B AT&T#49Debt plan overview $ in billions Net Debt Net Debt / Adj. EBITDA $177 ~2.8x Jun 2018 Free cash flow & disposition of non-strategic assets $148 ~2.7x ΕΟΥ 2020 $11 Free Cash Flow¹ less Dividends DTV proceeds² Other asset sales Vendor financing / Other $23 Spectrum $6 Other Financing Activities² -$8B - $2B +$4B ~$154 ~3.0x EOY 2021 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 49 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Goal Leverage during 2024 at ~2.50x or lower 2021: Net Debt Increases ~$6B for Spectrum Purchase Continue to evaluate and divest non-core assets No share retirements AT&T#50Focus on value creation 50 Invest in Customer Growth Broadband (5G, Fiber) HBO Max Cost Transformation Efficiencies Restructuring non-core assets 个 Revenue Growth Improved Profit Trajectory AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Stable Dividend Reduced Leverage Upside Potential in Growth Areas AT&T#51Expectations: Focused growth, sustainable dividend, debt reduction 51 89 Grow Customer Relationships 120-150 M Global HBO + HBO Max YE 25 Grow wireless, fiber en Investment in Growth AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 5G, Fiber HBO Max Deliberate Capital Allocation Sustain dividend at current level Reduce debt AT&T#52Appendix#53APPENDIX: Non-GAAP reconciliations $ in millions As Reported Net Income Additions: Income tax (benefit) expense Interest Expense Equity in net (income) loss of affiliates Other (income) expense - net Operating Income Depreciation and amortization EBITDA Adjustments: Impairments Employee separation costs and benefit-related loss Gain on spectrum transactions Merger adjustments Adjusted EBITDA Revenue Adjusted EBITDA Margin Pro Forma³ AT&T Revenue as Reported Less: Video Add: Warner Media sales to Video² Add: Xandr advertising sales to external customers² Pro Forma Revenues AT&T Adjusted EBITDA Less: Video Add: Xandr advertising sales to external customers² Pro Forma Adjusted EBITDA Pro Forma Adjusted EBITDA Margin $ $ Video 1,729 $ 2,262 3,991 $ 2020 Other¹ $ 4,676 26,254 30,930 $ $ $ $ 28,610 $ 143,150 $ $ $ $ $ AT&T (3,821) 965 7,925 (95) 1,431 6,405 28,516 34,921 18,880 1,177 (900) 468 54,546 171,760 31.8% 171,760 (28,610) 2,459 1,718 147,327 54,546 (3,991) 1,565 52,120 35.4% $ 2,064 $ 2,461 4,525 $ $ Video $ 32,124 $ 2019 Other¹ AT&T $ 14,975 25,891 25,756 51,647 $ $ $ 149,069 $ $ $ $ $ 3,493 8,422 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. 53 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary (6) 1,071 27,955 28,217 56,172 1,458 624 1,033 59,287 181,193 32.7% 181,193 (32,124) 3,092 1,672 153,833 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. 59,287 (4,525) 1,518 56,280 36.6% Net Debt to Adjusted EBITDA¹ Adjusted Annualized EBITDA Total Debt Less: Cash and Cash Equivalents $ Dec 31, 2020 54,546 157,245 9,740 147,505 2.70 Net Debt Net Debt to Adjusted EBITDA Ratio 1 As reported in AT&T's Form 8-K filed January 27, 2021 and July 24, 2018. Jun 30, 2018 $ 63,414 190,167 13,523 176,644 2.79 AT&T#54AT&T