AT&T Investor Day Presentation Deck

AT&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

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