AT&T Investor Day Presentation Deck

Free Cash Flow Walk - 2021 to 2022 In billions $19.2 2021 AT&T Pro Forma Free Cash Flow* 2021 ~ ($4) ¹22 Higher capital investment* ~ ($2) $22 Higher cash taxes ~ $1 Lower cash interest and other working capital savings N $1 Trans. savings ~ $1 Organic growth Adjusted EBITDA* growth *See appendix for further information on Non-GAAP measures and Pro Forma results. Ⓒ2022 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners Free cash flow* is defined as cash from operations and cash distributions from DIRECTV (classified as investing activities) minus capital expenditures and cash paid for vendor financing. ~ $16 2022 includes ~$24B in Capital Investment* 2022 AT&T

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