AT&T Analyst & Investor Conference

Free Cash Flow Walk - 2022 to 2023 In billions ~ $16 2 2022 AT&T Pro Forma Free Cash Flow* Guidance 2022 ~ $1.5 ~$20 ~ $1-2 2 $2 2 ~ ($1) Organic growth Trans. savings 2023 includes ~$24B in Lower cash '23 lower DIRECTV cash interest and other Capital Investment* working capital Adjusted EBITDA* growth savings 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. *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 2023 AT&T

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