AT&T Mergers and Acquisitions Presentation Deck

AT&T Post Transaction Capital Allocation Strategy ● 15 Investing for Growth Success-based Fiber expansion 5G capacity acceleration Investing for growth based on highest return Flexibility for optimal value creation ● Attractive Dividend Targeting dividend payout ratio+A4 of 40-43% on anticipated free cash flowtA4 of $20B+ ● ● ● Debt Reduction $43B net debt reduction at close Expected net debt to adj EBITDA+A5: 2.6x range after close Below 2.5x by end of 2023 Optionality to repurchase shares Focused Total Return Strategy + See notes slide 17 AT&T

View entire presentation