AT&T Investor Day Presentation Deck

APPENDIX: 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

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