AT&T Results Presentation Deck

1Q21 Capital Allocation and Liquidity Update 9 $ in billions $171 2.8x 4Q18 2018-2021 Net Debt $151 2.5x $148 2.7x $169 3.1x 4Q19 4Q20 1Q21 Net debt to adj EBITDA¹5 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary ~$154 ~3.0x 4Q21 1 | 1 Debt reduction plan on target with strong cash flows and asset monetization C-Band financing and $23B payment in March impacted 1Q21 net debt Expect net debt to adjusted EBITDA15 of ~3.0x at end of 2021 Long-term target of ~2.5x during 2024 Asset monetization and portfolio review continue Expect to close DIRECTV and Crunchyroll transactions in 2021 with ~$9B in proceeds Continue to evaluate asset monetization opportunities Debt management provides liquidity and flexibility Approximately 90% of debt is fixed rate Weighted avg. maturity is 16 years at 3.8% Weighted avg. rate is down 50bps ~ Decline of $150M in interest expense in 1Q21 $11B cash on hand at end of 1Q21 + See notes slide 11 AT&T

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