AT&T Investor Day Presentation Deck

Debt plan overview $ in billions Net Debt Net Debt / Adj. EBITDA $177 ~2.8x Jun 2018 Free cash flow & disposition of non-strategic assets $148 ~2.7x ΕΟΥ 2020 $11 Free Cash Flow¹ less Dividends DTV proceeds² Other asset sales Vendor financing / Other $23 Spectrum $6 Other Financing Activities² -$8B - $2B +$4B ~$154 ~3.0x EOY 2021 1. Free cash flow is cash from operating activities minus capital expenditures. Dividends represent expectation to sustain quarterly dividends at current levels and are subject to approval by the board of directors. 2. Includes proceeds contingent upon closing the DIRECTV transaction 49 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary Goal Leverage during 2024 at ~2.50x or lower 2021: Net Debt Increases ~$6B for Spectrum Purchase Continue to evaluate and divest non-core assets No share retirements AT&T

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