AT&T Investor Day Presentation Deck

AT&T financials proforma (video deconsolidation) $ in billions Revenue Video Impact¹ $181.2 $153.8 2019 $171.8 $147.3 2020 Adjusted EBITDA Video Impact¹ EBITDA Margin 1. Excludes commercial agreements between New DIRECTV and AT&T 46 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary $59.3 $56.3 32.7% 2019 ~300bps higher ex Video $54.5 $52.1 ↑ 31.8% 2020 Deconsolidation Impact Expect to close in 2H 21 Revenue trajectory improves ~100 bps EBITDA margin improvement ~300 bps AT&T

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