AT&T Results Presentation Deck

4Q20 Financial Summary $ in billions, except EPS Adjusted EPS Adj. Ol Margin $0.89 ● 19.6% $0.75 17.1% 4Q19 4Q20 Reported EPS Adjustments: • Impairments¹ 4Q20 Revenues $46.8 Actuarial loss on benefit plans • Amortization of intangibles ● • Other adjustments Adjusted EPS $45.7 4Q19 4Q20 Cash from Ops CAPEX Free Cash Flow $11.9 $3.8 $8.2 4Q19 $0.33 $10.1 $2.4 4Q19 4Q20 $0.16 $0.12 $0.19 $0.09 $0.89 $7.7 4Q20 ($1.95) $2.02 $0.43 $0.22 $0.03 $0.75 Adjusted EPS of $0.75 ● Revenues of $45.7 billion Communications segment revenue growth Customer base momentum drives sequential growth Estimated COVID impacts of ($2.5B) ● ● COVID impacts of ($0.08) Strong cash flows and liquidity position $7.7B free cash flow,2 $27.5B for 2020 ● ● 2020 total dividend payout ratio² of 54.5% 2020 full-year gross capital investment³ of ~$20B $147.5B in net debt; ~$10B cash on hand at end of 4Q20 ¹4Q20 includes non-cash impairments of $1.91 for the Video business and $0.09 of WarnerMedia production and other content inventory. 2Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. Free cash flow is cash from operating activities minus capital expenditures. For 2020, Cash from operating activities was $43.1 billion and 2020 capital expenditures were $15.7 billion. Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. In 4Q20, dividends paid totaled $3.741 billion. For 2020, dividends paid totaled $14.956 billion. ³Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 4Q20, gross capital investment included $1 billion in vendor financing payments and excluded $920 million of FirstNet reimbursements. In 2020, gross capital investment included $3.0 billion in vendor financing payments and excluded $1.1 billion of FirstNet reimbursements. In 2021, vendor financing payments are expected to be in the $2 billion range and FirstNet reimbursements are expected to be about $1 billion. © 2021 AT&T Intellectual Property. 7

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