AT&T Investor Day Presentation Deck

Free Cash Flow Walk - 2022 to 2023 In billions ~ $16 2022 AT&T Pro Forma Free Cash Flow* Guidance 2022 ~ ($1) '23 lower DIRECTV cash ~ $2 Lower cash interest and other working capital savings ~ $1-2 Organic growth ~ $1.5 Trans. savings Adjusted EBITDA* growth ~ $20 *See appendix for further information on Non-GAAP measures and Pro Forma results. Ⓒ2022 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners 2023 includes ~$24B in Capital Investment* Free cash flow* is defined as cash from operations and cash distributions from DIRECTV (classified as investing activities) minus capital expenditures and cash paid for vendor financing. 2023 AT&T

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