AT&T Mergers and Acquisitions Presentation Deck

Financial Highlights 10 Greater scale with ~$52B of expected revenue and ~$14B of expected adjusted EBITDA¹ in 2023 Targeting $15+ billion of DTC revenues in 2023 Significant synergies with $3+ billion of expected run-rate cost savings Discovery + WARNERMEDIA Robust FCF* supports deleveraging, reinvestment and financial flexibility Committed to maintaining investment grade ratings † See note D1 on slide 17 Discovery

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